Softbank offers to buy more Flipkart shares at reduced valuation of $9 bn-$10 bn valuation

Japan’s Softbank Group Corp offered to buy an undisclosed number of shares in e-commerce giant Flipkart at a reduced valuation in the range of $9 billion to $10 billion, the Mint reported on Thursday.

Softbank offered to buy Flipkart shares from investors and former and existing employees for $85 to $89 per share, the paper reported, citing sources.

Flipkart could not be immediately reached for comment outside regular business hours. Softbank declined to comment.

Investment bank Goldman Sachs is managing the share sale, the report said.

The Bengaluru-based company reported an $11.6 billion valuation in April, after a funding round from Tencent Holdings Ltd (0700.HK) and others.

Reuters reported in August that SoftBank’s Vision Fund would invest nearly $2.5 billion in Flipkart through primary and secondary share purchases. The company had then said: This is the biggest ever private investment in an Indian technology company.

In a statement, it said: “The investment is part of the previously announced financing round, where Flipkart had raised capital from three of the world’s premier technology companies - Tencent, eBay and Microsoft.

“After this financing round, Flipkart will have in excess of $4 billion of cash on balance sheet.”