Flipkart saw its cash and cash equivalents fall to $1.1billion at the end of second quarter

Walmart-owned e-commerce marketplace, Flipkart, saw its cash and cash equivalents fall to $1.1 billion at the end of second quarter ended July 31, 2022. The company had recorded $2.2 billion at the end of January 31, 2022, as per Walmart's filings with the US Securities and Exchange Commission.

The filing said, “As of July 31, 2022 and January 31, 2022, cash and cash equivalents of $3.5 billion and $4.3 billion, respectively, may not be freely transferable to the U.S. due to local laws or other restrictions. Of the $3.5 billion at July 31, 2022, approximately $1.1 billion can only be accessed through dividends or intercompany financing arrangements subject to approval of the Flipkart minority shareholders; however, this cash is expected to be utilized by Flipkart.”

This amount stood at $2.2 billion as of January 31, 2022, according to the annual report by Walmart filed in earlier March.

Last week, Flipkart-owned PhonePe said that it has completed the process of moving its domicile from Singapore to India ahead of its plans to launch an initial public offering (IPO).