As the festive season is around the corner, eCommerce giant Flipkart has infused a sum of Rs 34.6 billion into its online marketplace Flipkart Internet. This is Flipkart’s first capital infusion since ever since US-based retail giant acquired a majority stake in the company. According to the documents filed by the Registrar of Companies and accessed through Paper.vc, the funding came from one of Flipkart subsidiaries based out of Singapore. The funding has been made in order to stand tall against other eCommerce majors including Amazon and Snapdeal during the festive season sales. During this season, heavy discounts and attractive deals are given out by online retailers to lure customers and improve overall sales targets.

Smartphone segment is the largest eCommerce category in India which accounts for 55 per cent of the total online shopping. A recent research report stated that in March quarter Flipkart has 54 per cent share of the online sales, followed by Amazon India at 30 per cent. During its Big Billion Day sales, Flipkart is reportedly aiming to strengthen its smartphone segment. Since the sale of smartphones and other electronic items splurge up during the Diwali sales, the Bengaluru-based company will surely try to position itself better than its immediate rivals including Amazon and Paytm.

The Walmart-back firm has invested heavy in its logistics services eKart and online payments firm PhonePe. The total investment in these companies is around Rs 3,260 crore since 2016. Meanwhile US-based Amazon has also poured a sum of $400 million in its marketplace unit – Amazon Seller Services earlier this year.

As per a report by research firm RedSeer, more than 20 million people will opt online shopping during the festive season next month which sums the total sale volume to up to $3 billion for eCommerce majors. As always, the much-awaited festive season would see all major online retailers competing to their best to grab a larger piece of the overall marketshare.