India’s Flipkart raises $1.2 billion in Walmart-led funding

BENGALURU (Reuters) – U.S. retail giant Walmart will lead a $1.2 billion investment in its Indian e-commerce unit Flipkart, giving it a valuation of $24.9 billion, Flipkart said on Tuesday.

The investment is led by Walmart, Flipkart’s majority owner, along with a group of existing shareholders, the company said.

(Reporting by Sachin Ravikumar)