The leading destination for online shopping in India, Flipkart has recently raised $3.6 billion in a new round of funding from a wide range of sovereign funds and potential investors. Post the funding, the company’s valuation has increased to a whopping $37.6 billion. This new step by the company is to expand its online shopping operations in India, thereby moulding its resources to compete better with Amazon and many other e-Commerce companies. In fact, this funding has happened at a time when the e-Commerce sector in India has been booming beyond limits due to COVID-19 pandemic.
It has been brought to light that this was the first time Flipkart has raised capital from external investors while Softbank came back as an investor in the former post its exit in 2018. For the road ahead, Flipkart plans to deploy the fresh capital to enhance its online operations which includes grocery and fashion as well as to amplify its supply chain and logistics network.
Kalyan Krishnamurthy, Group CEO, Flipkart, asserts, “This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain”.
Flipkart offers some of the best prices and a completely hassle-free experience to its customers through payment options such as Cash on Delivery, Debit Card, Credit Card and Net Banking processed through secure and trusted gateways. You can shop for your favourite books, apparel, footwear, lifestyle accessories, baby care products, toys, posters, sports and fitness, mobile phones, laptops, cameras, movies, music, health and beauty, televisions, refrigerators, air-conditioners, washing machines, MP3 players and products from a host of other categories available.