Japan’s Softbank Group Corp offered to buy an undisclosed number of shares in e-commerce giant Flipkart at a reduced valuation in the range of $9 billion to $10 billion, the Mintreported on Thursday.
Flipkart could not be immediately reached for comment outside regular business hours. Softbank declined to comment.
The Bengaluru-based company reported an $11.6 billion valuation in April, after a funding round from Tencent Holdings Ltd (0700.HK) and others.Investment bank Goldman Sachs is managing the share sale, the report said.
Reuters reported in August that SoftBank’s Vision Fund would invest nearly $2.5 billion in Flipkart through primary and secondary share purchases. The company had then said: This is the biggest ever private investment in an Indian technology company.
In a statement, it said: “The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world’s premier technology companies – Tencent, eBay and Microsoft.