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BLOOMBERG reports:

– E-commerce giant to raise funds as IPO pushed back to 2022

– SoftBank to back Flipkart again after selling stake to Walmart

Flipkart, the Indian e-commerce giant controlled by Walmart Inc., is in talks to raise at least $3 billion from investors including SoftBank Group Corp. and several sovereign wealth funds, according to people familiar with the matter.

The startup is targeting a valuation of about $40 billion and is in discussions with Singapore’s GIC Pte.Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority, said the people, asking not to be named because the discussions are private. Japan’s SoftBank, which had previously backed Flipkart before selling its stake to Walmart, could invest $300 million to $500 million of the total through its Vision Fund II, one of the people said.

Flipkart plans to raise the additional capital ahead of an initial public offering, now planned for next year, the people said. The company had targeted an IPO as soon as the fourth quarter of this year, but those plans have been delayed by the coronavirus resurgence in India.

The fundraising discussions are not yet finalized and could still change, the people said.

SoftBank and GIC declined to comment, while Flipkart did not immediately respond to requests for comment.

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