Flipkart, the Indian e-commerce giant controlled by Walmart Inc., is in talks to raise at least $3 billion from investors including SoftBank Group Corp. and several sovereign wealth funds, according to people familiar with the matter. Flipkart plans to raise the additional capital ahead of an initial public offering, now planned for next year, the people said. The Japanese company agreed to sell its stake in Flipkart to Walmart in 2018, reaping a profit of about $1.5 billion in the span of a year. Today, Flipkart includes the fashion retailer Myntra and Flipkart Wholesale, its digital marketplace targeted at small and medium businesses. Since the beginning of the pandemic, Flipkart and its peers have expanded further into smaller Indian cities.

Source: Mint June 07, 2021 08:26 UTC