Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million in Walmart-owned e-commerce platform Flipkart, Bloomberg reports, quoting unnamed sources familiar with the matter.
According to Bloomberg, ADQ is discussing an injection of funds that would value Flipkart between USD35 billion and USD 40 billion. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, sources said.
Flipkart is seeking to raise at least USD3 billion and could decide to increase the amount to as much as $3.75 billion, as investors have shown significant interest, Bloomberg quoted the sources as saying.
Established in Abu Dhabi in 2018, ADQ is one of the region’s largest holding companies with direct and indirect investments in more than 90 companies. Its portfolio of major enterprises span key sectors across Abu Dhabi’s economy, including food and agriculture, aviation, financial services, healthcare, industries, logistics, media, real estate, tourism and hospitality, transport and utilities.