Canada Pension Plan Investment Board (CPP Investments) has invested USD 800 million (about Rs 5,968 crore) in e-commerce major Flipkart, the company announced in a statement.
“One of the key investment themes for CPP Investments has been Asia’s domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening Internet penetration,” PTI quoted Agus Tandiono, Managing Director, Head of Fundamental Equities Asia at CPP Investments, as saying.
The CPP Investments’ infusion is part of a larger USD 3.6 billion funding raised by Flipkart.
A few hours before the announcement, Flipkart announced that it had raised USD 3.6 billion (about Rs 26,806 crore) in funding for a valuation of USD 37.6 billion, with its owner Walmart joining SoftBank and several sovereign wealth and pension funds.
Tencent Holdings Ltd, Blackstone Group-backed Antara Capital, Abu Dhabi’s sovereign fund ADQ, Singapore’s GIC Pte and Qatar Investment Authority and Canada Pension Plan Investment Board participated in the funding round.