Walmart acquires 77 per cent stake in Flipkart

​Bengaluru: Walmart Inc on Saturday announced its closing deal to buy 77% stake in Flipkart. The company has invested $2 billion new equity funding in the Indian e-commerce giant. Taking to Twitter, Walmart announced, “Walmart and @Flipkart announce completion of Walmart investment in Flipkart, India's leading Marketplace eCommerce platform.”

According to the statement, Flipkart’s existing management team will continue to lead the business. Tencent Holdings Limited and Tiger Global Management LLC will remain represented on the Flipkart board, in addition to independent board members, and will be joined by new members from Walmart. The board will work to maintain Flipkart’s core values and entrepreneurial spirit, while ensuring it has strategic and competitive advantages.

"Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart," said Judith McKenna, president and CEO of Walmart International.

"Our investment will benefit India by providing quality, affordable goods for customers, while creating new skilled jobs and opportunities for suppliers. As a company, we are transforming globally to make life even easier for customers, and we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in world."