Flipkart is in talks with other companies, SoftBank to raise $3 billion

Walmart Inc-owned Indian e-commerce company Flipkart is in talks to raise $3 billion from investors. These investors include SoftBank Group Corp of Japan and several other sovereign wealth funds. This startup company aims to increase its valuation to $40 billion. The company is in talks with Singapore’s GIC Pte Ltd, Canada Pension Plan Investment Board and Abu Dhabi Investment Authority. In a report, this information has been given by quoting people familiar with the matter.

This report states that Soft Bank may invest $300 million to $500 million in Flipkart under its Vision Fund II.

Flipkart, SoftBank and the Abu Dhabi Investment Authority did not immediately respond to comments sought by the agency that published this report.

In 2018, SoftBank sold around 20 percent of its stake in the e-commerce company to Walmart.

The Indian e-commerce company is exploring the possibilities of public listing in the US. Sources aware of this matter had informed the news agency in March.

It said in an exclusive report in September that Bengaluru-based Flipkart is preparing for a public listing in early 2021. This could put the company’s valuation up to $50 billion.