Today Bloomberg reported that Tiger Global and Accel sold their remaining stakes in Indian e‑commerce company Flipkart in a $1.4+ billion transaction. The acquirer was Walmart, who had purchased a 77% controlling stake in Flipkart in 2018 for $16 billion. The transaction was completed at a reported $35 billion, down from the $38 billion in Flipkart’s 2021 funding round.

I don’t have any insider information on this deal or this company’s metrics, but it appears that Tiger Global first invested in Flipkart’s 2009 Series B round by investing $8.6 million at a $42 million valuation. In subsequent years, it invested an additional $1.2 billion. It began exiting its position in 2017 when it sold part of its investment to Softbank, and it then sold more to Walmart in 2018. Tiger is reported to have made $3.5 billion in profits on its investments in Flipkart.

This is a large secondary transaction and likely will allow Tiger to provide LPs in its prior funds with much-desired liquidity.

I’m curious to see whether this transaction is a one-off or we’ll start to see more VCs get liquidity by selling stakes in growth-stage companies to large corporations.