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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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.
To read more, click here.