Flip­kart Gets ` 3,463 crore from Par­ent Co

Shoes & Accessories - - The Month That Was -

The Sin­ga­pore-based hold­ing firm of on­line re­tailer Flip­kart has in­vested ` 3,463 crore in its In­dia en­tity, in a bid to take on ri­val Ama­zon.

Flip­kart In­ter­net Pvt. Ltd., which owns and op­er­ates the In­dia por­tal, re­ceived the funds from Sin­ga­pore­based Flip­kart Mar­ket­place Pvt. Ltd. through “al­lot­ment of 16,78,600 eq­uity shares,” ac­cord­ing to reg­u­la­tory fil­ings by Flip­kart.

Last month, the U.s.-based re­tail gi­ant Wal­mart Inc. and Flip­kart Group an­nounced the clo­sure of the agree­ments for Wal­mart to be­come the largest share­holder in the Flip­kart Group. In May, Wal­mart had agreed to pay $16 bil­lion for 77% stake in Flip­kart, a trans­ac­tion that val­ued the home­grown e-com­merce com­pany for over $20 bil­lion.

The deal would pitch Wal­mart, the world’s largest re­tailer in di­rect com­pe­ti­tion with its U.S. ri­val Ama­zon. com in a bat­tle for dom­i­nance of In­dia’s on­line re­tail mar­ket.

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