Walmart Inc. increased its investment in Indian e-commerce firm Flipkart Group in a fundraising round that puts that company’s value at $37.6 billion.
The Bentonville-based retailer said Monday that it was among the leaders in the round that raised $3.6 billion for Flipkart. The company didn’t disclose how much it contributed to that figure.
Walmart paid $16 billion in 2018 for a 77% stake in Flipkart.
A number of global investors also participated in the funding round. These included the Canada Pension Plan Investment Board, Japan’s SoftBank Vision Fund 2 and GIC of Singapore.
Other investors included government-owned funds Qatar Investment Authority and Malaysia’s Khazanah Nasional Berhad.
Judith McKenna, president and chief executive officer of Walmart International, said in a news release that Flipkart “is a great company whose growth and potential mirrors that of India as a whole.”