Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Flipkart marketplace arm gets $90M cash infusion

Flipkart Internet has raised capital from Flipkart Marketplace Private Limited and Flipkart Private Limited, which are domiciled in Singapore.

Flipkart marketplace arm gets $90M cash infusion

Wednesday January 11, 2023 , 2 min Read

Flipkart Internet, the Indian marketplace arm of Flipkart, has received a cash infusion of $90 million (Rs 772 crore) from its Singapore-based parent entity.

The resolution to pump capital into Flipkart Internet was approved by its board on December 29 last year, according to a regulatory filing. The development was first reported by The Economic Times.

The fresh capital was raised from two entities–Flipkart Marketplace Private Limited and Flipkart Private Limited, which are domiciled in Singapore. It is not clear where the ecommerce giant intends to deploy the funds. 

YourStory has not independently verified the report.

Flipkart Internet reported a 33% rise in operating revenue to Rs 10,476 crore in financial year 2021-2022, while losses widened to Rs 4,400 crore.

YourStory had earlier reported that the Walmart-owned ecommerce giant will give cash payouts worth about $700 million to employee stock option holders as part of its separation from digital payment unicorn PhonePe. This comes at a time when the firm looks to hire and retain talent.

More recently, Flipkart and PhonePe announced full ownership separation as the latter prepares for an IPO. The announcement came ahead of PhonePe’s multimillion-dollar fundraising, which would be its largest.

In December 2020, Flipkart had announced a partial spin-off of PhonePe to help the platform access dedicated, long-term investment to fund its growth ambitions.

Around the same time, PhonePe secured $700 million at a valuation of $5.5 billion from investors including Walmart.

According to Economic Times, regulatory filings by Walmart in the US show that Flipkart spent $1.1 billion from February 1, 2022, to July 31, 2022.

Flipkart has been investing in its business units such as grocery, social commerce vertical Shopsy, and travel platform Cleartrip to scale up new offerings from the group. The company also runs online fashion platform Myntra.


Edited by Swetha Kannan