In a deal that will escalate the competition to newer heights in India, third largest economy in Asia, Walmart is eyeing to buy 40 percentage of Flipkart shares thus giving a direct competition to Amazon.com In in Asia. The US giant is expected to make move on the next week itself, as per the sources.
If the deal happens, then Flipkart will be valued more than $12 billion. This move will strengthen Flipkart’s fight against Amazon which is going to invest 5 billion US dollars in the Indian market to expand their market share including into online grocery deliveries.
Also, read: Flipkart’s Republic day sale: Massive 23,000 rupees discount for Google Pixel 2
The move will also enable Walmart to take on Amazon in a business which is expected to grow 200 billion US dollars in a decade. Wallmart though many a time tried to enter Indian market was not able to do so amid many restrictions.
Existing investors in the Bengaluru-headquartered Flipkart also include U.S. hedge fund Tiger Global Management, China’s Tencent Holdings Ltd, online marketplace eBay Inc and software giant Microsoft Corp.
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