Flipkart, the Indian e-commerce startup backed by Walmart Inc., has jumped in value to nearly $38 billion, with a fundraising supported by Japan’s SoftBank Group Corp. and some major sovereign investors.
The deal cements Flipkart’s status as one of the world’s most valuable private technology companies, and is the latest sign of investor appetite for tech deals in emerging markets. In May, for example, Grab Holdings Inc. said it planned to go public in the U.S. in a deal valuing the Southeast Asian ride-hailing and delivery group at nearly $40 billion.
Flipkart said Monday it had raised $3.6 billion in new funds from a group of investors led by Singapore’s GIC Pte. Ltd., the Canada Pension Plan Investment Board, SoftBank’s Vision Fund 2, and Walmart. Including the new money, the deal values Flipkart at $37.6 billion, it said.
“This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year” as safe and convenient access to products has taken priority, Flipkart said in a statement.
Just under a year ago, an earlier round of funding valued the company at $24.9 billion.
