Flipkart's early backers, Accel Partners and Tiger Global, head for exit: Report

Two of Flipkart's early backers, Accel and Tiger Global, are expected to sell their remaining stake.

Two of Flipkart's early investors, Accel Partners and New York-based Tiger Global, could be heading for a permanent exit from the Walmart-owned e-commerce biggie.

According to a report in the Economic Times, Accel Partners and Tiger Global, which collectively own 5% of the shares of Flipkart, are looking forward to sell the stake to its parent Walmart.

Moneycontrol could not independently verufy the veracity of the report.

"They (Accel and Tiger) want to sell and exit now fully. The discussions are moving ahead and the transaction will close in due time," a person familiar with the matter told ET.

The Bentonville-based Walmart acquired a majority stake in e-commerce firm Flipkart for $16 billion in 2018.

Both the funds pared their stakeholding at the the time of Walmart deal and earned bumper returns.

Tiger Global Management had pared its holdings by 60 percent, bringing its stake to 8 percent from 20.6 percent.