Flipkart Internet, the Indian marketplace arm of Walmart-owned Flipkart, has received an internal funding of $262 million (approximately ₹2,225 crore) from its Singapore-based parent company. This capital infusion comes as Flipkart gears up for a potential initial public offering (IPO) and plans to shift its domicile from Singapore to India
💼 Funding Details
- Amount Raised: $262 million (₹2,225 crore)
- Investor: Flipkart Marketplace Private Limited (Singapore), the parent entity
- Method: Allotment of equity shares to the parent company
This follows a previous infusion of $382 million from the same parent entity nearly two months prior .
📊 Financial Performance
- Operating Revenue (FY24): ₹17,907 crore, marking a 20% year-on-year growth
- Net Loss (FY24): Reduced by over 41% to ₹2,359 crore
The company has shown significant improvement in its financial metrics, indicating a path toward profitability .
🚀 Strategic Moves
Flipkart is reportedly planning to shift its domicile from Singapore to India, a move that aligns with its anticipated IPO. The company is eyeing a valuation between $60 billion and $70 billion for the IPO
🛍️ Subsidiary Developments
Around the same time as Flipkart’s funding, its fashion subsidiary, Myntra, received $125 million from its Singapore-based parent, FK Myntra Holdings. This indicates a consolidated effort to strengthen various arms of the Flipkart Group .Entrackr
🌐 Ownership Structure
Walmart holds an 85% stake in Flipkart Internet, which includes affiliates like PhonePe and Myntra. Other notable shareholders include Tencent, CPP Investments, GIC, SoftBank, and Microsoft. Flipkart’s current valuation stands at approximately $36 billion .