This Article is From Dec 21, 2015

Accel Sells $100-Million Stake in Flipkart

Accel Sells $100-Million Stake in Flipkart
Mumbai: Venture capital firm Accel Partners has sold a small stake in Indian e-commerce firm Flipkart to sovereign wealth fund Qatar Investment Authority (QIA) for $100 million, the Economic Times reported on Monday, citing two people aware of the transaction. The deal values Flipkart, India's biggest online marketplace, at $15 billion, the newspaper reported.

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.

Flipkart, 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," Subrata Mitra, partner at Accel Partners in India told the newspaper in an emailed reply.

"All we can confirm to you right now is that no such transaction is in process."
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