Strengthening its presence in India, supermarket chain, Walmart bought $1.4 billion Tiger Global stake in Flipkart.
Walmart has bought stake in one of India's most popular e-commerce firm, Flipkart. The company has paid $1.4 billion to buy out hedge fund TIger Global's investment in e-commerce firm, reported Wall Street Journal on Sunday.
After the transaction, the value of Flipkart rose $35 billion from nearly $38 billion. Walmart, Flipkart and Tiger Global did not immediately respond to Reuters' request for comment.
Earlier this year the Economics Times reported that private equity firms Accel and Tiger Global, two early backers of Flipkart, were in talks to sell their remaining stake in the company to Walmart. Tiger Global held about 4% of the company, according to the ET report.
Walmart acquired a majority stake of 77% in Flipkart for about $16 billion in 2018, and later that year said it could take the company public in four years.
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