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ADQ, Abu Dhabis sovereign fund, is reportedly planning to invest USD 500 million in Flipkart ahead of the e-commerce giants IPO plans which are likely to happen in 2022. The Walmart-owned online retailer could be valued at USD 35 billion following ADQ investment.
Flipkart intends to secure a sum of USD 3 billion overall from investors before it goes public in 2022. Other investors include Softbank Group Corporation, Canada Pension Plan Investment Board, GIC Private Limited, and Abu Dhabi Investment Authority.
This amount may reach USD 3.75 billion amid rising interest from investors considering the e-commerce boom, cited sources with relevant information. The fresh funds will aid Flipkart in increasing its capabilities and hiring new employees to compete with other e-commerce giants like Reliance’s Jiomart and Amazon.
It is worth noting here that the e-commerce sector has witnessed significant growth amidst the COVID-19 pandemic. Enforcement of temporary lockdowns and social distancing measures have encouraged the population to opt for online shopping solutions.
Middle Eastern sovereign wealth funds such as Abu Dhabi Investment Authority, Saudi Arabia’s Public Investment Fund, and Mubadala Investment Company PJSC have invested around USD 27 billion in Indian businesses such as Reliance Retail Venture Limited, and Jio Platforms Limited.
For the record, ADQ previously known as Abu Dhabi Development Holding Co. was founded in 2018. It is currently the third-largest investor in the Middle East region and supervises around USD 110 billion worth of assets.
In November 2020, ADQ had reportedly bought a 45% share in agriculture and food processing firm Louis Dreyfus Company BV and agreed to invest USD 800 million into the Netherland-based company.
Moreover, ADQ had acquired Amoun Pharmaceutical Company SAE from Canada-based multinational specialty company Bausch Health Companies Inc. for USD 740 million in March 2021, cited sources.
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