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Flipkart funding: Flipkart is said in talks to raise $3 billion from SoftBank, others

Bengaluru: Walmart Inc.-owned Indian e-commerce firm Flipkart is in talks to raise at least $3 billion from investors including Japan’s SoftBank Group Corp. and several sovereign wealth funds, Bloomberg News
reported.

The Economic Times
was the first to report on a likely Flipkart funding on June 4.

The startup is aiming for a valuation of about $40 billion and is in talks with Singapore’s GIC Pte. Ltd, Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority (ADIA), the report said, citing people familiar with the matter. SoftBank could invest $300-500 million of the total through its Vision Fund II, according to the report.

Flipkart, SoftBank and ADIA did not immediately respond to Reuters requests for comment.

SoftBank
sold its roughly 20% stake in the e-commerce firm to Walmart in 2018.

Flipkart is in the early stages of exploring a US listing by way of a SPAC, or special purpose acquisition company, sources familiar with the matter told Reuters in March.

Reuters exclusively reported in September that Bengaluru-based Flipkart was preparing to go public overseas as early as 2021, which could value the firm at as much as $50 billion.

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