US retail giant Walmart will buy a majority stake in India’s largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm. Also Read - Infinix Smart 5A launched in India with a competitive introductory price: Details here
“Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America’s Walmart,” said SoftBank CEO Masayoshi Son, whose firm owns a 20 per cent stake in Flipkart. Also Read - Massive discount on Samsung Galaxy F12: Budget Samsung phone now under Rs 10,000
Walmart Inc and Flipkart are set to announce the mega deal which will see the US-retailer picking up significant majority stake in the Indian e-commerce major for close to USD 15 billion, sources said. The announcement is expected late afternoon today, the source said. Also Read - Flipkart Big Saving Days sale from Aug 6 to Aug 10: Details here
The deal will see some of the biggest investors in Flipkart offloading their holding in the country’s largest e-commerce company. Japan’s SoftBank Group Corp and Tiger Global Management are said to be selling almost all of their about 20 per cent stake each in Flipkart.
If all goes well, Walmart will likely end up with 60-80 per cent of Flipkart, valuing the company at upwards of USD 20 billion, the sources said.