Tiger Global, Naspers, Accel Partners, IDG Ventures and a few other investors are likely to sell their stakes to Walmart in the transaction. The US retail conglomerate is tipped to spend at least $14.6 billion, and as much as $16 billion, in the cash-and-stock buyout of the Indian e-commerce company.
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The deal, which will see the United States retail giant buy around 73 per cent of the Indian e-commerce company, was finally sealed on Thursday following months of negotiations.
Apart from these investors, several pension funds exited Flipkart through the buyback at $169.31 per share.
In December previous year, Flipkart Ltd, the Singaporebased parent entity of the Indian e-commerce giant, had bought back shares worth close to $800 million from investors including Tiger Global, Accel Partners, and DST Global.
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The TOI report citing sources said Walmart is keen on retaining only one of the two founders. Walmart may end up spending anywhere between $8 billion and $12 billion to buy a majority stake in Flipkart, and is expected to increase its shareholding in the online retailer in a phased manner.
Some of Flipkart's main investors - U.S. hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to retain small stakes, the report said.
If the deal with Walmart goes through, it would provide Flipkart with more arsenal to go up against Amazon in the Indian market.
The world's largest online retailer has been pouring billions of dollars into India to ship goods to shoppers faster, contributing to growing losses internationally. It is expected that the offer is a ploy to block Walmart from bringing its expertise in logistics and supply chain management to Flipkart.
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Walmart would maintain a focus on the grocery market, said the sources, suggesting that nearly 50% of Walmart's initial investment would be funneled into building a food and grocery supply chain.