Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021.

Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global.&nbsp;&nbsp;

According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits.

In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. &nbsp;

The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times.

A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth.&nbsp;

He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business.

(With inputs from agencies)

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Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying. The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021. Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global. According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits. In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times. A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth. He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business. (With inputs from agencies) WATCH WION LIVE HERE

Walmart purchases Tiger Global's stake in Flipkart for $1.4 billion: Wall Street Journal

A group of fashion brands and retailers including Gap and Wal Mart working to improve safety in Bangladeshi factories, are still committed to sourcing from the country despite a series of attacks claimed by Islamist militants. 
 
&quot;Member companies will continue to stay the course,&quot; James Moriarty, country director for the Alliance for Bangladesh Worker Safety, told a conference call for journalists. &quot;I am not aware of brands withdrawing or cancelling contracts.&quot; 
 
The Alliance of mostly North American companies was set up in 2013 to improve safety in Bangladeshi factories after the collapse of the Rana Plaza complex in which more than 1,100 people died. 
 
Some foreign companies working in Bangladesh&#39;s garment industry have suspended travel to the country after an attack by Islamist militants on a restaurant in Dhaka on July 1. 
 
The US State Department on Monday warned Americans to consider carefully whether they need to travel to Bangladesh. 
 
&quot;The advice from most embassies is to keep as low a profile as possible,&quot; said Moriarty, a former US ambassador to Bangladesh, who said he had returned to Dhaka on Saturday. 
 
Moriarty said many major brands were holding off on sending foreign staff to the country, although most had Bangladeshi or South Asian staff leading their operations in the country. 
 
&quot;I do have confidence that the people who are committing these attacks are a very small minority with very small support,&quot; he said. 
 
Moriarty said the Alliance - set to run until 2018 - was ahead of schedule in improving safety at the some 700 factories its 28 members work with in Bangladesh, calling the safety drive a &quot;moral imperative&quot;. 
 
In the first quarter of 2016, the Alliance suspended another six factories for failing to do enough to improve safety, bringing the total to 83, while Moriarty said 28 factories have completed plans to address safety issues. 
 
(Reuters)

Former US ambassador to Bangladesh, however, said many major brands were holding off on sending foreign staff to the country

A group of fashion brands and retailers including Gap and Wal Mart working to improve safety in Bangladeshi factories, are still committed to sourcing from the country despite a series of attacks claimed by Islamist militants. "Member companies will continue to stay the course," James Moriarty, country director for the Alliance for Bangladesh Worker Safety, told a conference call for journalists. "I am not aware of brands withdrawing or cancelling contracts." The Alliance of mostly North American companies was set up in 2013 to improve safety in Bangladeshi factories after the collapse of the Rana Plaza complex in which more than 1,100 people died. Some foreign companies working in Bangladesh's garment industry have suspended travel to the country after an attack by Islamist militants on a restaurant in Dhaka on July 1. The US State Department on Monday warned Americans to consider carefully whether they need to travel to Bangladesh. "The advice from most embassies is to keep as low a profile as possible," said Moriarty, a former US ambassador to Bangladesh, who said he had returned to Dhaka on Saturday. Moriarty said many major brands were holding off on sending foreign staff to the country, although most had Bangladeshi or South Asian staff leading their operations in the country. "I do have confidence that the people who are committing these attacks are a very small minority with very small support," he said. Moriarty said the Alliance - set to run until 2018 - was ahead of schedule in improving safety at the some 700 factories its 28 members work with in Bangladesh, calling the safety drive a "moral imperative". In the first quarter of 2016, the Alliance suspended another six factories for failing to do enough to improve safety, bringing the total to 83, while Moriarty said 28 factories have completed plans to address safety issues. (Reuters)

Factory safety group sticks by Bangladesh after attacks

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Walmart purchases Tiger Global's stake in Flipkart for $1.4 billion: Wall Street Journal

Factory safety group sticks by Bangladesh after attacks