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SoftBank To Sell Off Entire Stake In Flipkart

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SoftBank Sell Off Entire Stake In Flipkart,Startup Stories,Startup News India,2018 Latest Business News,SoftBank Business Updates,Walmart acquisition,SoftBank funding,SoftBank CEO Masayoshi Son,Flipkart Stake

SoftBank Group Corp., a Japanese multinational conglomerate, is in talks to sell off its entire stake in Flipkart. In a recent announcement, SoftBank confirmed that it will sell its stake of 23.6 % in the e tailer giant Flipkart, post the Walmart acquisition.

SoftBank spokesperson stated, SoftBank confirms the sale of its entire stake in Flipkart to Walmart.

The CEO Masayoshi Son, said its investment in the Indian e commerce Flipkart, was worth around $ 4 billion. The SoftBank Vision Fund also invested $ 30 billion in startups, last year. At a recent press conference held in Tokyo, Masayoshi disclosed that SoftBank’s $ 2.5 billion stake in Flipkart which was picked up last year, would be now worth $ 4 billion if it chooses to exit the firm. As the SoftBank’s fund is registered in Jersey, USA, there is no Double Taxation Avoidance Agreement (DTAA) as a buffer. However, SoftBank has now decided to sell the stake and work out the tax issues. SoftBank was earlier in discussions as well in order to stay invested in Flipkart and delay the sale due to tax issues related to short term capital gains.

 

According to a source, Walmart’s price implies Flipkart’s operating losses over the 18 months starting in August would be close to $ 2 billion. The overall hit to Walmart’s earnings from the Flipkart deal, including Flipkart’s losses, will be between $ 2.5 billion and $ 2.7 billion.

In the next coming years, Walmart’s approach toward Flipkart’s financial activities is likely to be determined by its investors in the United States. However, Walmart’s stock fell by 4% on the day it announced the Flipkart acquisition.

The buzz is SoftBank is also looking forward to exploring other avenues since it is not willing to miss out on Indian e commerce industry. Walmart also claims that SoftBank’s decision of selling its stake in Flipkart, will not make a major difference to its future plans for Flipkart.

 

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