Walmart Acquires Tiger Global’s Stake in Flipkart for $1.4 Billion, Valuing Company at $35 Billion

• ByStartupStory     |    July 31, 2023

Walmart has acquired Tiger Global’s stake in Flipkart, the homegrown e-commerce giant, for $1.4 billion, valuing the company at $35 billion. The transaction marks a decline from the previous valuation of $38 billion when SoftBank, Walmart, and other investors bought stakes in 2021.

Tiger Global and Flipkart share a long history, with Tiger having invested nearly $1.2 billion in the company between 2010 and 2015, resulting in gains of $3.5 billion. Flipkart’s current CEO, Kalyan Krishnamurthy, was previously a Managing Director at Tiger Global.

In 2018, Walmart acquired a majority stake of 77% in Flipkart for approximately $16 billion. At the time, Walmart expressed the possibility of taking Flipkart public within four years. Walmart’s Chief Financial Officer, John David Rainey, recently highlighted Flipkart’s potential to become a $100 billion enterprise due to its robust growth. He emphasised that Flipkart’s strong performance, along with the success of the PhonePe payments business, are crucial factors in Walmart’s goal of doubling its gross merchandise volume (GMV) in foreign markets to $200 billion within the next five years.

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