Flipkart Internet, the marketplace arm of Walmart-owned e-commerce major Flipkart, has received Rs 3,249 crore from its parent entity based in Singapore.
The board at Flipkart has issued 470,773 equity shares at an issue price of Rs 69,014.7 each on a right issue basis to raise Rs 3,249 crore from Flipkart Marketplace Private Limited (Singapore), the company’s RoC filings showed.
Last year, the same arm had raised around Rs 1,400 crore from its Singapore-based parent.
The infusion comes at a time when Flipkart is gearing up for an IPO and has shifted its base back to India. The company is likely to file its DRHP in the next few months.
Walmart is the largest stakeholder in the e-commerce company holding 85% stake. It had bought a majority stake in the firm in 2018.
It is followed by minority shareholders like Tencent, CPP Investments, GIC, SoftBank and Microsoft.
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Ahead of the IPO, Flipkart has also expanded into the rapidly growing quick commerce market with Flipkart Minutes. It is competing with Zomato-owned Blinkit, Swiggy Instamart and Zepto in major cities.
Flipkart’s main rival – Amazon India – is also preparing to enter the quick commerce space and intensify competition. It is conducting pilots in Bengaluru.
FE had earlier reported that the company is also talking to investment banks with an aim to spin off its India business and look at a potential listing.
Another competitor of these two firms, Meesho is also looking to list on the stock market to raise around $1 billion.
To bolster its capacity, Flipkart also raised $1 billion in 2024.
In 2023-24, Flipkart reported a 20% increase in operating revenue to Rs 17,907 crore. It narrowed its losses by over 41% to Rs 2,359 crore during the year.
According to analysts, Flipkart is now a larger player in the Indian e-commerce market than Amazon India, in terms of market share.
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