Walmart-owned e-tailer Flipkart has reportedly set up an internal fund to invest across early stage startups in order to further strengthen its ecommerce operations.
The fund size is estimated to be around $60 million – $100 million (₹ 414 crore – ₹691 crore) and the venture will be led by Emily McNeal, who serves as the group CFO of Flipkart.
According to reports, Flipkart plans to invest around $2 million – $3 million (₹13 crore – ₹20 crore) in startups working across financial technology, supply chain, and SaaS with an aim to get hold of 20% to 25% stake in these companies.
The homegrown ecommerce giant has been making investments through its mergers and acquisitions (M&A) team. With the launch of the fund, the company is looking to make a structured move to take early bets at lower valuations to leverage technologies for its businesses. The development comes in at a time when Flipkart is looking to leverage advanced technologies to streamline its business.