India: Flipkart denies media report of Accel selling $100m stake

Photo: Mint

Flipkart on Monday denied a newspaper report that said venture capital firm Accel Partners had sold a small stake in India’s biggest online marketplace to sovereign wealth fund Qatar Investment Authority (QIA) for $100 million.

“This information is incorrect. There has been no such transaction,” a Flipkart spokesman told Reuters in an emailed statement.

The Economic Times newspaper earlier on Monday reported the deal, citing two people aware of the transaction, and said the deal valued the Indian online retailer at $15 billion.

Accel, the first venture investor in Flipkart, remains the second-largest shareholder after New York-based hedge fund Tiger Global Management following the deal, the Economic Times reported.

Accel and Qatar Investment Authority did not immediately respond to a Reuters request for comment.

“From time to time, Accel Partners, globally, has sold a small fraction of our holdings in some of our portfolio companies, as secondary transactions…All we can confirm to you right now is that no such transaction is in process,” Subrata Mitra, partner at Accel Partners in India told the newspaper in an emailed reply.

Also read:

Accel sells part of Flipkart stake to QIA for $100m

India: Seven hottest e-retail categories to watch out for, according to Flipkart

(Editing by Anupama Dwivedi and Biju Dwarakanath)

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.