Flipkart Group raised $1.2 billion in a recent funding round led by Walmart, the company’s majority owner. The investment values Flipkart at $24.9 billion, the eCommerce marketplace announced on Tuesday (July 14).
“We’re grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times,” Flipkart CEO Kalyan Krishnamurthy said in a press release announcing the funding. “We will continue innovating to bring the next 200 million Indian shoppers online.”
Krishnamurthy said the company is “rapidly” expanding its offerings from electronics and fashion to include grocery and other general merchandise.
The company recently invested $34.6 million in Arvind Fashions’ new subsidiary, Arvind Youth Brands, to expand its reach in India’s fashion market. Arvind first partnered with the eCommerce marketplace six years ago, and this investment gives Flipkart a “significant minority stake” in the denim brand.
Last month, Flipkart introduced an artificial intelligence (AI)-powered voice assistant to let customers shop online in multiple languages, including Hindi and English.
With the voice assistant, users can search for products, read product details, shop and place orders.
Krishnamurthy credits the partnership with Walmart for pushing the company’s innovation forward.
“Since Walmart’s initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services,” he said in the Tuesday announcement.
“Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India’s digital transformation,” Judith McKenna, president and CEO of Walmart International said in the announcement.
In 2018, Walmart become the majority owner in Flipkart with a $16 billion investment. Flipkart, which was founded in 2007, recently exceeded 1.5 billion monthly visits and reported 45 percent growth in monthly active users and 30 percent growth in transactions per customer year over year.