That is an inside money switch and never recent funding at a mum or dad stage. Nonetheless, that is the second main fund infusion obtained by Flipkart Web from its Singapore-based associated entities in 2024. On March 4, ET had reported that the corporate obtained $111 million.
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The brand new funding takes the overall infusion within the market entity to $281 million. It has come shut on the heels of Flipkart drawing up plans to launch its quick-commerce service.
Flipkart has been making efforts to chop down on the timeline of its deliveries throughout varied classes.
The Bengaluru-based etailer had rolled out same-day supply of merchandise throughout a number of classes at no further value from February. It initially launched the profit in 20 cities, together with metros like Delhi and Bengaluru, and in addition in smaller cities like Guwahati and Ludhiana.
Flipkart can also be in talks to lift as a lot as $1 billion, with mum or dad Walmart committing to inject $600 million, ET reported on December 21. This could be the primary fundraise for the web retailer since 2021, when it closed a $3.6 billion funding spherical at a valuation of $37.6 billion.
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In July 2023, Walmart had additionally facilitated a $750 million one-time payout for Flipkart staff as a part of PhonePe’s funding spherical and separation from the group.For the 12 months ending March 2023, Flipkart Web had reported a 42% progress in its working income to Rs 14,845 crore, whereas its whole loss narrowed by 9% to Rs 4,026 crore, as per regulatory filings.
In the meantime, Flipkart’s chief rival, Amazon India, has additionally obtained funds from its US mum or dad this 12 months exceeding Rs 1,000 crore for its varied entities throughout market and funds.
In February, Amazon Vendor Companies, the entity that runs the Amazon market in India, obtained Rs 830 crore from its US mum or dad. Amazon Pay India, the fintech entity, obtained Rs 350 crore in January.
