TIL Desk/Business/Bengaluru/ India’s e-tailer major Flipkart has turned into a private company from a holding firm, ostensibly for a strategic buyout soon by the world’s largest retail giant Walmart Inc, according to documents it filed for regulatory approvals.
“Documents filed by Flipkart with the Singapore’s Accounting and Corporate Regulatory Authority (ACRA) indicate that the holding company has become a private firm – Flipkart Pte Ltd in Singapore where it is registered,” business intelligence platform Paper.vc Founder Vivek Durai told.
In a regulatory filing with ACRA on Thursday, the city-based e-commerce behemoth said it concluded a second buyback of shares from a set of its investors for $350.46 million in a transaction that closed on April 27.
“The buyback and the subsequent conversion to private company status appear to be part of a series of steps aimed at easing a proposed acquisition by Walmart,” Chennai-based Durai said.
