Personal fairness companies Accel and Tiger World, two early backers of Indian e-commerce agency Flipkart, are in talks to promote their remaining stake within the firm to guardian Walmart Inc for about $1.5 billion, the Financial Occasions reported on Thursday.
The stake, which collectively quantities to about 5%, would elevate Walmart’s possession within the e-commerce big from the present 72%, the newspaper reported citing individuals conversant in the matter.
“They (Accel and Tiger) need to promote and exit now totally. The discussions are shifting forward and the transaction will shut in due time,” an individual conversant in the matter informed ET.
Accel owns somewhat over 1% of Flipkart, whereas Tiger World holds about 4% of the corporate, the report stated.
Flipkart, Walmart and Tiger World didn’t instantly reply to Reuters’ requests for remark. Accel couldn’t be instantly reached for a remark.
(Apart from the headline, this story has not been edited by String Reveals workers and is revealed from a syndicated feed.)
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