Flipkart received $3.6 billion (about Rs. 30,000 crore) in a fundraising deal in 2021, giving it a $37.6 billion value (roughly Rs. 3 lakh crore).
Walmart-backed The Mint reported on Tuesday that Flipkart is contemplating financing $2 billion (approximately Rs. 16,500 crore) to $3 billion (about Rs. 25,000 crore) at a value of more than $40 billion (roughly Rs. 3.3 lakh crore) to expand its product selection in India and battle competitors.
According to the story, which cited one of the two sources, the world’s largest retailer is eager to attract strategic investors for the Indian business, but it is also willing to sell to significant pure-play investment groups.
According to the article, Walmart has yet to officially instruct investment bankers to seek strategic partners and significant global investors for its new fundraising strategy.
Flipkart is presently valued at more than $40 billion (approximately Rs. 3.3 lakh crore) and may dilute about 7% in order to raise up to $3 billion (nearly Rs. 25,000 crore), according to the Mint. report said.
Flipkart received $3.6 billion (approximately Rs. 30,000 crore) in a fundraising round last year, giving it a $37.6 billion value (roughly Rs. 3 lakh crore).
“We do not comment on rumors,” said a Walmart spokeswoman, while Flipkart did not reply to a request for comment.
Walmart paid around $16 billion (nearly Rs. 1.3 lakh crore) for a roughly 77 percent ownership in Flipkart in 2018, its largest purchase ever, and suggested later that year that it may take the firm public in four years.
According to Reuters, Indian e-commerce firm Flipkart has internally boosted its IPO value aim by approximately a third to $60 billion (nearly Rs. 5 lakh crore) to $70 billion (roughly Rs. 6 lakh crore) and wants to list in the United States in 2023 rather than this year.
© Thomson Reuters 2022
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