Singapore – July 15, 2021 – Cooley advised SoftBank Vision Fund 2 on its co-lead investment in the Flipkart Group’s $3.6 billion funding round, which brings the company’s valuation to $37.6 billion. Partner Matthew Bartus led a Singapore-based Cooley team advising SoftBank Vision Fund 2.
Flipkart is India’s homegrown consumer internet ecosystem, with more than 350 million registered users from across the country. GIC, Canada Pension Plan Investment Board and Walmart also co-led the round, which included participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, and marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global. Flipkart will use the funding to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in India.
“SoftBank’s re-investment in Flipkart is driven by our experience with and conviction in the company’s management team to continue addressing the needs of the Indian consumer in the decades to come,” Lydia Jett, partner at SoftBank Investment Advisers, said in a news release. “The opportunity to meet consumer demand for high-quality selection at low prices and a young population make online consumption critical to India’s quest for the '$5 trillion economy' that Flipkart’s growth story has been enabling.”
Founded in 2007, Flipkart has enabled millions of consumers, sellers, merchants and small businesses to be a part of India's digital commerce revolution, offering over 150 million products across 80+ categories.
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