SFTBY - Walmart pays $1.4B to increase its stake in India's Flipkart - report
2023-07-30 19:25:39 ET
- Walmart ( NYSE: WMT ) recently paid $1.4 billion to increase it stake in Indian e-commerce giant Flipkart ( FPKT ).
- Walmart ( WMT ) has in recent days purchased hedge fund Tiger Global's stake in Flipkart, according to a WSJ report on Sunday, which cited a letter the fund sent to investors.
- The purchase values Flipkart at about $35 billion, down from the $38 billion valuation it had in 2021 when it sold shares to Walmart ( WMT ), Japan's Softbank ( OTCPK:SFTBY ), and Tiger Global, according to the report.
- Walmart ( WMT ) paid $16 billion for a 77% stake in Flipkart in 2018.
- Reuters reported last April that Flipkart ( FPKT ) was said to have raised its initial public offering valuation to $60 billion to $70 billion internally.
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Walmart pays $1.4B to increase its stake in India's Flipkart - report