Flipkart raises $3.6 billion, now valued at $37.6 billion

"This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain" Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said.

Flipkart said it would continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in India.

Through its expanding grocery and last-mile delivery programs, the Group will also work with kiranas to help them digitize and grow.

“One of the key investment themes for CPP Investments has been Asia’s domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening Internet penetration,” said Agus Tandiono, Managing Director, Head of Fundamental Equities Asia, CPP Investments.

At the same time, Lydia Jett, who led Softbank's reentry into Flipkart years after it exited said, "SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,”

Flipkart's parent Walmart, which invested in 2018 to acquire a majority stake, also participated in the round

“Kalyan and the team have put the Indian customer at the center of everything and they have continued to innovate in the categories and services Indian customers want most, creating new jobs and growth opportunities for Indian entrepreneurs and small businesses alongside them", said Judith McKenna, President and CEO – Walmart International.

Flipkart said it had more than 350 million registered users from across the country and has been investing in key categories, including fashion, travel and grocery,

More than 300,000 registered sellers are on Flipkart’s marketplace, and 60 percent are from tier 2 cities and beyond. Flipkart also works with more than 1.6 million kiranas in India through its wholesale business and its last-mile delivery program.