Reuters | | Posted by Ritu Maria Johny
Non-public fairness companies Accel and Tiger International, two early backers of Indian e-commerce agency Flipkart, are in talks to promote their remaining stake within the firm to dad or mum Walmart Inc for about $1.5 billion, the Financial Occasions reported on Thursday.
The stake, which collectively quantities to about 5%, would increase Walmart’s possession within the e-commerce large, the newspaper reported citing individuals aware of the matter.
“They (Accel and Tiger) wish to promote and exit now absolutely. The discussions are shifting forward and the transaction will shut in due time,” an individual aware of the matter advised ET.
Accel owns somewhat over 1% of Flipkart, whereas Tiger International holds about 4% of the corporate, the report stated.
Flipkart, Walmart and Tiger International didn’t instantly reply to Reuters’ requests for remark. Accel couldn’t be instantly reached for a remark.
Walmart acquired a majority stake in Flipkart for about $16 billion in 2018 – its greatest deal ever – and later that 12 months stated it might take the corporate public in 4 years.
In April final 12 months, Reuters reported that Flipkart had internally raised its IPO valuation goal by round a 3rd to $60 billion-$70 billion, and plans a U.S. itemizing in 2023.