Walmart invests $3.5 billion in Flipkart, ups stake to 80.5%

NEW DELHI: Walmart has spent $3.5 billion this year to increase its stake in Indian business Flipkart to 80.5%, underlining the aggressive bets the United States-based retailer is making in the country, which it counts as one of its key markets.

In July, some of Flipkart’s early investors including Tiger Global, Accel and co-founder Binny Bansal fully exited the company by selling their stakes to Walmart. While Tiger Global held about 4.1%, Accel and Binny Bansal held about 1.1% and 1.8% stake in Flipkart at the time of the transaction, data sourced from market research firm Tracxn showed.

Some portions of the amount were also used to settle liabilities with certain PhonePe shareholders, Walmart said in its filing made with the US Securities and Exchange Commission.