South Africa-based global internet and entertainment group, Naspers Limited today announced the sale of its 11.18% stake in Indian e-commerce company Flipkart, to US-based retailer Walmart for $2.2 billion, representing an IRR of approximately 32%, the company said in a statement.

Launched in October 2007, Flipkart is India’s largest e-commerce marketplace. Naspers initially invested in August 2012 and its cumulative investment to the point of sale amounts to $616 million.

The proceeds will be used to reinforce Naspers’ balance sheet and will be invested over time to accelerate the growth of Naspers’ classifieds, online food delivery and fintech businesses globally, and to pursue other exciting growth opportunities when they arise, Naspers added.

Flipkart is one of several leading businesses that Naspers has invested in or built in India. Following the sale of its stake in Flipkart, in India, Naspers retains OLX, the leading online classifieds business, PayU, a leading provider of payment and fintech services, and its investments in Swiggy, the leading online food delivery company, and MakeMyTrip, the leading online travel business, the company said in a statement.

Bob van Dijk, Group CEO, Naspers, said: “India is one of the most exciting markets in the world. We are proud to back Indian entrepreneurs whom we believe have what it takes to build outstanding and long-lasting businesses, and Flipkart is a great example of this. Our decision to sell is consistent with our strategy to realise value from the businesses we help to build. The time has come for us to wish the team well for the next chapter of their story, and we are excited about the future of OLX, PayU, Swiggy and MakeMyTrip.”

Oliver Rippel, CEO of B2C ecommerce at Naspers, said: “We initially invested in Flipkart in August 2012, and we’re proud to have been part of the journey to build the leading ecommerce player in India. We wish the team well as they continue their journey.”

The transaction is subject to regulatory approval and is expected to close later in the year.