Flipkart Internet, the marketplace arm of Walmart-owned Flipkart, has secured another capital infusion of Rs 2,225 crore (approximately $262 million) from its Singapore-based parent entity. The latest funding comes just two months after a previous infusion of Rs 3,200 crore, signaling continued confidence in Flipkart’s growth prospects ahead of a planned public listing.
According to filings with the Registrar of Companies, the board of Flipkart Internet has allotted new equity shares to Flipkart Marketplace, the Singapore-registered parent. The capital injection comes at a time when Flipkart is accelerating preparations for its much-anticipated initial public offering. The company is also in the process of shifting its legal domicile to India, in a move widely seen as a prelude to the domestic listing. The IPO, expected next year, could value the e-commerce firm between $60 billion and $70 billion.
Currently valued at around $36 billion, Flipkart has been witnessing a surge in business momentum. At a recent internal event, Flipkart Group CEO Kalyan Krishnamurthy noted a strong rise in customer orders, growing at 20–25% and expected to reach 30% by June. He also highlighted a sixfold increase in investments in artificial intelligence as part of the company’s drive to stay future-ready.
Flipkart is also doubling down on its quick commerce initiative, Flipkart Minutes, with plans to establish 800 dark stores by the end of this year. Meanwhile, Myntra, Flipkart’s fashion-focused subsidiary, has made its international foray by launching a direct-to-consumer venture in Singapore, targeting the Indian diaspora. Myntra India recently received a capital boost of $125 million from its Singapore-based parent, FK Myntra Holdings.
Walmart currently owns 85% of Flipkart Internet, which also includes PhonePe and Myntra. PhonePe, the digital payments unit has also begun its IPO process. Other key investors in Flipkart include Tencent, CPP Investments, GIC, SoftBank, and Microsoft.
For FY 2023–24, Flipkart reported a 20% rise in operating revenue to Rs 17,907 crore, while cutting losses by over 41% to Rs 2,359 crore.