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Reuters reported in February here that it was in talks to purchase a stake of over 40 percent in Flipkart, which is backed by the likes of SoftBank Group, Tiger Global, eBay, Accel Partners, Naspers, Tencent Holdings and Microsoft Corp.

Buys back shares worth $350 million at a valuation of $17.69 billion. The transaction was closed on April 27.

Kalyan Krishnamurthy is expected to stay on as CEO of Flipkart post the deal, while co-founder Sachin Bansal is expected to exit the company in all capacities including his seat on the board of directors after the takeover.

Investors who exited include names like Shekhar Kirani, Deep Nishar, IDG Ventures besides a large number of pension funds. Now, however, with a sale of the company near, it needed to become a private entity in Singapore to avoid regulatory hurdles. The deal would value Flipkart at around $20 billion. Negotiations are still ongoing and there is no deadline per se, they said, although Flipkart itself seems to continue favouring the deal with Walmart: joining forces with the predominantly brick-and-mortar American retailer would help the company put into practice its plans for a new physical chain in India.

Walmart would maintain a focus on the grocery market, said the sources, suggesting that nearly 50% of Walmart's initial investment would be funneled into building a food and grocery supply chain.

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Earlier this week, Inc42 reported that Flipkart has set aside $400 Mn to buyback shares of minority investors.

Flipkart is reported to have bought back shares worth $350 million from investors in its Singapore-based parent to regain its private company status ahead of its sale to United States retail giant Walmart Inc.

On Wednesday, Indian broadcaster CNBC-TV18 reported https://bit.ly/2jo03py that Amazon had offered Flipkart a breakup fee of $2 billion to convince it to discuss an offer, which analysts say would bring with it substantial antitrust challenges.

After months of negotiations, the USA global retail giant Walmart Inc has been able to strike a deal with Flipkart, India's most valuable startup.

The buyback was part of Japanese investment giant SoftBank's $2.5-billion investment in the company, and that included a large secondary component.