Walmart reportedly agreed to buy Flipkart, India’s largest online store

May09

by Sindy Cator on May 9, 2018 at 9:20 am

Reuters reports that Japanese conglomerate SoftBank’s CEO Masayoshi Son has confirmed that Flipkart – India’s largest online store – will be acquired by Walmart. According to FactorDaily, the US-based retail giant is buying SoftBank’s one-fourth stake in Flipkart for between $4 billion and $4.5 billion. In addition, it will grab a 71.06 percent stake for $15 billion. Alphabet, Google’s parent company, will also grab 5 percent of Flipkart’s shares. That brings Flipkart’s valuation to roughly $21 billion, and makes this deal the biggest acquisition in ecommerce history worldwide. It makes sense for Walmart to take an interest in India’s burgeoning…