Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million in Walmart-owned e-commerce platform Flipkart, according to a Bloomberg report.
ADQ is discussing an injection of funds that would value Flipkart between $35 billion and $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 $3 billion and could decide to increase the amount to as much as $3.75 billion.
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.
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