Walmart-owned Indian e-commerce agency Flipkart is in talks to increase at the very least $3 billion (roughly Rs. 21,850 crores) from buyers together with Japan’s SoftBank Group and a number of other sovereign wealth funds, Bloomberg News reported on Monday.
The startup is aiming for a valuation of about $40 billion (roughly Rs. 2,91,130 crores) and is in talks with Singapore’s GIC Pte., Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority, the report stated, citing folks accustomed to the matter.
SoftBank may make investments $300 million (roughly Rs. 2,180 crores) to $500 million (roughly Rs. 3,640 crores) of the whole by way of its Vision Fund II, in accordance to the report.
Flipkart, SoftBank, and the Abu Dhabi Investment Authority didn’t instantly reply to Reuters requests for remark.
SoftBank bought its roughly 20 % stake in the e-commerce agency to Walmart in 2018.
The Indian firm is in the early levels of exploring going public in the United States by way of a take care of a blank-check agency, sources accustomed to the matter instructed Reuters in March.
Reuters solely reported in September that Bengaluru-based Flipkart was making ready to go public abroad as early as 2021, which may worth the agency at as a lot as $50 billion (roughly Rs. 3,63,920 crores).
© Thomson Reuters 2021
