(Image source from: Businesstoday.in)
Major Stake Of Flipkart Sold To Walmart:- The retail giant of United States of America, Walmart Inc acquired the major stake of the Indian e-commerce player Flipkart and things have been announced officially on Wednesday. SoftBank Group chief executive Masayoshi Son confirmed the deal and he revealed that the deal has been inked on Tuesday night. Flipkart valued 12 billion USD last year and with Amazon keen on holding Flipkart, Walmart inked the deal.
Walmart bought 77% of the equity stake from Flipkart investing 16 billion USD. This will make Walmart be a part of local deals across India. Walmart which is in plans to make its entry into India managed to get a huge platform through Flipkart. Rs 1,04,000 crores is the investment Walmart kept in to acquire the major stake in Flipkart. Walmart will be supporting Flipkart to transform into a major public listed company in the country.