Walmart Inc. (WMT) owned online retailer Flipkart is expecting to sit on a $37.6 billion market valuation after its incoming financing round in which tech investor Soft Bank Group (TKY: 9984) will take part as an investor in the funding round.
Soft Bank will be pumping in a $3.6 billion investment in the upcoming financing round. This funding round will leave the company with a market valuation more than double its market value when Walmart acquired 77% stake in the company back in 2018.
Since closing this acquisition deal, Flipkart has expanded beyond leaps and bounds as it has opened branches in cities and small towns in India further incorporating more items on its catalogue such as groceries and furniture.
“We will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas,” said Flipkart’s CEO, Kalyan Krishnamurthy.
Softbank on the other hand says its decision to re-invest in the company has been influenced by the good performance and prudent management of the company.
“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” said a SoftBank representative.