Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Accel, Tiger Global Mulling To Exit E-commerce Firm Flipkart: Report
Accel owns a little over 1 per cent of Flipkart, while Tiger Global holds about 4 per cent of the company
Topics
Flipkart | Tiger Global | Walmart
Private equity firms Accel and Tiger Global are in talks to sell their remaining stake in ecommerce company Flipkart to its parent Walmart Inc for about $1.5 billion, The Economic Times reported on Thursday. These two were among the two early backers of the company.
Accel owns a little over 1 per cent of Flipkart, while Tiger Global holds about 4 per cent of the company. The stake would raise Walmart's ownership in the e-commerce giant, ET reported, citing people familiar with the matter.
"They (Accel and Tiger) want to sell and exit now fully. The discussions are moving ahead and the transaction will close in due time," a person familiar with the matter told the publication.
"It is a significant moment for both Accel and Tiger Global having taken an (early) bet on the company and now leading to another cash exit," they added.
Walmart acquired a majority stake in Flipkart for about $16 billion in 2018 - its biggest deal ever - and later that year said it could take the company public in four years.
In April 2022, Reuters had reported that Flipkart had internally raised its IPO valuation target by around a third to $60 billion-$70 billion, and was planning a US listing in 2023.
At the time of the Walmart acquisition of Flipkart in 2018, Tiger Global had earned about $2 billion (current dollar-rate) from its partial stake sale.
Flipkart group CEO Kalyan Krishnamurthy was also a former executive Tiger Global and was involved in the Flipkart investment along with Fixel. He joined the e-commerce firm as the chief financial officer (CFO).
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Thu, January 26 2023. 10:57 IST
RECENT NEWS
The Elusive Nature Of Fraud Detection: Exploring The Auditor's Dilemma
In the intricate world of financial reporting, auditors serve as guardians of integrity, tasked with uncovering discrepa... Read more
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more