Tiger Global’s investment in Flipkart since 2009 has yielded $3.5 billion in gains.

Walmart (NYSE: WMT) has purchased Tiger Global Management’s remaining 4% stake in Indian e-commerce giant Flipkart for $1.4 billion, increasing its ownership to about 77%. The transaction valued Flipkart at $35 billion, down from the previous valuation of nearly $38 billion.

Bloomberg News has seen a copy of the letter sent by Tiger Global to investors informing on the transaction. (Bloomberg)

Venture capital firm Accel also sold its 1% stake in Flipkart to Walmart. According to the Economic Times, it had already netted about $1 billion in 2018 on its cumulative investment of $100 million in Flipkart.

Tiger Global’s investment in Flipkart since 2009 has yielded $3.5 billion in gains. The deal is opportune, boosting Tiger Global’s coffers during a so-called ‘funding winter’ that has marked a slowdown in the venture fund market. It said in its letter to investors that it would provide distribution details soon.

Walmart has been focusing on India’s consumer market, and this acquisition further strengthens its position in the country.

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