Walmart expands in India with 77% equity stakes in Flipkart
New Delhi : The world's largest retailer, Walmart Inc, on Wednesday announced it was buying 77 per cent equity stake in India's e-tail major Flipkart for $16 billion.
"Subject to regulatory approval in India, Walmart will pay $16 billion for an initial stake of 77 percent in Flipkart," the Kansas-based company said in a statement from the US.
Flipkart co-founder Sachin Bansal would also resign from his post after the deal. Japan's SoftBank, an investor, will also exit the company by selling its entire 20 per cent stake in Flipkart.
India's first billion-dollar e-commerce company, Flipkart, sells 8 million products across 80-plus categories. It has 100 million registered users.