Flipkart considered acquiring a stake in Swiggy approximately eight to ten months ago, as both companies aimed to form an alliance in response to the growing quick commerce sector, as per a report by the Economic Times. However, the discussions reportedly ended due to a disagreement over valuations. Once the talks failed, Swiggy submitted a confidential draft application for a public listing in April, the report added. Swiggy filed its draft IPO of $1.3 billion with the Securities and Exchange Board of India (SEBI). The company reportedly aims to raise an additional $800 million through an offer-for-sale component and around $450 million in new financing. Read: DPIIT Officials, Flipkart, Toy Makers to meet on Ways to Increase SourcingProsus, Swiggy’s largest investor with a 33 per cent stake, was also involved in the negotiations and was interested in selling part of its share, according to the report. As per the Economic Times, a source said, “There was a discussion for a majority stake in Flipkart where Prosus and other investors would offload stakes, but besides valuation (mismatch), a majority stake (demand) was also a hurdle.”
sekar nallalu Corporate,Cryptocurrency Flipkart Considered Deal with Swiggy for Quick Commerce Entry: Report
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