On July 14, US retail big Walmart stated that it had led a $1.2 billion funding in Flipkart’s commerce enterprise, valuing it at $24.9 billion. Walmart already owns round 80% within the Bengaluru-based online retailer.
Although the funding itself is small, it’s important since Flipkart is probably the most valued web firm in India and has come at a time when stress between India and China is on the boil.
Since April, the federal government has taken a number of steps to restrict China’s publicity to Indian companies, together with revising its overseas direct funding rules in addition to banning Chinese language apps.
On Tuesday, Tencent stated it might open a brand new workplace in Singapore to be its regional hub for Southeast Asia.
The funding has come inside months of India opening up for enterprise after a nationwide lockdown, and at a time when the Indian on-line retail battleground has been redrawn with Reliance Jio’s plans to aggressively enter on-line commerce.