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.

MUST WATCH

Waqf Issue: JPC chair Jagdambika Pal to visit Hubballi, Vijayapura on November 7

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Shivamogga: Wild elephant dies due to electrocution form farm fence; Landowner detained

Folk singer Sharda Sinha’s condition critical, PM in direct contact with treating doctors

Weight loss could help one manage PCOS symptoms, study suggests

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