Flipkart

The new funding round may delay IPO plans for Flipkart, which was reported to be looking to go public in the US later this year.

Flipkart competes with deep-pocketed conglomerates such as Amazon and Reliance Jio in India’s soon-to-be USD 111 billion e-commerce market.

A Bloomberg report said as many as 10 Indian companies could go public through SPAC deals before the end of the year.

Things are going to shake up for Amazon India and Flipkart both, as India is working on yet another round of changes in FDI norms for the e-commerce sector.

Flipkart Wholesale, the B2B arm of the Flipkart Group reported a 22.3% dip in losses in FY 20.

Flipkart competes with Amazon India and Reliance-owned JioMart to get a bigger pie of the e-commerce market that is expected to reach USD 94 billion by 2023.

Walmart has also led a funding of USD 700 million in PhonePe.

Earlier this month, the e-tailer acquired local gaming startup Mech Mocha and invested in fashion firm Universal Sportsbiz.