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Walmart Flipkart, owned by (WMT), has skyrocketed to nearly $ 38 billion after its latest fundraiser, as the Indian e-commerce startup considers an IPO. Walmart stock has plummeted.
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Flipkart said on Monday it had raised $ 3.6 billion in new funds from a group of investors including Walmart and Japan-based Softbank.
The deal values Flipkart at $ 37.6 billion, he said. An earlier funding round about a year ago valued Flipkart, which was founded in October 2007, at $ 24.9 billion.
In March, the Amazon (AMZN) its rival in India is said to be seeking a valuation of $ 35 billion while seeking to list in the United States through a blank merger or initial public offering.
“This investment reflects the confidence of global investors in digital commerce in India, which has continued to accelerate over the past year” amid the coronavirus pandemic, Flipkart said in a statement.
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Walmart shares fell 0.2% to close at 140.05 on the stock market today. Walmart stock is testing the 50-day line and below the 200-day line. Amazon action ended flat, Costco (COST) lost 1.1%, and Target (TGT) increased by 1.5%.
Walmart and Amazon in India compete with Reliance Retail, owned by Asia’s richest man, Mukesh Ambani.
Walmart and Amazon together control around 60% of India’s booming e-commerce market. In 2018, Walmart bought a 77% stake in Flipkart for $ 16 billion.
Like Amazon, Flipkart started out selling books, then moved on to electronic gadgets, clothing, and more.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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