Abu Dhabi’s ADQ in talks to invest $500m in Flipkart

  • Date: 14-Jun-2021
  • Source: Gulf Business
  • Sector:Retail
  • Country:UAE
  • Who else needs to know?

Abu Dhabi’s ADQ in talks to invest $500m in Flipkart

Abu Dhabi sovereign fund ADQ is in talks to invest about $500m in India's Flipkart, according to people familiar with the matter, as the Walmart-backed e-commerce firm raises funds ahead of a potential initial public offering next year. The oil-rich emirate's newest state investment company is discussing an injection of funds that would value Flipkart between $35bn and $40bn, the people said, asking not to be identified as the information is private. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, they said. Flipkart is seeking to raise at least $3bn and could decide to increase the amount to as much as $3.75bn, as investors have shown significant interest, the people said. Considerations are ongoing and the talks could fall apart, the people said. Representatives for Flipkart didn't immediately respond to a request for comment made outside business hours in India. An ADQ representative was not immediately available to comment. Flipkart is seeking to raise at least $3bn from a group of investors including SoftBank Group Corp., Singapore's GIC Pte and Canada Pension Plan Investment Board, reported June 7 citing people familiar with the matter. The group also includes the Abu Dhabi