Retail giant Walmart has further expanded its stake in the Indian e‑commerce startup Flipkart by paying $1.4 billion to acquire Tiger Global’s remaining holding of Flipkart shares.
Tiger Global made a return of $3.5 billion on its initial investment of $1.2 billion after cashing most of its Flipkart shares earlier, Reuters reported citing a source familiar with the matter. This secondary Flipkart shares sale valued the Bengaluru-based company at $35 billion, down from $37.6 billion following the split of payments startup PhonePe.
Earlier to this, Walmart had purchased a 77% stake in Flipkart for $16 billion in 2018 and currently holds a 72% share in the firm. Flipkart has been exploring funding options, and it is likely to seek further financing from Walmart for its next round.