Walmart paid $1.4 billion to buy out Tiger Global’s remaining holding of Flipkart shares as the retail giant further expands its stake in the Indian e-commerce startup.
The transaction took place in recent days and Tiger Global, which has cashed most of its Flipkart shares earlier, overall made a gain of $3.5 billion on an investment of $1.2 billion.
Flipkart is the only Indian startup in which Tiger Global has invested more than $1 billion, according to a person familiar with the matter.
The U.S. investment giant, one of the earliest investors in Flipkart, has poured over $6 billion into Indian startups altogether.
Tiger Global’s investment in Flipkart supercharged the Indian startup community and put the South Asian nation’s ecosystem on the world map