Flipkart said the funding will help it supports its e-commerce marketplace as India emerges from the COVID-19 crisis.

Retail giant Walmart is increasing its stake in Flipkart by investing an additional $1.2 billion in the Indian e-commerce major Flipkart. The investment values the Bengaluru based at $24.9 billion in post-money valuation, with funds expected to come across in two tranches over the remainder of the fiscal year.

Apart from Walmart, a group of other existing shareholders will also contribute in this round, the company said. The investment will be funded in two tranches over the remainder of the fiscal year, Flipkart said in a statement.

The funding will help Flipkart supports its e-commerce marketplace as India emerges from the COVID-19 crisis, it added.

Kalyan Krishnamurthy, CEO, Flipkart, said: “Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services.

Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers.”