(Reuters) -Walmart has paid $1.4 billion to buy out hedge fund Tiger Global’s investment in its Indian e-commerce firm Flipkart and acquired private equity firm Accel’s remaining 1% stake in the company as well, media reports said on Monday.
The Wall Street Journal said Walmart bought the shares from Tiger Global recently, valuing the Indian company at about $35 billion. This is down from a near-$38 billion valuation which Flipkart had attained in 2021.
The U.S. retailer bought a 77% stake in Flipkart for about $16 billion in 2018.
Accel’s stake sale in Flipkart was reported by the Economic Times newspaper. The report did not say how much Walmart paid for the stake.
A Walmart spokesperson told Reuters on Monday that the company bought additional shares of Flipkart from some investors, including Tiger Global, but did not share any other details.
Accel and Tiger Global did not immediately respond to Reuters’ request for comment.
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(Reporting by Yana Gaur and Urvi Dagar in Bengaluru; Additional reporting by Bharat Govind Gautam and Rishabh Jaiswal; Editing by Kim Coghill, Chris Reese and Nivedita Bhattacharjee)