Walmart has acquired the remaining holdings in Indian e-commerce giant Flipkart from hedge fund Tiger Global and venture capital firm Accel, according to media reports.
Walmart has paid US $ 1.4 billion for Tiger Global’s remaining Flipkart shares, valuing the Indian company at approximately US $ 35 billion, according to the Wall Street Journal, citing a letter the fund delivered to investors. This is a reduction from Flipkart’s near-US $ 38 billion valuation in 2021.
Walmart’s purchase of more Flipkart shares from some investors, including Tiger Global, was verified to Reuters by a Walmart representative, who declined to provide any financial information.
For almost US $ 16 billion, the American retailer made its largest investment in Flipkart in 2018. What Walmart’s shareholding was following the transaction was not immediately known.
Flipkart, which competes with Amazon and has a more urban focus, has developed into one of India’s major online marketplaces by concentrating on small towns and cities.
More recently, executives have singled out Flipkart as a key driver in meeting Walmart’s target of doubling the gross merchandise volume it sells in foreign markets to US $ 200 billion in five years.
“We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested,” Walmart said in a statement.
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