Private equity firms Accel India and Tiger Global are planning to sell their stake in Flipkart to its parent company Walmart for about $1.5 billion, according to an The Economic Times report on Thursday.
Accel and Tiger Global, which were among the first to invest in Flipkart, own 1 and 4 per cent stake respectively in the company.
ET quoted sources as saying that it was a significant moment for the two companies, “having taken an (early) bet on the company and now leading to another cash exit".
Walmart which holds a majority stake in Flipkart since 2018 when it bought shares for about $16 billion, would increase its shareholding in the company now.
The US-based company had announced plans to take Flipkart public and around April 2022, it was reported that the valuation was being set at around $60 billion-$70 billion to be listed in the US in 2023.
Flipkart India, the business to business arm of the e-commerce company, had in November 2022 reported a revenue jump of 34.5% to Rs 50,992 crore up from Rs 42,941 crore a year back.
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(Edited by : Pradeep John)
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