Flipkart Internet, the online marketplace arm of the Flipkart India Pvt Limited, as per regulatory documents received around Rs. 3,462 crores fund infusion from Flipkart Marketplace, Singapore. The fund infusion which will be done in two parts will provide more fire-power to Flipkart, which is competing in an intense battle with US-based Amazon.

Regulatory documents filed with Corporate Affairs Ministry said, “In accordance with the Letter of Offer dated 14 August 2018 circulated by the company for the rights issue of shares, the board of directors of the company be and hereby allot 14,57,598 Class A equity shares for an amount aggregating to Rs. 30,07,02,46,740 for cash to Flipkart Marketplace Private Ltd, Singapore.”

The resolution was passed at the board meeting held on 30 August 2018. The board, during the same meeting, also passed another resolution (in accordance to a Letter of Offer dated 18 July) for allotting 2,21,002 equity shares for Rs. 455.92 crore for cash to Flipkart Marketplace, Singapore.

In a statement release, Flipkart said that it also expects to see a surge of 8-10X in the sale of perfumes on its platform during the sale season. This growth, it said, would be on the back of an overhaul undertaken by the company.

Flipkart added, “Project ‘Authenticated’ promises a revamp of Flipkart’s portfolio comprising over 2000 perfumes and a seal of authenticity on the listing image, a new feature that showcases brand-approved sellers.”

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