Flipkart invests over $700 million in its healthcare segment

According to recent Singapore regulatory filings, Flipkart invests  $553 million in its marketplace operations. According to the documents, it has also invested $143 million in Flipkart Health. With the fresh financing, Flipkart has invested almost $700 million in the two entities—Flipkart Marketplace Private Limited and Flipkart Health Private Limited. 

 The additional funds come as Walmart-owned Flipkart ramps up new operations including epharmacy, travel, social commerce platform Shopsy, and its food division. 

 According to the filings, Flipkart Private Limited has received new Esops (Employee stock owner programmes). Flipkart Private Ltd invests in Flipkart Marketplace and Flipkart Health. Flipkart is based in Singapore and has many entities registered in India. 

 On Thursday, a Flipkart spokeswoman refused to comment. The extra money for the health segment is crucial since Flipkart just named Prashant Jhaveri as CEO. 

 This comes as upstarts like Meesho battle major competitors like Flipkart and Amazon India, as well as Singapore’s Shopee, which exited the local market earlier this week, as reported. 

 Flipkart raised $3.6 billion last year, its first outside capital since Walmart bought it in 2018. A $1.2 billion internal round sponsored by Walmart raised $37.6 billion in 2020, bringing the company’s valuation to $37.6 billion. The financing was anchored by CPP Investments, with participation from previous investors including Qatar Investment Authority.