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    9984   JP3436100006

SOFTBANK GROUP CORP.

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India's Flipkart Raises $3.6 Billion in latest Fundraising Round

07/12/2021 | 01:24am EDT

By P.R. Venkat

India's e-commerce startup Flipkart is raising $3.6 billion in its latest funding round, attracting investors including Japan's Softbank Vision Fund 2 and U.S. retail giant Walmart Inc.

The investment values the group, one of India's leading digital e-commerce entities operating payments apps in India, at $37.6 billion, Flipkart said in a statement Monday.

Other investors in the latest round include Singapore GIC Pte. Ltd., Canada Pension Plan Investment Board and Qatar Investment Authority.

"This investment reflects global investor confidence in digital commerce in India, which has continued to accelerate over the last year," as safe and convenient access to products has taken priority, Flipkart said.

Last year, Walmart sold its Indian stores to the e-commerce company, after buying nearly 77% of Flipkart for $16 billion in 2018.

"Flipkart is a great business whose growth and potential mirrors that of India as a whole -- that's why we invested in 2018 and why we continue to invest today," said Judith McKenna, President and CEO of Walmart International said.

Write to P.R. Venkat at venkat.pr@wsj.com

Corrections & Amplifications

This article was corrected at 0732 GMT to reflect the proper name of Flipkart in the second paragraph. The original article misspelled the company name in the second paragraph.

Corrections & Amplifications

This article was corrected at 0923 GMT because the original incorrectly identified the company and the fund by omitting words at the ends of the names. Ms. McKenna holds those positions at Walmart International rather than Walmart, and the fund is Vision Fund 2, not simply Vision Fund. Judith McKenna is president and CEO of Walmart International and Softbank's Vision Fund 2 is one of the investors in Flipkart's latest fundraising round.

(END) Dow Jones Newswires

07-12-21 0324ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.10% 34798 Delayed Quote.13.59%
MSCI SINGAPORE (GDTR) -0.56% 6540.383 Real-time Quote.13.02%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
WALMART INC. 0.28% 143.17 Delayed Quote.-0.68%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 54 537 M 54 537 M
Net income 2022 1 310 B 11 826 M 11 826 M
Net Debt 2022 14 983 B 135 B 135 B
P/E ratio 2022 9,10x
Yield 2022 0,66%
Capitalization 11 353 B 103 B 103 B
EV / Sales 2022 4,36x
EV / Sales 2023 4,13x
Nbr of Employees 58 786
Free-Float 69,3%
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SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 627,00 JPY
Average target price 10 325,87 JPY
Spread / Average Target 55,8%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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