Flipkart Internet receives Rs 924 cr infusion from its Singapore entities
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Flipkart Internet, the marketplace arm of the Walmart-owned e-commerce giant Flipkart, has received a significant cash injection of approximately Rs 924 crore ($111 million) from its related entities based in Singapore. Regulatory filings with the Registrar of Companies (ROC) revealed that this infusion occurred in two parts during January.
Flipkart operates multiple units in India, encompassing various businesses such as logistics and the e-commerce marketplace. The fresh capital injection from the firm's Singapore-based entities took place on January 8 this year. Resolutions to infuse capital into the firm were approved on December 20 and December 22, 2023.
According to a report by the Economic Times, Flipkart is currently in discussions to raise up to $1 billion, with parent company Walmart committing to inject $600 million. If successful, this would mark the first fundraiser for India's largest online retailer since 2021, when it concluded a $3.6 billion funding round, valuing the company at $37.6 billion.
This funding influx comes amidst rival Amazon's substantial investments in its Indian entities, with investments surpassing Rs 1,000 crore this year. Amazon's investments include an infusion of Rs 830 crore into Amazon Seller Services, the entity operating the Amazon marketplace in India, and Rs 350 crore into its fintech unit, Amazon Pay, in January.
In January of last year, Flipkart Marketplace Pvt Ltd and Flipkart Private Ltd injected $90 million into Flipkart Internet, aimed at bolstering Flipkart's competitive position against Amazon in the Indian e-marketplace landscape.
Walmart also facilitated a one-time payout of $750 million for Flipkart employees last year as part of PhonePe's funding round and separation from the group.
For the financial year 2023, Flipkart Internet reported a 42 per cent growth in operating revenue, reaching Rs 14,845 crore. Notably, its total loss decreased by nine per cent to Rs 4,026 crore, as previously reported by Business Standard.
Total expenses for Flipkart Internet also witnessed a 26 per cent increase to Rs 19,043 crore in FY23.
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