Flipkart Internet gets $57M from parent entity

Flipkart Internet, which runs the Flipkart's retail platform, has received $57 million cash infusion from its Singapore company Flipkart Marketplace, according to the documents filed with the Registrar of Companies (RoC).

Flipkart Internet owns Flipkart.com and registers sales from advertisements and commissions charged on merchants. Flipkart Marketplace owns a 99.74 percent stake in Flipkart Internet. The cash infusion comes after the company raised close to $4 billion in two rounds from investors including Tencent and SoftBank last year.

Arch-rival Amazon too has massively stepped up its investments in India. RoC documents show that Amazon invested a combined Rs 62 billion into its Indian units in the calendar year 2017.

The move also signals a renewed focus on the e-commerce platform by Flipkart, which has been pouring large amounts of money into its logistics arm eKart and payments entity PhonePe. Amazon, on the other hand has been focusing on its Prime loyalty programme which offers free one and two day shipping on products and unlimited access to video and music streaming services.