Salem Radio Network News Friday, July 30, 2021

Science

Walmart’s Flipkart raises $3.6 billion in funding, SoftBank back as investor

BENGALURU (Reuters) – Walmart Inc-owned Indian online retailer Flipkart said on Monday it has raised $3.6 billion in a round of funding, after which it will be valued at $37.6 billion.

The funding was led by investors GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart.

It also attracted investments from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad and private equity firm Blackstone Group Inc.-backed Antara Capital among others.

Japan’s SoftBank, which sold its roughly 20% stake in the e-commerce firm to Walmart in 2018, has returned as a shareholder.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Arun Koyyur)

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