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India’s leading ecommerce marketplace Flipkart today said it raised $3.6 billion funding from SoftBank Vision Fund 2, Tiger Global, Walmart, and other sovereign funds at a post-money valuation of $37.6 billion.

This is the first time Flipkart — now majorly owned by US retail giant Walmart — raised capital from external investors.

According to a statement by Flipkart, the funding round was also led by GIC and Canada Pension Plan Investment Board (CPP Investments), along with investments from sovereign funds DisruptAD, Qatar Investment Authority, and Khazanah Nasional Berhad.

The list also includes Tencent, Willoughby Capital, Antara Capital, and Franklin Templeton.

In July 2020, it received funding worth $1.2 billion, at a valuation of $24.9 billion, led by Walmart and other existing investors.

Flipkart said the investment reflects the confidence of global investors in digital commerce in India as it continues to grow amidst the COVID-19 pandemic.

Speaking on the development, Kalyan Krishnamurthy, CEO, Flipkart Group, said,

“At Flipkart, we are committed to transforming the consumer internet ecosystem in India and providing consumers access and value. This investment by leading global investors reflects the promise of digital commerce in India, and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders.”

The ecommerce giant said it will continue to make deeper investments across people, technology, supply chain, and infrastructure to address the requirements of a growing consumer base in India.

“As we serve our consumers, we will focus on accelerating growth for millions of small and medium Indian businesses, including kiranas. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain,” Kalyan added.

The capital raised by Flipkart comes at a time when the Indian ecommerce industry is set to witness intense competition among players, including Amazon, Reliance, and the Tatas.

This is SoftBank’s second investment into Flipkart after it exited from the ecommerce marketplace post its acquisition by Walmart in a transaction valued at over $16 billion in 2018.

“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” said, Lydia Jett, Partner, SoftBank Investment Advisers.

Judith McKenna, President and CEO – Walmart International, said, “The quality of the investor group and valuation announced today is further confirmation of global confidence in Flipkart and its mission to transform commerce in India.”