Walmart Inc (NYSE:WMT) has bought out hedge fund Tiger Global's investment in Indian eCommerce firm Flipkart for $1.4 billion, according to the Wall Street Journal.
The deal values Flipkart at $35 billion, though Walmart did not comment on the financial specifics.
A Walmart spokesperson provided confirmation of the transaction Reuters and expressed continued confidence in Flipkart, stating that the US retailer is even more positive about opportunities in India than when they initially invested.
Earlier reports this year indicated that Tiger Global and private equity firm Accel, two early Flipkart backers, were considering selling their remaining stakes to Walmart.
Tiger Global's stake amounted to about 4% of the company. Walmart initially acquired a 77% majority stake in Flipkart for around $16 billion in 2018 and later mentioned potential plans to take the company public.