SoftBank Group Corp offers to increase stake in Flipkart

While earlier Flipkart was valued at $11 billion, Softbank’s latest valuation pegs it $9 to 10 billion.

Japan’s SoftBank Group Corp has offered to buy an undisclosed stake in Indian e-commerce giant Flipkart, and has valued the company in the range of $9 billion to $10 billion.

The Mint has reported, citing sources, SoftBank has offered to buy Flipkart’s shares from investors, including from former and current employees, in the range of $85 to $89 per share.

Goldman Sachs is said to be managing the sales of the shares, said Mint.

In April following a funding round from Tencent Holdings Ltd and others, Flipkart was valued at $11.6 billion.

Flipkart could not be immediately reached for comment outside regular business hours.

SoftBank declined to comment.

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