Flipkart is Preparing for Fund Raising, Intends to Raise $ 2 Billion from Global Investors
Walmart-owned e-commerce company Flipkart is in initial talks with investors to raise one billion dollars. Flipkart is raising this fund at a time when it is already preparing to launch its IPO in the US. In the last quarter of this year, Flipkart will raise one billion dollars by launching its IPO in New York.
E-commerce Company, Flipkart has acquired 100 percent stake in Walmart India Private Limited on Thursday. On the other hand, it has announced to launch a new digital marketplace 'Flipkart wholesale' in the country in the month of August. Let us tell you that 'Walmart India' operates the best price cash-and-carry business. It will provide services related to the grocery and fashion segment.
Flipkart to compete with Reliance Retail
In the Indian market, Companyis raising funds to compete against competitors like Reliance's Jio Retail. Last year, Flipkart raised $ 1.2 billion. Walmart had the highest fund in this. According to news, this time many investors can join it.
These include sovereign wealth funds, technology-focused financial groups, pension funds, and private equity funds. This includes groups such as CPPIB, CDPQ, and Carlyle.
According to sources, there are groups such as Singapore's GIC and Qatar Investment Authority. JPMorgan and Goldman will act as advisors in this process of collecting sash funds.
77.8 percent of Walmart in Flipkart
Walmart has 77.8 percent in Flipkart. Tencent has 1.5 QIAs of 1.5, Tiger Global's 4.5, Binny Bansal's 3.3 ESOP pool 5.1, and others hold 2.8 percent. The company offers 1.5 crore products in more than 80 categories.
The company's registered customer base is 300 million customers. It is the top e-commerce company in the category of Apparel. Currently, the company's focus in India is on increasing smartphone sales.
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