Walmart Inc-owned Indian e-commerce firm Flipkart is in discussion to raise $3 billion from investors including Japan’s SoftBank Group Corp and a few sovereign wealth funds, informed sources said Monday.
The startup is focusing on a valuation of about $40 billion and is in discussion with Singapore’s GIC Pte., Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority, the report said, referring to individuals acquainted with the matter.
SoftBank could contribute $300 million to $500 million of the total from its Vision Asset II, as indicated by the report.
Flipkart, SoftBank and the Abu Dhabi Investment Authority didn’t promptly react to demands for input.
SoftBank sold its 20% stake in the online business firm to Walmart in 2018.
The Indian firm is in the early phases of going public in the US through an arrangement with a SPAC, sources acquainted with the matter said.
It was reported in September that the Bengaluru-based Flipkart was planning to go public in 2021, which could value the firm at as much as $50 billion.
