Singapore, 28th July 2021 – International law firm Hogan Lovells has advised Flipkart Private Limited (Flipkart) on its US$3.6 billion funding to accelerate the growth of the consumer internet ecosystem in India.
The fundraise created strong interest from global investors, including sovereign funds, private equity and crossovers in addition to Walmart. The investment values Flipkart at US$37.6 billion post-money. The rapid growth will now rank Flipkart amongst the top 10 e-commerce companies globally and by market capitalization will rank amongst the top 15 companies in India.
This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year. This development will allow Flipkart to continue making deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in India.
The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale and PhonePe. Flipkart enables millions of consumers, sellers, merchants, and small businesses to be a part of India’s e-commerce revolution, with a registered customer base of over 350 million, offering over 150 million products across 80+ categories.
The team was led by Singapore partner and Head of Corporate & Finance Asia-Pacific, Stephanie Keen, with support from Danielle Wu (Counsel, Singapore), Mark Vincent (Associate, Singapore), and Amelia Lee (Associate, Singapore).
Hogan Lovells continues its relationship with Flipkart having advised Walmart on the 2018 Flipkart acquisition, Flipkart’s recent fundraising of US$1.2 billion and US$700 million fundraising for PhonePe.
Commenting on the transaction, Keen said: “We are delighted to have been able to work with Flipkart on another milestone achievement in its growth story.”
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