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Flipkart investor reportedly plans to sell stake to Walmart

A Flipkart investor is cashing out to Walmart.

SoftBank Group Corp. said on Wednesday that it is selling its roughly 20% stake in Indian e-commerce firm Flipkart to Walmart. While the company didn’t disclose terms of the sale, SoftBank’s investment in Flipkart was worth around $4 billion, according to Reuters.

Earlier this month, Walmart announced that it will pay $16 billion for a stake of approximately 77% in Flipkart. There has been some uncertainty over whether the Japanese tech and investment giant would remain a shareholder, the report said.

SoftBank’s Vision Fund invested $2.5 billion in Flipkart in August last year. SoftBank’s sale to Walmart marks the fund’s first public divestment. The company didn’t reveal why it was cashing out, according to Reuters.

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