Indian e-commerce giant Flipkart, which is controlled by Walmart, has been valued at $37.6bn today, just shy of its target.
The valuation comes ahead of an initial public offering (IPO), which it hopes will take place early next year.
Flipkart rallied $3.6bn in the pre-IPO fundraiser, which spurred its valuation and was co-led by SoftBank Vision Fund II and Walmart.
The e-commerce giant was targeting an eye-watering valuation of $40bn.
According to last month’s reports, SoftBank was looking to invest around $300m and $500m through its second Vision fund, however, no official figure has yet been put on the Japanese bank’s investment.
Singapore’s GIC, Canada Pension Plan Investment Board and the Qatar Investment Authority all piled into the lasted funding round.
“This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders,” CEO Kalyan Krishnamurthy said in a statement.
“We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain.”