Flipkart in Talks to Increase $3 Billion From SoftBank, Others: Report

Walmart-owned Indian e-commerce agency Flipkart is in talks to boost at the very least $3 billion (roughly Rs. 21,850 crores) from traders together with Japan’s SoftBank Group and a number of other sovereign wealth funds, Bloomberg Information reported on Monday.

The startup is aiming for a valuation of about $40 billion (roughly Rs. 2,91,130 crores) and is in talks with Singapore’s GIC Pte., Canada Pension Plan Funding Board, and the Abu Dhabi Funding Authority, the report said, citing folks conversant in the matter.

SoftBank may make investments $300 million (roughly Rs. 2,180 crores) to $500 million (roughly Rs. 3,640 crores) of the full by means of its Imaginative and prescient Fund II, in line with the report.

Flipkart, SoftBank, and the Abu Dhabi Funding Authority didn’t instantly reply to Reuters requests for remark.

SoftBank bought its roughly 20 p.c stake within the e-commerce agency to Walmart in 2018.

The Indian firm is within the early phases of exploring going public in the USA by means of a take care of a blank-check agency, sources conversant in the matter informed Reuters in March.

Reuters solely reported in September that Bengaluru-based Flipkart was making ready to go public abroad as early as 2021, which may worth the agency at as a lot as $50 billion (roughly Rs. 3,63,920 crores).

© Thomson Reuters 2021

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What’s up, I'm Pawan. A Blogger, trader, and a Affiliate marketer. I love to write on technology.

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