Walmart Inc. paid $1.4 billion to buy Tiger Global Management’s remaining stake in Flipkart, boosting its bet on the Indian retailer and helping the money manager provide distributions to investors at a time when accessing liquidity is tough.
The transaction, which took place in recent days, valued the Indian e-commerce giant at $35 billion, according to a letter sent by Tiger Global to investors that was obtained by Bloomberg News. That’s down from the nearly $38 billion valuation Flipkart commanded in its 2021 funding round. A spokeswoman for the investment firm declined to comment on the deal, which the Wall Street Journal reported on earlier Sunday.
Separately, venture capital firm Accel also sold its 1% stake in Flipkart to Walmart, the Economic Times reported.
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