US retail giant Walmart has completed the acquisition of hedge fund Tiger Global’s investment in e-commerce firm Flipkart, reported the Wall Street Journal.
According to the letter sent by the hedge fund to its investors, Walmart paid $1.4 billion to secure the deal.
The transaction has now valued Flipkart at $35 billion, signifying its strong position in the e-commerce market.
Although a Walmart spokesperson confirmed the buyout, no financial details of the agreement were disclosed.
“We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested,” stated the Walmart spokesperson, highlighting the company’s belief in Flipkart’s potential.
Walmart’s majority acquisition of 77 per cent in Flipkart took place in 2018 for approximately $16 billion. Tiger Global, holding about 4 per cent of the company, is among the early backers of Flipkart.
