Walmart, a multinational retail corporation, announced it has invested $560 million in Flipkart as part of its $1.2 billion round announced in July, according to the regulatory filings made in Singapore show. The news was first reported by Entrackr.
According to the filings, Walmart had been allotted 39,57,960 equity shares in Flipkart’s Singapore unit at $141.6 per share. The publication added that the Qatar Investment Authority’s subsidiary INQ Holdings also invested $8.14 million as part of the round. Recently, Flipkart raised $62.8 million from Tencent.
Walmart had announced it was leading a $1.2 billion investment in Flipkart at a valuation of $24.9 billion, adding that the investment would be made in two tranches over the remainder of the fiscal year.
“We want to make sure that we’re on our front foot being aggressive. So, we’re not really getting hung-up on the valuation in the short-term,” Walmart’s CEO Doug McMillon said in August. “Over time, I think everybody will understand just how valuable the business in India is, whether it’s the Flipkart portion or the PhonePe.”
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