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Softbank to invest $700mn in Flipkart
June 04, 2021
SoftBank Group Corp. is in talks with Flipkart to put $700 million in the internet retailer, three years after it offered its whole stake in the organization to Walmart Inc., two individuals aware of the development said.
The proposed interest in Flipkart from SoftBank’s Vision Fund 2 is important for a $1.2-1.5 billion financing round, individuals said on state of secrecy. The transaction is expected upon to value Flipkart at $28 billion, one individual said, adding that the deal is required to shut in 3-4 months.
The transaction, the subsequent individual said, could value Flipkart at as much as $30 billion, contingent upon the last deal of investors. Prosus Ventures, the investment arm of South African aggregate Naspers, and other existing investors could raise their stakes, individuals said.
The transaction will go before a proposed posting of the Indian online business giant, scheduled to be in the following 12-18 months, the first person said.
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