NEW DELHI -- India's leading e-commerce platform Flipkart says it has raised $1.2 billion in a funding round led by majority owner Walmart as rivals Amazon.com and Reliance Industries' JioMart intensify the battle for e-commerce supremacy in the country of over 1.3 billion.
The announcement on Tuesday came two years after the U.S. retail giant spent $16 billion for a 77% stake in Flipkart. It also comes amid a COVID-19 surge in India -- the third worst hit country, with more than 935,000 infections and over 24,300 deaths -- and a strict lockdown forcing Indians to go online to shop.
