BENGALURU: Flipkart will raise US$1.2 billion in funding led by majority owner Walmart Inc, the Indian e-commerce firm said on Tuesday, as it looks to compete better with Amazon.com Inc in a coronavirus-hit market.
Ambani's Reliance Industries Ltd has received billions of dollars in recent weeks from major global firms for its digital arm, which is expected to roll out an online service for Indian grocers and small businesses. Flipkart said it would use the funds, to be received in two tranches this fiscal year, to support the"development of its e-commerce marketplace as India emerges from the COVID-19 crisis."Coronavirus-induced lockdowns restricted business activities in India for much of April and May. India is currently grappling with a surge in infections, making it the third worst-hit nation behind Brazil and the United States.
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