Flipkart Singapore funds Indian arm with Rs 1,431 cr

The allotment is said to have happened on January 7. Moneycontrol reported that a total of 4,86,861 lakh equity shares were allowed at a premium of Rs 29,399 per share. The company had earlier pumped in Rs 2,190 crore into Flipkart India in December.

The funding comes at a time when the deadline for implementation of the new foreign direct investment (FDI) rules for the e-commerce sector nears. E-tailing majors Flipkart and Amazon sought an extension of the deadline, stating that the regulation requires extensive overhauling of their business models.

Meanwhile, earlier this week, a group representing online sellers in India had filed an appeal against the Competition Commission of India’s (CCI’s) ruling in favour of Walmart-owned Flipkart. All India Online Vendors Association (AIOVA), which represents over 3,500 online sellers, had complained that Flipkart was using its dominant position to favour select sellers. India has a burgeoning e-commerce market, with almost 500 million Indians using the internet in 2018. The market is tipped to grow to $200 billion in a decade, according to Morgan Stanley.