Monday, July 31, 2023

Walmart pays $1.4 billion for the acquisition.Tiger Global owns a stake in Flipkart


BENGALURU: According to a letter sent by the hedge fund to its investors, the Wall Street Journal reported on Sunday that Walmart paid $1.4 billion to buy out Tiger Global's investment in e-commerce company Flipkart.

The exchange brings the worth of the online business firm to $35 billion from almost $38 billion after it offered its portions to Japan's SoftBank, US retailer Walmart and different financial backers in 2021, the report said.

Reuters inquired for information, but Walmart, Flipkart, and Tiger Global did not immediately respond.

Recently the Financial aspects Times announced that private value firms Accel and Tiger Worldwide, two early sponsor of Flipkart, were in converses with offer their excess stake in the organization to Walmart.

According to the ET report, Tiger Global owned approximately 4% of the company.

In 2018, Walmart paid approximately $16 billion to acquire a majority stake of 77% in Flipkart. Later that year, the company stated that it could go public in four years.

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