<p>Flipkart said on Tuesday it raised $1.2 billion in an investment led by its majority owner Walmart Inc, valuing the Indian e-commerce firm at $24.9 billion.</p>.<p>The investment round included other existing Flipkart shareholders, and the funding will be made in two tranches over the remainder of the fiscal year 2021, Flipkart said.</p>.<p>The Bengaluru-headquartered firm would use the funds for the "continued development of its e-commerce marketplace as India emerges from the Covid-19 crisis," it said.</p>.<p>Walmart in 2018 paid $16 billion for a more than 70% stake in Flipkart, one of India's best known startups, to better compete with Amazon.com Inc in an important growth market.</p>.<p>Flipkart did not disclose details on the size of Walmart's stake in the company following the latest deal. It did not immediately respond to a request seeking further details.</p>.<p>Several Indian companies including e-commerce startups have lost weeks of revenues this year as the COVID-19 crisis resulted in lockdowns that restricted business activities.</p>.<p>Coronavirus cases have surged rapidly in recent weeks, making India the third worst hit nation, behind Brazil and the United States.</p>
<p>Flipkart said on Tuesday it raised $1.2 billion in an investment led by its majority owner Walmart Inc, valuing the Indian e-commerce firm at $24.9 billion.</p>.<p>The investment round included other existing Flipkart shareholders, and the funding will be made in two tranches over the remainder of the fiscal year 2021, Flipkart said.</p>.<p>The Bengaluru-headquartered firm would use the funds for the "continued development of its e-commerce marketplace as India emerges from the Covid-19 crisis," it said.</p>.<p>Walmart in 2018 paid $16 billion for a more than 70% stake in Flipkart, one of India's best known startups, to better compete with Amazon.com Inc in an important growth market.</p>.<p>Flipkart did not disclose details on the size of Walmart's stake in the company following the latest deal. It did not immediately respond to a request seeking further details.</p>.<p>Several Indian companies including e-commerce startups have lost weeks of revenues this year as the COVID-19 crisis resulted in lockdowns that restricted business activities.</p>.<p>Coronavirus cases have surged rapidly in recent weeks, making India the third worst hit nation, behind Brazil and the United States.</p>