Flipkart has invested Rs 1,421 crore (around $170 million) in Flipkart Internet, the company's arm through which it offers e-commerce services as well as flight booking services.
The company has infused the funds in two tranches on March 23 and April 6, The Economic Times reported, citing information provided by the company in its filing to the Registrar of Companies (RoC). The funds are infused through Flipkart's Singapore holding company. The report added that the funds are transferred internally and not fresh funding at a parent level.
Prior to the present investment in Flipkart Internet, Walmart invested $111 million. The capital infusion was approved on December 20 and December 22 last year, according to a report by ET.
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The company has made an investment of $281 million so far, including the latest funding.
According to media reports, Flipkart is planning to launch its quick-commerce service in response to its rival Amazon's investment that has already crossed Rs 1,000 crore, including a Rs 830 crore infusion into Amazon Seller Services.
Flipkart is working on reducing the timeline of its deliveries across various categories. The company has rolled out same-day delivery of products across several categories.
According to reports, the e-tailer is also in talks to raise about $1 billion, out of which parent Walmart has committed $600 million.
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