Grapevine: Flipkart to raise funding; Gemini Edibles ropes in banks for IPO
Photo Credit: Reuters

Walmart-owned ecommerce firm Flipkart is looking to raise over $1 billion from a clutch of new investors before a potential US listing in the fourth quarter, The Economic Times reported citing at least four people in the know. 

However, the current round is not being positioned as pre-IPO but for expansion, an executive involved in the process said. 

The fundraising could be extended up to $2 billion at an expected valuation of up to $30 billion, the people added. JPMorgan and Goldman Sachs are advisors in the fundraising process. 

A new investor pool – sovereign wealth funds, technology-focused financial groups, pension funds, long-term passive funds and private equity funds including CPPIB, CDPQ and Carlyle along with existing investors like GIC of Singapore, Qatar Investment Authority – has already been sounded out.

Gemini Edibles

Gemini Edibles & Fats India Private Limited has hired Nomura, Axis, Credit Suisse and Kotak as investment banks to file draft papers for an IPO worth up to Rs 1,800 crore by next month, The Economic Times report said citing multiple people aware of the development. 

Gemini sells its products in the edible oil segment under the brands Freedom and First Klass. Freedom, the flagship, is the largest selling brand in the sunflower oil category in Telangana, Andhra Pradesh and Odisha. 

Set up in 2008, Gemini has three manufacturing facilities in Andhra Pradesh, one unit in Krishnapatnam and two units in Kakinada. The combined refining capacity of all the manufacturing units is 2,450 tonnes per day.


IDBI Bank has revived the sale process of its IDBI Mutual Fund for Rs 200 crore after the Reserve Bank of India (RBI) had turned down the proposal of Muthoot Finance to acquire the business last year.

“We have once again started the process to sell our mutual fund business,” Rakesh Sharma, MD, IDBI Bank, told The Economic Times. The business had assets under management (AUM) of Rs 4,120 crore as of March 31, 2021. 

The lender recently sold its stake in IDBI Federal Insurance bringing it down to 23%. The lender also has plans to sell some of its 26% stake in NSDL if the latter plans an initial public offering.

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