Walmart has paid $1.4 billion to purchase out hedge fund Tiger Global’s funding in e-commerce agency Flipkart, the Wall Street Journal reported on July 30, citing a letter by the hedge fund to its buyers.
| Photo Credit: The Hindu
Walmart has paid $1.4 billion to purchase out hedge fund Tiger Global’s funding in e-commerce agency Flipkart, the Wall Street Journal reported on July 30, citing a letter by the hedge fund to its buyers.
The transaction brings the worth of the e-commerce agency to $35 billion from almost $38 billion after it bought its shares to Japan’s SoftBank, U.S. retailer Walmart and different buyers in 2021, the report mentioned.
Walmart, Flipkart and Tiger Global didn’t instantly reply to Reuters‘ request for remark.
Earlier this 12 months the Economics Times reported that non-public fairness companies Accel and Tiger Global, two early backers of Flipkart, had been in talks to promote their remaining stake in the corporate to Walmart.
Tiger Global held about 4% of the corporate, in keeping with the ET report.
Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that 12 months mentioned it might take the corporate public in 4 years.
