Abu Dhabi state-owned ADQ is in talks to invest $500 million in Flipkart, the Indian e-commerce firm which is seeking to raise funds ahead of a potential initial public offering (IPO).
Talks are taking place on the basis that the injection of funds into Flipkart, which is backed by US retail giant Walmart Inc, would value it at up to $40 billion, according to a Bloomberg report.
Flipkart is looking to raise up to $3 billion ahead of its IPO, with the potential to increase it to $3.75 billion due to significant investor interest. The IPO could take place as early as 2022, Bloomberg said, citing sources familiar with the matter.
Other potential investors include SoftBank Group Corp, Singapore’s GIC Pte, Canada Pension Plan Investment Board as well as Abu Dhabi Investment Authority, Bloomberg reported.
ADQ, formerly Abu Dhabi Development Holding Co, was most recently reported to have invested in Indian edtech giant Byju’s in an investment round which raised $350 million.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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