Leidi.com Rakuten July 31
According to foreign media reports, Wal-Mart recently spent $1.4 billion to buy the remaining shares of Tiger Global Management in Flipkart, an Indian e-commerce company, increasing its bet on Flipkart.
The deal values Flipkart at $35 billion, which is less than Flipkart's valuation of nearly $38 billion in its 2021 funding round.
The sale gives Tiger Global the opportunity to successfully exit its long-term investment in the Indian startup. Tiger Global invested $8.6 million in Series B funding for Flipkart in 2009 at a valuation of $42 million, and raised an additional $1.2 billion between 2010 and 2015, the letter said.
In 2017, Tiger Global sold some of its stake in Flipkart to SoftBank, and a year later it sold more to Walmart.
In the letter, Tiger Global said its investment in Flipkart brought in a total of $3.5 billion. "We appreciate the partnership with the Flipkart team and the opportunity to invest in the company at an early stage of its development," Tiger Global said in the letter.
Walmart, which first paid $16 billion for a majority stake in Flipkart in 2018, has been accelerating its push into India's growing consumer market.
Venture capital firm Accel also sold its 1 percent stake in Flipkart to Walmart.
Buying stakes from Tiger Global and Accel means Walmart will own about 77% of Flipkart, up from 72% previously. "We remain confident in Flipkart's future and are more optimistic about the opportunity in India today than when we first invested," Walmart said.
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