Softbank proposes to buy Flipkart shares at a reduced valuation

Softbank has reportedly sought to buy Flipkart shares from its investors and former employees at a reduced valuation.

Softbank has offered to buy Flipkart’s shares in a range of $85-89 per share. Image Source: Flipkart/ File Photo

Key Highlights

Softbank wants to buy shares of Flipkart at a reduced valuation.

Flipkart was valued at $11.6 billion in 2017.

Softbank has offered to buy Flipkart’s shares in a range of $85-89 per share.

Softbank has made a proposition to buy Flipkart’s shares from the e-commerce giant’s investors and former employees.

The Japanese telecom and internet conglomerate is offering to buy an undisclosed number of Flipkart shares at a reduced valuation in the range of $10 billion, a report by Live Mint said on Thursday.

The report added that Softbank has offered to buy Flipkart’s shares in a range of $85-89 per share.

However, the homegrown e-commerce website of Flipkart was previously valued at $11.6 billion after raising a round of funding from Tencent Holdings among other investors.