Walmart has completed the acquisition of Tiger Global’s remaining shares in Indian e-commerce major, Flipkart, for $1.4 billion. This move further solidifies Walmart’s control over Flipkart and boosts its stake in the company. With this transaction, Flipkart’s valuation is estimated to be around $35 billion.
Tiger Global’s investment of $1.2 billion in Flipkart has resulted in an overall gain of $3.5 billion. Previously, in a funding round in 2021, Flipkart was valued at $37.6 billion. As of now, Walmart holds a 72 percent share in Flipkart.
To celebrate its separation from fintech firm PhonePe, Flipkart has initiated a “one-time discretionary” cash payment of $700 million to its employees. In a recent email to the employees, Flipkart Group CEO Kalyan Krishnamurthy expressed excitement for the future and urged continued dedication to achieving new heights together.
Flipkart, founded in 2007, is a leading digital commerce entity in India, comprising various group companies such as Flipkart Wholesale, Flipkart Health+, Myntra, and Cleartrip. The platform has played a significant role in India’s digital commerce revolution, serving millions of consumers, sellers, merchants, and small businesses. It boasts a registered customer base of over 400 million and offers an extensive range of products across 80 categories.