Walmart confirms purchase of 77% of Flipkart in $16B deal
Walmart, the largest retailer in the world, has struck a deal worth $16B with India's top e-commerce retailer Flipkart.
The deal, which is pending regulatory approval in India, gives Walmart a 77% stake in Flipkart, putting the company's total value at $20.8 billion.
Flipkart's other investors - Tencent, Tiger Global and Microsoft will stay on and work with Walmart.
Before Walmart sealed the deal, Amazon offered to acquire a 60% share of Flipkart through a $12B investment.
India is the second-largest Asian market after China, and one of the fastest-growing in the World. And it will now become the latest arena for the ongoing battle between Walmart and Amazon. The latter is the third largest retailer in the world as of 2017.
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Reader comments
- Om
- 11 May 2018
- gMJ
Vary sad news for Indian.Now American company's domenat our Indian Online market.
- kingping
- 10 May 2018
- XRm
govt of india had already made regulation for walmart so that they dont kill local market. they have to buy 50% goods from india for manufacturing. and few other things.
- Anonymous
- 10 May 2018
- GX3
E-commerce is about more than electronics, and small shops are the ones that make up bulk of the sales in India. You can't undercut them and secure much profit, unlike the U.S where retail chains rule the roost.
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