Walmart on Monday confirmed that it has acquired additional shares of Flipkart from Tiger Global.
Although the company declined to share further financial details with Retail Dive, The Wall Street Journal reported Sunday that Walmart paid $1.4 billion for a larger stake in the India-based e-commerce company.
“We value Tiger Global’s involvement and support over the last several years,” a Walmart spokesperson said in a statement emailed to Retail Dive. “We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested. We continue to be impressed with Flipkart’s progress and remain focused on building a healthy, sustainable and profitable business for the long term, ensuring Flipkart continues to grow in an emerging and dynamic market.”Retail Dive