US retailer Walmart pays $3.5 billion to increase stake in Flipkart

Parent Walmart paid $3.5 billion to acquire shares in Flipkart from non-controlling stakeholders, including co-founder Binny Bansal, and settle some liabilities with some PhonePe shareholders, the US retailer said in a Securities and Exchange Commission (SEC) filing.

As reported in July, Tiger Global, Flipkart co-founder Binny Bansal, and Accel had all fully exited the e-commerce firm by selling their stake to Walmart. The move by Walmart is part of its strategy to prepare Flipkart for an initial public offering (IPO), according to the sources.