Walmart buys Tiger Global's remaining Flipkart stake for $1.4 billion
Retail giant Walmart has reportedly paid $1.4 billion to acquire VC form Tiger Global's remaining shares in the e-commerce major.
Retail giant Walmart has reportedly paid $1.4 billion to acquire VC form Tiger Global's remaining shares in the e-commerce major.
According to a report in Wall Street Journal, Walmart has paid the money to boost Flipkart's stake.
“Purchase of shares from Tiger Global values the Indian e-commerce company at about $35 billion,” the report said late on Sunday.
Walmart purchased Tiger Global's remaining holding in Flipkart to further cement its control of the Indian e-commerce giant.
Tiger Global made an overall gain of $3.5 billion on an investment of $1.2 billion, reports mentioned.
Flipkart was earlier valued at $37.6 billion in a 2021 funding round.
Walmart had 72 per cent share in Flipkart as reported last.
Tiger Global held a 4 per cent stake in the e-commerce leader.
Last month, Flipkart began 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.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
09:52 AM IST