The retail giant Walmart acquired about 77% of the Flipkart e-commerce company on Saturday. According to a statement, Walmart now holds about 77% of Flipkart, with the remainder owned by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp.
The Bentonville giant’s investment includes $2 billion in new equity financings to accelerate the growth of the Flipkart business. The mega-market, announced last May, is the largest to date in the Indian space. It is also Walmart’s largest acquisition and will help it compete more aggressively with its US rival Amazon.
“With the completion of the investment, Walmart now holds approximately 77% of Flipkart, with the rest of the business being owned by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp”.
“Our investment will benefit India by providing quality products at an affordable price to customers while creating new skilled jobs and opportunities for suppliers. As a company, we are transforming life even further by working with Flipkart to grow in India, one of the most attractive and dynamic retail markets in the world.”