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The Wall Street Journal reported on Sunday that Walmart paid $1.4 billion (approximately Rs. 11,520 crore) to buy out hedge fund Tiger Global's interest in e-commerce business Flipkart, citing a letter from the hedge fund to its investors.
In an emailed statement to Reuters, a Walmart representative acknowledged the sale but declined to disclose on financial terms.
According to the WSJ, the sale will be about $35 billion (approximately Rs. 2,88,010 crore).
"We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested," a Walmart representative said.
Tiger Global did not react quickly to Reuters' request for comment.
The Economics Times reported earlier this year that private equity companies Accel and Tiger Global, two early investors of Flipkart, were in negotiations with Walmart to sell their remaining interest in the company.
According to the ET report, Tiger Global owned around 4% of the firm.
Walmart purchased a 77 percent ownership in Flipkart for around $16 billion (roughly Rs. 1,31,662 crore) in 2018, and later that year stated that the firm may go public in four years.
Reuters reported in April last year that Flipkart has internally boosted its IPO value objective by about a third to $60 billion (roughly Rs. 4,90,000 crore) - $70 billion (roughly Rs. 5,70,00 crore), with a US listing planned for 2023.
Earlier this year, Walmart revealed that it had already paid the Indian government the majority of the almost $1 billion (approximately Rs. 8,300 crore) in tax owed following the relocation of the headquarters of digital payments business PhonePe, which the US retailer owns through Flipkart, from Singapore to India.
