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Flipkart has raised $1.2 Bn funding round led by its majority stakeholder Walmart along with other existing shareholders. This is one of the many fund infusions received by Flipkart since the nationwide lockdown was announced in India.
The round is said to have valued Flipkart at $24.9 Bn. The fresh funds will be used to support Flipkart’s recovery from the Covid-19 crisis, according to a company statement.
Commenting on the investment, Flipkart CEO Kalyan Krishnamurthy said, “Since Walmart’s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. We will continue innovating to bring the next 200 Mn Indian shoppers online.”
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