Walmart Buys Out Tiger World’s Stake in Flipkart for $1.4 Billion: Report

Walmart Buys Out Tiger World’s Stake in Flipkart for $1.4 Billion: Report

Walmart has paid $1.4 billion (roughly Rs. 11,520 crore) to purchase out hedge fund Tiger World’s funding in e-commerce agency Flipkart, the Wall Road Journal reported on Sunday, citing a letter by the hedge-fund to its traders.

A Walmart spokesperson confirmed the transaction in an emailed response to Reuters however didn’t touch upon monetary particulars of the deal.

The transaction will worth the e-commerce agency at $35 billion (roughly Rs. 2,88,010 crore), the WSJ report stated.

“We stay assured in the way forward for Flipkart and are much more optimistic in regards to the alternative in India as we speak than once we first invested,” the Walmart spokesperson stated.

Tiger World didn’t instantly reply to Reuters’ request for remark.

Earlier this yr, the Economics Occasions reported that non-public fairness corporations Accel and Tiger World, two early backers of Flipkart, had been in talks to promote their remaining stake within the firm to Walmart.

Tiger World held about 4 % of the corporate, in accordance with the ET report.

Walmart acquired a majority stake of 77 % in Flipkart for about $16 billion (roughly Rs. 1,31,662 crore) in 2018, and later that yr stated it might take the corporate public in 4 years.

In April final yr, Reuters reported that Flipkart had internally raised its IPO valuation goal by round a 3rd to $60 billion (roughly Rs. 4,90,000 crore) – $70 billion (roughly Rs. 5,70,00 crore), and plans a US itemizing in 2023.

Earlier this yr, Walmart confirmed that it had already paid the Indian authorities a lot of the almost $1 billion (roughly Rs. 8,300 crore) in tax owed after digital funds firm PhonePe, which the US retailer owns by way of Flipkart, shifted its headquarters from Singapore to India.

© Thomson Reuters 2023

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