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New Delhi: Flipkart has secured $600 million (Rs 49.8 billion) of funding from US retail giant Walmart at around 5-10 per cent higher valuation, sources aware of the development.
The company confirmed that it has secured $600 million from Walmart.
Sources, who did not wish to be identified, said that the funding has come at a higher valuation in the range of 5-10 per cent without disclosing the actual figures.
Flipkart did not comment on the valuation of the company post fresh fund infusion from its parent firm.
The last disclosed valuation was $37.6 billion or Rs 2.79 lakh crore when it raised $3.6 billion or about Rs 26,800 crore from GIC, Canada Pension Plan Investment Board, Softbank Vision Fund 2, Walmart, DisruptAD, Qatar Investment Authority, Tiger Global etc.
Another source said that the valuation of the company is still below $40 billion (Rs 3.2 trillion).
The company posted a 9.4 per cent increase in consolidated net total income to Rs 56,012.8 crore in financial year 2023 from Rs 51,176 crore in FY 2022.
Despite a rise in total income, Flipkart posted a widening of consolidated loss to Rs 4,890.6 crore in the financial year 2023 from Rs 3,371.2 crore a year ago.