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 increase its product vary in India and problem rivals, the Mint reported on Tuesday, citing two folks with direct information of the matter.

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

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

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

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 stated, whereas Flipkart didn’t reply to a request for remark.

Walmart acquired a roughly 77 p.c stake in Flipkart for about $16 billion (roughly Rs. 1.3 lakh crore) in 2018 – its largest deal ever – and stated 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.

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