Walmart Pays $1.4B for Tiger Global’s Stake in Flipkart
Walmart paid $1.4 billion to buy out hedge fund Tiger Global Management’s remaining stake in Flipkart, in a deal that values the Indian e-commerce giant at $35 billion, according to a report by the Wall Street Journal, citing a letter sent by Tiger Global to investors.
The valuation is down from nearly $38 billion at the time Flipkart sold stakes to SoftBank, Walmart and other investors in 2021.
Between 2010 and 2015, Tiger invested nearly $1.2 billion in Flipkart, and has gained $3.5 billion in gains, as per the investor letter.
Separately, venture capital firm Accel also reportedly sold its 1% stake to Walmart.
The deal has allowed Tiger Global to exit its investment in the Indian startup, having initially invested $8.6 million in Flipkart’s Series B funding round in 2009 at a valuation of $42 million, before adding $1.2 billion between 2010 and 2015, according to the letter.
The acquisition means Walmart will hold about 77% of Flipkart, which it bought for roughly $16 billion in 2018, up from 72%.
Tiger Global made the investments through its venture Private Investment Partners funds, hedge fund, and long-only vehicle.