New Delhi: E-commerce major Flipkart said it raised $3.6 billion to fund its digital commerce activities in India.
Flipkart’s latest funding was led by Canada Pension Plan Investment Board (CPP Investments), Singapore government’s sovereign wealth fund GIC, SoftBank Vision Fund 2 and Walmart along with participation from existing backers like Qatar Investment Authority, post which the company has now been valued at over $37.6 billion.
Sovereign funds like DisruptAD, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global have also participated in this round of funding.
The latest fundraising round could set up Flipkart for an IPO in the US in 2022.
Flipkart, which has more than 350 million registered users, said it will increase investments in technology, supply chain and infrastructure as it focuses on categories such as fashion, travel, and groceries.
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