Tiger Global Management is purring all the way to the bank after Walmart Inc.’s Flipkart deal. The firm has made about $3 billion after investing $1 billion in Flipkart Group, according to a person familiar with the matter, who asked not to be named. Walmart will acquire a majority stake in India’s biggest online retailer, the companies said Wednesday. For Tiger Global, the return on investment, in dollar terms, is one of the largest for the firm’s $11 billion venture capital unit, the person said. The division, led by Lee Fixel, started backing Flipkart in 2009, with an initial $9 million investment. It ramped up its investment over several years to $1 billion, owning about 20 percent of Flipkart. Last year it sold part of its stake to SoftBank Group Corp. As part of the Walmart deal, Tiger Global sold about three-quarters of its position to the retailer. After the transaction is completed, Tiger Global will hold a five percent stake in Flipkart and Fixel will keep his seat on the company’s board, the person said. Walmart’s purchase of 77 percent of Flipkart values the online behemoth at $20.8 billion. A spokeswoman for Tiger Global, which also has a hedge… Read full this story
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