New Delhi, Jul 14 (PTI) E-commerce giant Flipkart Group on Tuesday said it has closed a USD 1.2 billion funding led by Walmart, its majority stake owner.

In 2018, Walmart Inc invested USD 16 billion for acquiring 77 per cent stake in the group.

Also Read | OnePlus Nord Smartphone to Feature a 105-Degree Ultra-Wide-Angle Secondary Front Camera.

The round, which also saw participation from a group of existing shareholders, valued Flipkart at USD 24.9 billion post-money, a statement said.

It will be funded in two tranches over the remainder of the fiscal year, the statement added.

Also Read | Assam Lottery Results Today: Check Lucky Draw Results of Assam Future Faithful, Assam Singam Red, Assam Kuil Diamond on July 14, 2020 Online at assamlotteries.com.

"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," Flipkart CEO Kalyan Krishnamurthy said.

The company will continue innovating to bring the next 200 million Indian shoppers online, he added.

Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)