Its losses nearly doubled to ₹397 crore from ₹205 crore in the previous yea as the startup spent heavily to keep its lead over rivals such as Zoma
Since its founding in 2010, FirstCry has raised more than $100 million from Mahindra, IDG Ventures India (now Chiratae Ventures), New Enterprise Assoc
Walmart also predicted that its US e-commerce growth next year will be slower than the current financial year.
The firm will look to enter new areas and sectors such as citizen-focused legal services, property rights and public platforms.
In the proposed funding round, Sachin Bansal may also invest more capital and raise his 3.5% stake in the medical artificial intelligence start-up.
This is Flipkart’s second acquisition in as many months, after the Walmart-controlled firm acquired Indian AI startup Liv.ai in August.
Walmart is considering both internal and external candidates for the role including Flipkart CEO Kalyan Krishnamurthy.
Besides Naspers, Ola is also in talks with Singapore's Temasek Holdings Ltd and two other funds to raise $1 billion in fresh capital
Swiggy, which raised funds earlier this year at $1.3b valuation, may see this double to $2.5b
Flipkart may apply for a new NBFC licence, as part of its broader strategy of building a full-fledged financial services business.
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