Walmart buys 77% stake in Flipkart for $16 bn

Team Udayavani, May 9, 2018, 4:59 PM IST

New Delhi: US retailer Walmart Inc today acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date.

The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.

Bentonville, Arkansas-based Walmart will acquire about 77 per cent stake in Flipkart, Walmart said in a statement.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal.

Sachin and Binny, who are not related and formerly worked for Amazon.com Inc, like their US rival began by selling books when they founded Flipkart.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Related Articles More

Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

Baku climate talks: The ‘X’ factor that could determine future of Global South

Kidnapped for ransom in 1998, 26/11 survivor Gautam Adani faces biggest trial

Gautam Adani charged in US with USD 250 mn bribery, fraud

India’s GDP growth likely to slip at 6.5 pc, maintains 7 pc estimate for FY25: Icra

Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points

UP: 25 people booked for attacking civic officials for encroachment removal

SC transfers cheating case against choreographer Remo D’Souza to Delhi court

Fishing vessel collides with naval platform off Goa coast; 2 fishermen missing

BGT Day 1: Bumrah leads India’s spectacular bowling comeback after batting no-show

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.