Flipkart Chief Executive Kalyan Krishnamurthy.
AFP via Getty ImagesThe frenzy in special-purpose acquisitions has billions of dollars chasing deals. One major target seemingly has put itself on the market.
According to Bloomberg News, Indian e-commerce giant Flipkart is looking to go public in the U.S., possibly by merging with a SPAC.
It would be a big acquisition. Flipkart, according to the report, is seeking a valuation of $35 billion. Walmart in 2018 bought a 77% stake in Flipkart for $16 billion. A message left with Walmart wasn’t immediately returned.
According to SPAC Analytics, there are 369 companies that have raised a collective $116 billion in search of an acquisition.
Flipkart’s financials aren’t broken out of Walmart’s results, though Chief Executive Kalyan Krishnamurthy last month participated in a Walmart investor presentation. He said Flipkart has over 300 million customers, and is investing heavily in technology and infrastructure. He also said Flipkart is now among the top five advertising platforms in India.
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