US retail Walmart has invested $560 million in Flipkart, as a part of its $1.2 billion spherical introduced in July, regulatory filings made in Singapore show.

Walmart in July had introduced it was leading a $1.2 billion funding in Flipkart at a valuation of $24.nine billion, including that the funding might be made in tranches over the the rest of the monetary yr.

In a conference call post Walmart’s Q2 income in August, CEO Doug McMillon whilst answering to analysts who questioned Flipkart’s nominal upward push in valuation, from $21 billion whilst it received the agency in 2018 to $24.nine billion now, that the possibility in India was significant.

“We want to make sure that we’re on our front foot being aggressive. So, we’re not really getting hung-up on the valuation in the short-term,” McMillon said. “Over time, I think everybody will understand just how valuable the business in India is, whether it’s the Flipkart portion or the PhonePe.”

Walmart’s funding in Flipkart additionally comes at a time whilst the agency is reportedly preparing to move public as quickly as subsequent yr either in the US or Singapore at a valuation of around $50 billion. Sources withinside the recognize of the matter informed ET that the $50 billion figure was a mixed valuation of Flipkart and it is virtual payments arm PhonePe.

Competition in India’s e-commerce region has heated up similarly in 2020 because of the access of Reliance Industries, which in latest months raised $15 billion from giants together with Facebook, Google and others for its Jio Platforms unit.

Reliance is now bringing in more international investors like Silver Lake, KKR, amongst others into its retail unit. ET pronounced that different PE biggies like TPG, General Atlantic and Advent also are in the race to back Reliance Retail.