Indian e-commerce giant Flipkart has pumped in $553.2 million in its marketplace business as per its regulatory filing in Singapore.
The Walmart backed giant announced in its marketplace expansion plans to 1800 cities in January 2022. This move was to enable the company to deliver groceries to over 10,000 pincodes across 23 states.
Flipkart is likely to use the cash infusion to offer discounts or other offers through its social commerce venture- Shopsy -to take on its competitors like Tata’s BigBasket, Zomato’s Blinkit, Swiggy’s Instamart, JioMart Express and Zepto.
Highlight by Aman Agarwal.