E-commerce giant Flipkart’s Singapore entity invested nearly Rs 1,600 in its Indian arm ahead of the festival.
According to Flipkart India Private Ltd’s regulatory filings accessed by Inc42, its board of directors on September 8 passed a resolution approving an allocation of 3,11,410 shares to Singapore-registered company Flipkart Private Ltd at Rs 51,057 per share.

Also, in a resolution passed on August 25, the Flipkart India Private Ltd board agreed to issue 934 shares at the same issue price of Rs 51,057 per share. The Singapore-based entity infused Rs 1,594.76 crore in its Indian branch.
The development comes as Flipkart struggles with its main rival Amazon India over the festive season. Most e-commerce companies, including Flipkart, Amazon and Myntra, have festive sales in the last week of September or the first week of October.

The investment could give Flipkart a better chance against rival Amazon as the two deep-pocketed players continue to battle for supremacy in India’s e-commerce space.