Flipkart, a Walmart-owned Indian e-commerce company is in conversation to raise at least $3 billion (approximately Rs. 21,850 crores) from investors including Japan's SoftBank Group & numerous sovereign capital reserves, Bloomberg News proclaimed.
The startup is striving for an estimate of around $40 billion (approximately Rs. 2,91,130 crores) & is in discussions with Singapore's GIC Pte., Canada Pension Plan Investment Board, & the Abu Dhabi Investment Authority, the statement declared, referring people familiar with the subject.
SoftBank could fund $300 million (approximately Rs. 2,180 crores) to $500 million (approximately Rs. 3,640 crores) of the entirety by its Vision Fund II, as per the reports.
Flipkart, SoftBank, & the Abu Dhabi Investment Authority did not instantly acknowledge Reuters demands for explanation.
SoftBank marketed its almost 20% stake in the e-commerce companies to Walmart in 2018.
The Indian organization is in the initial steps of examining moving public in the United States by a contract with a blank-check firm, references close with the subject.
A news agency exclusively announced in September that Bengaluru-situated Flipkart was planning to go abroad-selling process as early as 2021, which could consider the company at as much as $50 billion (approximately Rs. 3,63,920 crores).