SUMMARY
As per ROC filing, the Walmart-backed ecommerce giant received fresh capital from the firm’s related Singapore-based entities on January 8 this year
The company approved two resolutions to infuse capital into it on December 20 and December 22 last year
Flipkart rival Amazon India’s marketplace business Amazon Seller Services, has raked in INR 830 Cr from its US parent recently
flipkart
’s marketplace arm, Flipkart Internet, has received a cash infusion, raising about INR 924 Cr ($111 Mn) in two parts from its related entities based in Singapore.
As per ROC filing, the Walmart-backed ecommerce giant received fresh capital from the firm’s related Singapore-based entities on January 8 this year. The company approved two resolutions to infuse capital into it on December 20 and 22 last year.
This development was first reported by ET.
It was reported earlier that Flipkart was also reportedly looking to raise a fresh funding of $1 Bn, with Walmart committing $600 Mn. This fresh infusion will likely value Flipkart at about 5-10% premium to its last valuation of $33 Bn.
However, Flipkart confirmed Walmart’s infusion of $600 Mn in the company but said that the rest is speculative.
Last year, Walmart bought further shares of Flipkart, picking up Tiger Global Management’s shares for $1.4 Bn and giving the hedge fund an exit from the company.
This comes at a time when Flipkart is seeing massive growth in sales. Flipkart’s Big Billion Days, which took place in October last year, was the largest ever and saw around 1.4 Bn customers visiting the eight-day event (8-15).
Flipkart Internet primarily earns revenue through commission charges and other services it offers to merchants, including advertising of products. Its operating revenue zoomed 42% to INR 14,845.8 Cr in the financial year 2022-23 (FY23) from INR 10,477.4 Cr in FY22.
The ecommerce major’s net loss declined 9% to INR 4,026.5 Cr in FY23 from INR 4,419.5 Cr in FY22. Total expenditure rose to INR 19,043 Cr in FY23, with ESOP costs accounting for INR 2,155 Cr.
Meanwhile, Flipkart rival Amazon India’s marketplace business Amazon Seller Services, has raked in INR 830 Cr from its US parent recently. As part of this fund infusion, Amazon Seller Services has allotted 830 Mn equity shares to Amazon Corporate Holdings Ltd and Amazon.com.inc.
