Walmart's Indian e-commerce company Flipkart is preparing to raise $2 billion to $3 billion at a valuation of over $40 billion
Pinwan, October 26, according to Mint, Walmart-backed Indian e-commerce company Flipkart is preparing to raise between $2 billion and $3 billion at a valuation of more than $40 billion. The reason for seeking financing is mainly because Flipkart wants to expand its product line in India to meet challengers. Walmart wants to bring in strategic investors for Flipkart, but it is not resistant to large pure-play investment firms, people familiar with the matter said. For the latest funding round, Walmart has yet to formally authorize investment bankers to find strategic investors and larger global investors. Flipkart’s current valuation has exceeded $40 billion. Last year, Flipkart raised $3.6 billion at a valuation of about $37.6 billion. A Walmart spokesman responded: "We do not comment on speculation." In 2018, Walmart invested about US$16 billion in Flipkart to obtain a 77% stake. At the end of 2018, Walmart said that Flipkart may be listed within 4 years. It was reported in April this year that Flipkart had raised its IPO valuation target by one-third to $60-70 billion. Flipkart will not go public this year, and its goal is to land on the US stock market in 2023.