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Last Updated : Oct 01, 2018 05:42 PM IST | Source: Moneycontrol.com

Flipkart in talks to raise fresh capital from investors: Report

Walmart had indicated that it would bring in more strategic investors on board at some point. One such investor at the time was Google

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Online retailer Flipkart has begun talks with strategic investors to raise fresh capital, according to a report by Mint.

Global retail giant Walmart had acquired 77 percent of Flipkart for around $16 billion in May. Flipkart's acquisition marked Walmart's elephant-footed entry into India's e-commerce market.

Walmart had indicated that it would bring in more strategic investors at some point. One such investor at the time was Google.

However, talks with Google collapsed after Flipkart co-founder Sachin Bansal's exit from the company. Bansal was reportedly keen on having Google as a shareholder of Flipkart.

Google is now reportedly planning to launch its own e-commerce platform separately in India.

Moneycontrol could not independently verify the report.

If Flipkart-owned PhonePe also manages to attract investors apart from Walmart, it may raise up to $1 billion separately next year to take on rival Paytm, sources told the news daily.

PhonePe had separately received $175 million from Flipkart's parent Walmart last week, as a part of the $500-million commitment, the news daily reported.

While Walmart has indicated it is willing to continue funding PhonePe, it is open to getting other strategic investors on board.
First Published on Oct 1, 2018 10:52 am
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