Flipkart is the 2nd largest e-commerce company in India. The two employees of Amazon.com Sachin and Binny Bansal quit there job to start their own e-commerce firm. Flipkart is now most successful e-commerce company in the country.
The things to know
On Wednesday, US retail giant Walmart has acquired 77% of Flipkart for $16 Billion. Amazon also tried to deal with Flipkart but the deal goes to Walmart.
According to Bloomberg Sachin Bansal will sell his entire stake to Walmart while Binny Bansal will sell part of his to the American retailer.
The remainder of the business will be held by existing shareholders, including Flipkart co-founder Binny Bansal, Tencent Holdings Limited, Tiger Global Management LLC and Microsoft Corp.
Doug McMillon, Walmart’s President and CEO said India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of eCommerce in the market.
Walmart additional invest $2 billion (nearly Rs 13,000 crore) as fresh equity into Flipkart.
The combined net worth of Alice, Jim, Rob, Lukas and Christy Walton is $146 billion, according to the Bloomberg ranking.