Walmart Inc. paid $1.4 billion to buy Tiger Global’s stake in Flipkart, the Wall Street Journal reported, citing a letter by the New York hedge fund to investors.

The transaction, which took place in recent days, valued the Indian e-commerce giant at $35 billion, down from the $38 billion valuation it commanded as recently as 2021, according to the newspaper.

Walmart in 2018 paid $16 billion for a 77% stake in Flipkart and the US retailer has been accelerating its push into online retailing in India in recent months.

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