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Flipkart cash burn at $1 billion under Walmart

Flipkart cash burn at $1 billion under Walmart

Posted On : Saturday, June 15, 2019, 3:01 PM
Walmart-owned Indian e-commerce company Flipkart has burned nearly $1 billion since the US retail giant acquired a majority stake in it, regulatory filings showed, as it pushes aggressively to stave off rival Amazon for control of the country's online marketplace. Walmart last week disclosed in regulatory filings that Flipkart had $1.2 billion in cash and cash equivalents on its books as of April 30, down from the $2.2 billion the Indian company held in August 2018 when the US retail giant invested $16 billion for a 77% stake.
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