Home Apps & Software Walmart to Raise Up to $3 Billion for Flipkart to Challenge Rivals: Report

Walmart to Raise Up to $3 Billion for Flipkart to Challenge Rivals: Report

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Walmart to Raise Up to $3 Billion for Flipkart to Challenge Rivals: Report

Walmart-backed Flipkart is contemplating elevating $2 billion (roughly Rs. 16,500 crore) to $3 billion (roughly Rs. 25,000 crore) at a valuation of greater than $40 billion (roughly Rs. 3.3 lakh crore) to broaden its product vary in India and problem rivals, the Mint reported on Tuesday, citing two individuals with direct information of the matter.

The world’s greatest retailer is eager to herald strategic traders for the Indian firm, however can be open to promoting to massive pure-play funding companies, the report mentioned, citing one of many two individuals.

Walmart is but to formally mandate funding bankers to search for strategic companions and enormous international traders for the newest fundraising plan, the report added.

Flipkart is presently valued at over $40 billion (roughly Rs. 3.3 lakh crore) and will dilute round 7 % for elevating as a lot as $3 billion (roughly Rs. 25,000 crore), the Mint report mentioned.

Last 12 months, Flipkart raised $3.6 billion  (roughly Rs. 30,000 crore) in a funding spherical, giving it a valuation of $37.6 billion (roughly Rs. 3 lakh crore).

“We do not comment on speculation,” a Walmart spokesperson mentioned, whereas Flipkart didn’t reply to a request for remark.

Walmart acquired a roughly 77 % stake in Flipkart for about $16 billion (roughly Rs. 1.3 lakh crore) in 2018 – its greatest deal ever – and mentioned later that 12 months that it might take the corporate public in 4 years.

In April, Reuters reported that Indian e-commerce firm Flipkart has internally raised its IPO valuation goal by round a 3rd to $60 billion (roughly Rs. 5 lakh crore) to $70 billion (roughly Rs. 6 lakh crore) and plans a US itemizing in 2023 as an alternative of this 12 months.

© Thomson Reuters 2022


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