Walmart has paid $1.4bn to acquire Tiger Global Management’s remaining stake in Flipkart, in a deal that values the Indian e-commerce giant at $35bn, according to a report by Bloomberg, citing a letter sent by Tiger Global to investors.

Walmart has paid $1.4bn to acquire Tiger Global Management’s remaining stake in Flipkart, in a deal that values the Indian e-commerce giant at $35bn, according to a report by Bloomberg, citing a letter sent by Tiger Global to investors.

The valuation is down from the nearly $38bn Flipkart commanded in its 2021 funding round. 

Separately, venture capital firm Accel also reportedly sold its 1% stake in Flipkart to Walmart.

The deal has allowed Tiger Global to exit its long-time investment in the Indian startup, having initially invested $8.6m in Flipkart’s Series B round in 2009 at a valuation of $42 million, before subsequently adding $1.bn between 2010 and 2015, according to the letter. 

Tiger Global made the investments through its venture Private Investment Partners funds, hedge fund, and long-only vehicle.