Flipkart reportedly burned $1.1 billion in cash between February and July of this year.
“As of July 31, 2022, and January 31, 2022, respectively, cash and cash equivalents of $3.5 billion and $4.3 billion may not be freely transferable to the United States due to local laws or other restrictions,” Walmart stated in its quarterly report for the quarter ended July 31. Walmart denotes cash that is not freely transferable to the US as cash in the market in its filing with the Securities and Exchange Commission (SEC). “Of the $3.5 billion at July 31, 2022, approximately $1.1 billion can only be accessed through dividends or intercompany financing arrangements subject to approval of Flipkart minority shareholders; however, this cash is expected to be used by Flipkart,” the US-based retailer added.
