Accel, Tiger Global looking to sell stake in Flipkart for $1.5B: Report
Tiger Global, which owns about 4% of the stake in the company, and Accel, holding over 1%, are looking to sell their stake to Walmart.
Tiger Global and, two early backers of ecommerce firm , are in talks to sell their remaining stake in the company to Inc for approximately $1.5 billion,
If the talks go through, Walmart’s stake would increase in Flipkart by about 5%, according to a report in the Economic Times quoting a source. In 2018, Walmart acquired the majority stake in the firm for about $16 billion, and later, said it could take the firm public in four years.
As per reports, Tiger Global owns about 4% of the company while Accel holds over 1%.
YourStory has not been able to independently verify this report.
As per the report, the private equity firms are looking to fully exit the firm. With discussions underway; the transaction is expected to close in due course, it added.
Flipkart raised $3.6 billion at a $37.6 billion valuation from SoftBank, Tiger Global, Walmart, and others to make deeper investments in its supply chain, technology, and infrastructure to meet the growing demand for digital commerce in India, in 2021.
Edited by Kanishk Singh