<p><em><strong>By Baiju Kalesh and Dinesh Nair,</strong></em></p>.<p>Abu Dhabi sovereign fund ADQ is in talks to invest about $500 million in India’s Flipkart, according to people familiar with the matter, as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year.</p>.<p>The oil-rich emirate’s newest state investment company is discussing an injection of funds that would value Flipkart between $35 billion and $40 billion, the people said, asking not to be identified as the information is private. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, they said.</p>.<p>Flipkart is seeking to raise at least $3 billion and could decide to increase the amount to as much as $3.75 billion, as investors have shown significant interest, the people said.</p>.<p>Considerations are ongoing and the talks could fall apart, the people said. Representatives for Flipkart didn’t immediately respond to a request for comment made outside business hours in India. An ADQ representative was not immediately available to comment.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/business-news/open-to-ipo-for-flipkart-but-no-specific-timeline-walmart-995733.html" target="_blank">Open to IPO for Flipkart but no specific timeline: Walmart</a></strong></p>.<p>Flipkart is seeking to raise at least $3 billion from a group of investors including SoftBank Group Corp., Singapore’s GIC Pte and Canada Pension Plan Investment Board, Bloomberg News reported June 7 citing people familiar with the matter. The group also includes the Abu Dhabi Investment Authority, one of the emirate’s largest sovereign wealth funds, the people said at the time.</p>.<p>ADQ, formerly known as Abu Dhabi Development Holding Co., has been one of the most active investors in the Middle East since its inception in 2018. It oversees about $110 billion in assets, according to a report from Global SWF. That would make it the third-largest of Abu Dhabi’s state investors, after ADIA with roughly $700 billion and Mubadala Investment Co. with about $230 billion.</p>.<p>The upstart firm has become a prolific dealmaker. In November 2020, ADQ agreed to buy a 45% stake in agricultural trader Louis Dreyfus Company BV, with a minimum of $800 million in proceeds from the sale to be invested in the firm. Bausch Health Cos. agreed to sell Egyptian drugmaker Amoun Pharmaceutical Co. to ADQ in March for $740 million, the Canadian firm said.</p>
<p><em><strong>By Baiju Kalesh and Dinesh Nair,</strong></em></p>.<p>Abu Dhabi sovereign fund ADQ is in talks to invest about $500 million in India’s Flipkart, according to people familiar with the matter, as the Walmart Inc.-backed e-commerce firm raises funds ahead of a potential initial public offering next year.</p>.<p>The oil-rich emirate’s newest state investment company is discussing an injection of funds that would value Flipkart between $35 billion and $40 billion, the people said, asking not to be identified as the information is private. The fundraising would come ahead of a planned IPO that could take place as soon as 2022, they said.</p>.<p>Flipkart is seeking to raise at least $3 billion and could decide to increase the amount to as much as $3.75 billion, as investors have shown significant interest, the people said.</p>.<p>Considerations are ongoing and the talks could fall apart, the people said. Representatives for Flipkart didn’t immediately respond to a request for comment made outside business hours in India. An ADQ representative was not immediately available to comment.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/business-news/open-to-ipo-for-flipkart-but-no-specific-timeline-walmart-995733.html" target="_blank">Open to IPO for Flipkart but no specific timeline: Walmart</a></strong></p>.<p>Flipkart is seeking to raise at least $3 billion from a group of investors including SoftBank Group Corp., Singapore’s GIC Pte and Canada Pension Plan Investment Board, Bloomberg News reported June 7 citing people familiar with the matter. The group also includes the Abu Dhabi Investment Authority, one of the emirate’s largest sovereign wealth funds, the people said at the time.</p>.<p>ADQ, formerly known as Abu Dhabi Development Holding Co., has been one of the most active investors in the Middle East since its inception in 2018. It oversees about $110 billion in assets, according to a report from Global SWF. That would make it the third-largest of Abu Dhabi’s state investors, after ADIA with roughly $700 billion and Mubadala Investment Co. with about $230 billion.</p>.<p>The upstart firm has become a prolific dealmaker. In November 2020, ADQ agreed to buy a 45% stake in agricultural trader Louis Dreyfus Company BV, with a minimum of $800 million in proceeds from the sale to be invested in the firm. Bausch Health Cos. agreed to sell Egyptian drugmaker Amoun Pharmaceutical Co. to ADQ in March for $740 million, the Canadian firm said.</p>