Walmart invests additional $1.2 billion in India's Flipkart to increase stake

Walmart is increasing its majority-stake in Flipkart by leading a new $1.2 billion financing round in the Indian e-commerce giant.

The fresh equity round led by Walmart, which acquired majority stake in Flipkart for $16 billion two years ago, values Flipkart at $24.9 billion post-money, the two companies said.

The American retail group said the fresh capital would help Flipkart, which was valued at $20.8 billion two years ago, further grow its e-commerce marketplace in India as the world’s second largest internet market begins to recover from Covid-19 crisis.