Stepping up its game, Indian e-commerce firm Flipkart may raise around USD 1 billion from the Canada Pension Plan Investment Board (CPPIB) and US retail giant Wal-Mart Stores, according to a Hindu Business Line report.
The Bengaluru based firm is seeking funds to expand its footprint and also take on arch rival Amazon.
CPPIB has been actively investing in the Indian market since 2010, with investments of around USD 2 billion.
Flipkart is also in talks with Wal-Mart on the sale of a minority stake to the American retail giant. There are chances that Wal-Mart’s partnership could help Flipkart take on Alibaba, as it scales up its India presence.
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