The Canadian pension-fund manager contributed US$800 million to the round. SoftBank, Walmart and Singapore’s sovereign wealth fund GIC also led the round, which values the Indian e-commerce firm at US$37.6 billion. (The Logic)

Talking point: In a statement, CPP Investments said the deal fits with its belief that India’s growing middle class will fuel “global growth in the decades ahead.” The pension-fund manager had $119.3 billion invested in Asia as of March 2021, representing nearly a quarter of its total assets, up from about seven per cent 10 years ago. (By comparison, 15.7 per cent of its assets are held in Canada and 36.9 per cent are in the U.S.) In its latest annual report, CPP Investments noted that its emerging-markets investments outperformed its overall portfolio, with 25.9 per cent returns compared to 20.4 per cent net returns. The firm’s Flipkart bet—its first investment in the company, according to PitchBook—comes as the digital retail platform seeks to go public, and as more vendors and consumers shift online.