Walmart Buys Tiger Global’s Remaining Flipkart Stake For $1.4 Billion: Report – News18

Retail large Walmart has reportedly paid $1.4 billion to accumulate VC kind Tiger Global’s remaining shares within the e-commerce main.

According to a report in Wall Street Journal, Walmart has paid the cash to spice up Flipkart’s stake.

“Purchase of shares from Tiger Global values the Indian e-commerce company at about $35 billion,” the report mentioned late on Sunday.

Walmart bought Tiger Global’s remaining holding in Flipkart to additional cement its management of the Indian e-commerce large.

Tiger Global made an total achieve of $3.5 billion on an funding of $1.2 billion, studies talked about.

Flipkart was earlier valued at $37.6 billion in a 2021 funding spherical.

Walmart had 72 per cent share in Flipkart as reported final.

Tiger Global held a 4 per cent stake within the e-commerce chief.

Last month, Flipkart started a “one-time discretionary” cash payment of $700 million to employees following its separation from fintech firm PhonePe.

In an email to employees, Flipkart Group chief executive Kalyan Krishnamurthy said, “We have exciting times ahead, and as we continue to grow across businesses, I look forward to your continued dedication and determination to bring about the future that we envision and scale new heights together.”

The PhonePe Group was acquired by the Flipkart Group in 2016.

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+ and Cleartrip.

Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India’s digital commerce revolution, with a registered customer base of more than 400 million, offering over 150 million products across over 80 categories.

(This story has been edited by News18 staff and is published from a syndicated news agency feed – IANS)