This is part of a larger USD 3.6 billion funding raised by the homegrown e-commerce major.
''One of the key investment themes for CPP Investments has been Asia's domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening Internet penetration,” Agus Tandiono, Managing Director, Head of Fundamental Equities Asia at CPP Investments, said.
Tandiono added that this investment in Flipkart builds on its programme to provide long-term capital to industry leaders.
''We look forward to supporting Flipkart's efforts in growing India's e-commerce market,'' Tandiono said. Earlier in the day, Flipkart said it has raised USD 3.6 billion (about Rs 26,806 crore) in funding for a valuation of USD 37.6 billion, with its main owner Walmart joining SoftBank and several sovereign wealth and pension funds.
Tencent Holdings Ltd, Blackstone Group-backed Antara Capital, Abu Dhabi's sovereign fund ADQ, Singapore's GIC Pte and Qatar Investment Authority and Canada Pension Plan Investment Board participated in the funding round.
Canada Pension Plan Investment Board is a professional investment management organisation that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan.
In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income.
Headquartered in Toronto, CPP Investments has offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, Sao Paulo and Sydney. On March 31, 2021, the Fund totalled 497.2 billion Canadian dollars.
''This investment by leading global investors such as CPP Investments reflects the promise of digital commerce in India, and their belief in Flipkart's capabilities to maximise this potential for all stakeholders,” Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said.
He added that as the organisation serves its consumers, it will focus on accelerating growth for millions of small and medium Indian businesses.
''We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain,” he said.
Founded in 2007, the Flipkart Group includes Flipkart, fashion specialty site Myntra and Ekart (logistics and supply chain arm). The Group is also a majority shareholder in digital payments platform, PhonePe.