Accel and Tiger Global are in discussions over the sale of their remaining stake in Indian e-commerce firm Flipkart to US retail giant and majority shareholder Walmart, in a deal valued at around $1.5 billion, according to a report by the Economic Times.
Both companies were early backers of Flipkart with Accel now holding a stake of just over 1% of the business and Tiger Global about 4%.
Walmart acquired a majority stake in Flipkart for about $16 billion in 2018 – its biggest deal ever -–and later that year set a four-year target for taking the company private..
According to a report by Reuters back in April last year, Flipkart raised its internal IPO valuation target by around a third to $60 billion-$70 billion, and was planning a US listing during 2023.
