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Flipkart wholesale receives $233mn investment from parent co.
January 07, 2022
Flipkart Private Limited, which is the e-commerce major’s parent entity incorporated in Singapore, has infused $233 million in the wholesale arm of the business, Flipkart India Private Limited (or Flipkart Wholesale).
As per the organization’s regulatory filings, 4,99,036 value shares were distributed to Flipkart Private Limited as a part of this transaction at face worth of ₹1 each at a protections premium of ₹34,799.
The new equity shares designated to Flipkart Private shareholders will rank pari-passu with the existing equity sharesof the organization as to profit, voting or otherwise, the filings added.
Recently, Flipkart Wholesale (Flipkart India Pvt Limited) reported ₹42,941 crore income from operations in FY21, which is 25% higher than earlier year. Further, the organization’s losses shrunk 22% to ₹2,445 crore. The revenue numbers have come when the organization is reportedly planning to list outside India by end of 2022.
Launched in 2020, Flipkart Wholesale is the B2B marketplace of Flipkart Group. It offers a selection of products crossing across classifications including fashion, grocery and general merchandise. Flipkart Wholesale claims to serve over 1.5 million individuals across the country, which includes kiranas, hotels, restaurants and cafeterias and Offices and institutions.
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