South African Internet giant, Naspers today announced the sale of its 11.18% stake in Indian e-commerce company Flipkart, to US-based retailer Walmart for $2.2 billion (USD).

Naspers, which initially invested into Flipkart in August 2012, made a cumulative investment of $616 million up to the point of sale.

The proceeds from the sale is expected to be used to reinforce Naspers’ balance sheet and will be invested over time to accelerate the growth of OLX, Naspers’ classifieds business, Swiggy , its online food delivery service and PayU, its fintech business, and to pursue other exciting growth opportunities in the future.

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