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Flipkart India receives ₹2,839 cr from parent firm

06
Dec '19
Pic: Shutterstock
Pic: Shutterstock
Walmart-backed Flipkart India has received ₹2,838.84 crore from its Singapore-based parent entity Flipkart. According to the company’s regulatory filings, Flipkart’s parent entity was issued 815,761 equity shares through a rights issue at a premium of ₹34,799 per share. The board of directors of Flipkart India passed this resolution on November 28.

In September, Flipkart India received ₹1,616 crore and in January it obtained Rs 1,431 crore from its Singapore-based parent entity. The funding is expected to help Flipkart take on Amazon, with which it is in a fierce battle for dominance in India’s online retail market as well as competition from the yet to be launched e-commerce business of Reliance Industries, according to Indian media reports.

In October this year, Amazon infused about ₹4,472.5 crore in its various business entities in India, including seller services, digital payments, and retail. The e-commerce market in India is expected to touch $200 billion by 2028, from about $30 billion last year.

Fibre2Fashion News Desk (DS)


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