Tiger Global Management, a hedge fund that has invested heavily in Indian tech companies, has sold its remaining stake in Flipkart for $1.4 billion. The sale values Flipkart at $35 billion, down from its peak valuation of $38 billion in 2021.

Tiger Global first invested in Flipkart in 2009, and its stake in the company has grown significantly over the years. In 2017, Tiger Global sold part of its Flipkart stake to SoftBank Group, and a year later sold more to Walmart. The sale of its remaining stake in Flipkart marks the end of Tiger Global’s investment in the company.

The sale of Tiger Global’s Flipkart stake comes at a time when the hedge fund is facing liquidity pressures. Tiger Global has been a major investor in tech companies, and the recent sell-off in tech stocks has hurt its portfolio. The sale of its Flipkart stake will provide Tiger Global with some much-needed liquidity.

The sale of Tiger Global’s Flipkart stake is also a sign of the changing dynamics in the Indian e-commerce market. Flipkart is facing increasing competition from Amazon, and its valuation has come down as a result. However, Flipkart remains a dominant player in the Indian e-commerce market, and it is expected to continue to grow in the years to come.