Flipkart ( India’s Largest E-commerce company ) board has approved to sell 75% of the stack to Walmart in a $15 billion deal as per reported by Bloomberg, citing unnamed sources.
With this deal, Flipkart will be valued at $20 billion, which is quite higher than the company valuation at $12 year.
Bloomberg also reported that Major shareholder, Softbank will sell it’s 20% stack in the company. It will be $4 billion exit to Softbank in Flipkart as the company invested $2.5 billion through it’s vision fund.
Google parent company alphabet can take part in the deal along with Walmart. A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn’t certain, Bloomberg reported.
Earlier, it is reported that Sachin Bansal, Founder & Executive chairman of Flipkart may exit the company after Walmart deal. The exit of the founders cannot be decided until the deal is completely done but Walmart had said that it wants both Sachin and CEO Kalyan Krishnamurthy who have been actively running the day-to-day operations.