Walmart raises up to $3 billion for Flipkart at $40 billion valuation to challenge rivals: Report
Walmart-backed Flipkart is considering raising $2 billion (about Rs 16,500) to $3 billion (about Rs 25,000) at a valuation of more than $40 billion (about Rs 3.3. Mint reported on Tuesday, cites two people with direct knowledge of the matter.
The world’s largest retailer wants to attract strategic investors to the Indian company, but is also willing to sell to large purely investment firms, the report quoted one of the people as saying.
Walmart has yet to officially authorize investment bankers to seek strategic partners and major global investors for its latest fundraising plan, the report added.
Flipkart currently valued at more than $40 billion (approximately 3.3 lakh crore) and could be reduced by about 7% to raise up to $3 billion (approximately Rs 25,000), Mint report speak.
Last year, Flipkart raised $3.6 billion (about Rs 30,000) in a funding round, giving it a valuation of $37.6 billion (about Rs 3 lakh).
“We do not comment on speculation,” a Walmart spokesperson said, while Flipkart did not respond to a request for comment.
Walmart acquired about 77% stake in Flipkart for about $16 billion (about Rs. 1.3 lakh crore) in 2018 – the largest deal ever – and said later that year that it can take the company public after 4 years.
In April, Reuters reported that Indian e-commerce company Flipkart had raised its internal IPO valuation target by about a third from $60 billion (about Rs. 5 lakh crore) to 70 billion. dollars (about Rs. 6 lakh crore) and plans to list in the US in 2023 instead of this year.
© Thomson Reuters 2022
