in May. The Flipkart brand name will stay, and the offer includes $2 billion in fresh equity from Walmart to assist the e-commerce company grow.”Walmart and Flipkart will attain more together than each people could achieve separately to add to the economic growth of India, producing a strong regional business powered by Walmart,” said Judith McKenna, president and CEO of Walmart International.Walmart now has a 77 percent stake in Flipkart, with the remainder managed by existing financiers such as Tencent, Microsoft, co-founder Binny Bansal and Tiger Global. Walmart guaranteed to deal with nationwide efforts to create financial development in agriculture, food and retail as part of the deal.The deal should offer an increase for Flipkart, as Amazon has apparently reached rough parity with the company. It also increases Walmart’s existence in India, where it had 21 stores in 19 cities before the deal.Amazon has forecasted that India will be the business’s top market outside the United States within a decade.
Amazon has Flipkart boasts more than 100 million users, 100,000 sellers and 80 million products on its platform. The 11-year-old company reported$4.6 billion innet sales last year, according to Walmart, an increase of HALF over the previous year.