The latest news shows that retail giant Wal-Mart Inc. paid $1.4 billion for Tiger Global Management's remaining stake in Flipkart, a move that increases Wal-Mart's bet on the Indian retailer and helps the money management company provide allocations to investors at a time when it is having trouble accessing liquidity.。

Founded in 2007 by two former Amazon employees, Sachin Bansal and Binny Bansal, Flipkart is India's largest e-commerce retailer.。

According to a letter sent to investors by Tiger Global obtained by the media, the deal took place in recent days and currently values the Indian e-commerce giant at $35 billion, down from the nearly $38 billion valuation it received in its 2021 financing.。

The investment letter also mentions that the company initially invested $8.6 million in Flipkart's Series B in 2009, valued at $42 million, and subsequently added $1.2 billion between 2010 and 2015.。These investments are made through their venture capital private investment partner funds, hedge funds and their only long-term investment vehicles.。

In 2017, Tiger Global sold part of its Flipkart stake to SoftBank Group, and a year later sold more shares to Walmart.。The fund manager said in the letter that its investments in Flipkart helped generate a total of $3.5 billion in earnings, adding that it would provide distribution details in the coming weeks.。In addition, the sale will give Tiger Global a chance to successfully exit its long-term investment in the Indian startup.。

Separately, there have been media reports that venture capital firm Accel has also sold its 1% stake in Flipkart to Wal-Mart.。

Back in 2018, Walmart paid $16 billion for a 77% stake in Flipkart, and the company has been accelerating its foray into India's growing consumer market.。Earlier this year, its local payments business launched an online retail app that will host local stores and small merchants.。