NEW YORK: Walmart on July 30, paid $1.4 billion to buy out Tiger Global’s remaining holding of Flipkart shares as the retail giant further expands its stake in the Indian e-commerce startup.
The transaction took place in recent days and Tiger Global, which has cashed most of its Flipkart shares earlier, overall made a gain of $3.5 billion on an investment of $1.2 billion, the New York-headquartered hedge fund told investors, according to a person familiar with the matter.
Flipkart is the only Indian startup in which Tiger Global had invested more than $1 billion, according to a person familiar with the matter. The US investment giant has poured over $6 billion on Indian startups altogether.
The secondary Flipkart shares sale valued the Bengaluru-headquartered at $35 billion. Flipkart was valued at $37.6 billion in a funding round in 2021, but has since internally cut its worth by about $5 billion
