Walmart to buy control of Flipkart

Virginia Carson
May 11, 2018

U.S. retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about United States dollars 16 billion in its biggest acquisition till date.

As US retailer Walmart acquired a majority stake in Flipkart, Sachin sold his 5.

The Walmart-Flipkart deal may become a blessing in disguise as almost hundreds of current and former employees of Indian e-commerce giant are set to turn into dollar millionaires overnight.

Walmart expects the deal to help set it up "for growth and profits in the future", CEO Doug McMillon said during a call with investors.

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Walmart will own about 77 percent of Flipkart, with the rest held by some existing shareholders, including co-founder Binny Bansal, Tencent Holdings, Tiger Global Management and Microsoft Corp.

Companies like Flipkart and Amazon operate as e-commerce marketplaces Ä a segment where 100 per cent foreign direct investment (FDI) is allowed. "The Flipkart story will always be an inspiring one, especially how the two friends created a company which has become one of the most valued start-ups in the Indian market", said Deepak, who founded Global Tech Promoters (GTP), an IT firm in Bhubaneswar soon after compeleting his college.

Local sourcing to help economy: CEO. Walmart announced yesterday its intention to acquire a 77% stake in the company. "These developments forced us to write this letter and and appraise you about various disruptions it will do to the market and violations of the law of the land, along with being unethical and against the national interests", Mahajan said. "Over the last 11 years, Flipkart has grown to be one of the most recognized brands and the No 1 e-commerce platform in India".

In 2017-18, Flipkart recorded gross merchandise value of $7.5 billion and net sales of $4.6 billion - a 50 per cent year-on-year growth.

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RSS affiliate Swadeshi Jagran Manch has alleged that USA retail giant Walmart was "circumventing" rules for a "back-door entry" into India with its U.S. $16 billion majority stake acquisition of Flipkart and sought Prime Minister Narendra Modi's intervention to safeguard "national interest". "Flipsters, you better continue to do a good job!"

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"Since the deal has a greater ramification on India's retail trade, a closer scrutiny is certainly warranted".

He also said that the mega deal is a ideal answer to those who were dismissive of Indian start-ups in an open-for-all market. Second important aspect is that the Owner can squeeze and dictate anything and as such being the virtual owner, the Walmart will always be in a position to dictate its terms and conditions.Thirdly, it is much more hard for the Govt to control & regulate foreign owned platforms particularly in e commerce sector which has no boundaries. McMillon has led Walmart's efforts to boost worldwide business. "It's an extension of the $500-billion Walmart's global expansion strategy", noted advisory firm Gartner director Adrian Lee in a statement.

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