Flipkart, which raised $360 million (about Rs 2,250 crore) in two rounds this year, was valued at around $1.6 billion (over Rs 9,900 crore) in July. In its interim financial report Naspers has disclosed that the company acquired an additional 8.6% in Flipkart in July by investing over $135 million (over Rs 850 crore). Naspers now holds 16.7% in the online retail portal.
In July, Flipkart's existing investors Naspers, Tiger Global, Iconiq Capital and Accel Partners had invested $200 million (about Rs 1,250 crore) in the company. Three months later new investors Dragoneer Investment Group, Morgan Stanley Investment Management, Sofina and Vulcan Capital, along with existing investor Tiger, put in an additional $160 million (about Rs 1,000 crore) in the company.
The results also show that Naspers acquired 80% stake in online bus ticketing venture redBus in June for around $100 million (about Rs 620 crore). This values redBus at over $120 million (about Rs 750 crore). The Bangalore-based venture had not disclosed its valuation or the deal size at the time of the buyout.
The acquisition provided an exit for the latter's early-stage investors-Seedfund, Inventus Capital and Helion Ventures. The three venture investors had provided about $10 million (over Rs 60 crore) in three rounds of funding.
Source: Economic Times