Walmart spends $1.4 billion to increase its stake in India's Flipkart: report

By Mike Murphy

Walmart Inc. spent $1.4 billion in recent days to increase its stake in privately-held Indian e-commerce company Flipkart, the Wall Street Journal reported Sunday.

Walmart (WMT) has bought out Tiger Global's stake in Flipkart, according to the Journal, citing a letter from the New York hedge fund to its investors. The transaction reportedly valued Flipkart at about $35 billion, down a bit from its $38 billion valuation in 2021.

Flipkart is one of India's biggest e-commerce companies, and in 2018 Walmart bought a 77% stake in it for $16 billion.

Flipkart has reportedly been pondering a U.S. IPO for years, and Reuters reported in April 2022 that the company had raised its IPO valuation target to $60 billion to $70 billion, with an eye toward a 2023 offering -- which so far has not come to fruition.

-Mike Murphy

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

07-30-23 2100ET

Copyright (c) 2023 Dow Jones & Company, Inc.