So much for long term.
The ink is barely dry on SoftBank Vision Fund’s purchase of a stake in Flipkart Online Services Pvt and already it’s preparing to exit. Masayoshi Son seemed so keen on the Indian e-commerce startup that he threw $2.5 billion at it in August.
Now he’s set to sell a substantial part of the fund’s 20-percent-plus stake to Walmart Inc., allowing the U.S. retail giant to take a majority interest, Bloomberg’s Saritha Rai reported Monday. Should the deal go through, Flipkart would be valued at around $20 billion, up from $12 billion last year. According to Recode, Flipkart is the Vision Fund’s fifth-largest investment behind Uber Technologies Inc.