Putting an end to the rumors and reports, Walmart has officially confirmed that it has signed an agreement to acquire 77% stake in Flipkart for about $16 billion. The investment will help accelerate Flipkart's customer-focused mission and traansform commerce in India through technology, at the same time boost Walmart’s commitment to sustained job creation and investment in India. Flipkart’ leadership team will be supported by Walmart, Tencent, Tiger Global, and Microsoft. It is to be noted that the remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp. However, the immediate focus will be on serving customers and growing the business. Walmart also said that it will support Flipkart’s ambition to transition into a publicly-listed, majority-owned subsidiary in the future. As of the fiscal year that ended March 31, Flipkart recorded GMV of $7.5 billion and net sales of $4.6 billion representing more than 50 percent year-over-year growth in both cases. Flipkart with this investment is aiming to leverage Walmart’s omni-channel retail expertise, grocery and general merchandise supply-chain knowledge and financial strength. Both the companies will maintain distinct brands and operating structures. Currently, Walmart India operates 21 Best Price ...
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