Flipkart Internet, the marketplace arm of Walmart-owned ecommerce firm Flipkart, received a cash infusion of about Rs 924 crore ($111 million) in two parts from its related entities based in Singapore in January. This investment was disclosed in regulatory filings with the Registrar of Companies (ROC). The fresh capital came from Flipkart’s related Singapore-based entities on January 8 this year. Two resolutions to infuse capital into the firm were approved on December 20 and December 22 last year, according to the documents.

Rival Amazon has already invested over Rs 1,000 crore in its India entities this year. This includes a Rs 830 crore infusion into Amazon Seller Services, the entity that runs the Amazon marketplace in India. Amazon also invested Rs 350 crore in the entity that runs its fintech unit, Amazon Pay, in January.

Flipkart is also in talks to raise as much as $1 billion, with parent Walmart committing to inject $600 million. This would be the first fundraise for India’s largest online retailer since 2021 when it closed a $3.6 billion funding round at a valuation of $37.6 billion. Flipkart’s valuation was adjusted to $33 billion after PhonePe, its payments leader, was separated from the group in December 2022. The fresh fundraise is likely to value Flipkart at about 5-10% premium to its latest valuation.

In its earnings call for the fourth quarter, parent Walmart had said its international sales growth was led by Flipkart, Mexico’s Walmex, and China, with strong performance in festive events. Walmart’s chief financial officer John David Rainey had stated that India, Walmex, and China are the three growth leaders and are expected to account for approximately three-fourth of international growth over the next several years.

Flipkart Internet reported a 42% growth in operating revenue for the financial year 2023 to Rs 14,845 crore, while its total loss narrowed by 9% to Rs 4,026 crore.