Retail big Walmart has paid round $3.5 billion to purchase shares in e-commerce main Flipkart from non-controlling stakeholders, together with co-founder Binny Bansal and high funding companies Tiger Global and Accel, amongst others.
In a Securities and Exchange Commission (SEC) submitting within the US, the corporate stated that throughout the six months ended July 31, 2023, “the corporate paid $3.5 billion to purchase shares from sure Flipkart non-controlling curiosity holders and settle the legal responsibility to former non-controlling curiosity holders of PhonePe”.
Additionally, throughout the six months ended July 31, the corporate obtained $0.7 billion associated to new rounds of fairness funding for the corporate’s majority-owned PhonePe subsidiary.
Bansal reportedly obtained about $1-$1.5 billion from his shareholding in Flipkart.
Binny, together with Sachin Bansal, exited Flipkart after promoting it to Walmart in 2018 for round $16 billion.
Last 12 months, Binny Bansal bought his stake value $264 million (greater than Rs 2,000 crore) within the homegrown e-commerce platform to Chinese Internet big Tencent.
In July, retail big Walmart paid $1.4 billion to purchase VC type Tiger Global’s remaining shares in Flipkart. According to a report in Wall Street Journal, Walmart paid the cash to increase Flipkart’s stake.
Walmart bought Tiger Global’s remaining holding in Flipkart to additional cement its management of the Indian e-commerce big.
Tiger Global made an general acquire of $3.5 billion on an funding of $1.2 billion.
Flipkart was earlier valued at $37.6 billion in a 2021 funding spherical. Walmart had 72 per cent share in Flipkart as final reported.
(With inputs from IANS)