Flipkart Internet receives $171 million from Singapore parent entity

In e-commerce, Flipkart is currently the leader in the space with a market share of 48 percent, as per analysts at Bernstein.

Flipkart Internet, the marketplace arm of the e-commerce player, has received Rs 1,421 crore (around $171 million) from its Singapore parent through an internal cash transfer, regulatory filings show.

The transfer was done in two tranches — on March 23 and on April 6, the Registrar of Companies (RoC) filings, sourced via TheKredible, show. This is the second major fund infusion by the Singapore-based entity into Flipkart Internet. On March 4, it received $111 million. Flipkart Internet has received around $282 million in 2024 alone from its Singapore related entities.

The transfers come months after Moneycontrol reported that Flipkart is planning to raise $1 billion from Walmart. Of the planned $1 billion, the US retailer had already invested $600 million.

Rival Amazon invested Rs 830 crore into its India entity in February. SoftBank-backed Meesho is lining up fresh $300 million in funding to ramp up operations as all players look to grab a bigger piece of the e-commerce pie, as reported by Moneycontrol.

Flipkart’s cash transfer also coincide with its plans to re-enter the quick-commerce space and take on Swiggy, Zomato, Zepto and Tata’s BigBasket, as reported earlier.

Flipkart leads the e-commerce space in India with a market share of 48 percent, analysts at Bernstein say. Flipkart's gross merchandise value (GMV) stood at around $29 billion in FY23, comfortably ahead of Meesho’s GMV of over $5 billion.

“Flipkart continues to grow faster than the industry…(but) Meesho (is) gaining incremental GMV (and) continues to make strides. Meesho has been gaining share primarily through its strategic focus on Tier 2+ cities due to its mass positioning, operating through a zero commission model,” Bernstein’s report released in January said.