According to sources, a jumbo deal between US retail giant, Walmart Inc., and Indian shopping portal, Flipkart has been finalized on Friday, 9th May 2018. The Arkansas-based firm said in a statement that the Walmart has bought 77% equity stakes for $16 billion (Rs 1,07,662 crore). However, both the retailers will operate as a separate brand.
With the finalization of this acquisition deal, Walmart has become the largest shareholder of Flipkart group. The U.S retail giant will now help to accelerate Flipkart’s aim to transform the e-commerce domain via digital technology.
Walmart said in a statement that the investment highlights a promise to continue further job opportunities and investment in India, which is among the world’s biggest and fastest-growing economies. As per the signed agreement, 33% of the equity stake will still be with Flipkart’s co-founder, Binny Bansal as well as Tencent Holdings Ltd, Tiger Global Management LLC (Institutional investors) and Microsoft Corporation.
Our focus will be on providing customers the best goods in order to increase the customer base; therefore, business growth, Walmart mentioned. This jumbo deal will also offer us a platform to join hands with the local leader in the growing market.
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Walmart CEO, Doug McMillon in an investors’ call, said that India will be a priority market due to the largest and fastest growing economy. However, we are also looking forward globally to meet the continuously growing needs of the customers. This deal will give a huge benefit to the country through the creation of skilled jobs and opportunities for small suppliers, farmers, and women entrepreneurs.
To this deal, Binny Bansal, co-founder, Flipkart said that this investment by the US retail company, Walmart will definitely fuel up the e-tailer’s mission to make its connection with the buyers and sellers stronger. I believe that the Walmart would surely be a perfect partner for the next level of our journey.