UAE’s ADQ to invest $500 million in Flipkart

Abu Dhabi sovereign fund ADQ is in talks to invest about $500 million in India’s Flipkart, according to people familiar with the matter, as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year.

The oil-rich emirate’s newest state investment company is discussing an injection of funds that would value Flipkart between $35 billion and $40 billion, the people said, asking not to be identified as the information is private. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, they said.

Flipkart is seeking to raise at least $3 billion and could decide to increase the amount to as much as $3.75 billion, as investors have shown significant interest, the people said.