Flipkart India has received Rs 2,190.64-crore fund infusion from its Singapore-based parent, according to filings made with the Registrar of Companies which were sourced by FE from business signals platform paper.vc.
A total of 7.45 lakh equity shares were allotted at a premium of Rs 29,399 per share, according to the documents. The allotment was made on December 4.
The investment in Flipkart’s wholesale arm comes close on the heels of the e-commerce major’s arch rival Amazon India getting a Rs 2,200-crore fresh funds boost from Singapore-based Amazon Corporate Holdings and Mauritius-based Amazon.com.inc, regulatory filings showed. Walmart-backed Flipkart and Amazon are locked in an intense competition to outdo each other in India’s burgeoning e-commerce market. Cheap data tariffs and a rise in internet consumption have boosted India’s e-commerce story.
The e-commerce market in India is expected reach $ 200 billion by 2026 from $38.5 billion in 2017, according to estimates by IBEF (India Brand Equity Foundation).