Reference Text
Time Left10:00
US-based
retail
giant
Walmart
Inc
on
Saturday
said
it
has
completed
deal
with
Flipkart
and
now
holds
77
per
cent
stake
in
the
Indian
e-commerce
major.
Besides,
the
Bentonville
giant's
investment
includes
$2
billion
of
new
equity
funding
to
help
accelerate
the
growth
of
the
Flipkart
business.
«With
the
completion
of
the
investment,
Walmart
now
holds
approximately
77
percent
of
Flipkart.
The
remainder
of
the
business
is
held
by
other
shareholders,
including
Flipkart
co-founder
Binny
Bansal,
Tencent,
Tiger
Global
and
Microsoft
Corp,»
a
statement
said
today.
Moving
forward,
Flipkart's
financials
will
be
reported
as
part
of
Walmart's
International
business
segment,
it
added.
investment
includes
$
billion
of
new
equity
funding
to
help
accelerate
the
growth
of
the
Flipkart
business.
Both
companies
will
retain
their
unique
brands
and
operating
structures
in
India,>
the
statement
noted.
[Our
investment
will
benefit
India
by
providing
quality,
affordable
goods
for
customers,
while
creating
new
skilled
jobs
and
opportunities
for
suppliers...
we
are
delighted
to
learn
from,
contribute
to
and
work
with
Flipkart
to
grow
in
India,
one
of
the
fastest-growing
and
most
attractive
retail
markets
in
world,]
Judith
McKenna,
president
and
CEO
of
Walmart
International,
said.
Binny
Bansal,
Flipkart
co-founder
and
group
chief
executive
officer,
said
by
combining
Walmart's
omni-channel
retail
expertise,
supply-chain
knowledge
and
financial
strength
with
Flipkart's
talent,
technology
and
local
insights,
we
are
confident
that
together
we
can
drive
the
next
wave
of
retail
in
India}.
Flipkart’s
existing
management
team
will
continue
to
lead
the
business.
Tencent
Holdings
Limited
and
Tiger
Global
Management
LLC
will
remain
represented
on
the
Flipkart
board,
in
addition
to
independent
board
members,
and
will
be
joined
by
new
members
from
Walmart.
The
board
will
work
to
maintain
Flipkart’s
core
values
and
entrepreneurial
spirit,
while
ensuring
it
has
strategic
and
competitive
advantages.
Founded
in
2007,
Flipkart
has
led
India’s
eCommerce
revolution.
The
company
has
grown
rapidly
and
earned
customer
trust,
leveraging
a
powerful
technology
foundation,
including
artificial
intelligence,
and
emerging
as
a
leader
in
electronics,
large
appliances,
mobile
and
fashion
and
apparel.
In
a
market
where
Walmart
expects
eCommerce
to
grow
at
four
times
the
rate
of
overall
retail,
and
with
well-known
platforms
such
as
Myntra,
Jabong
and
PhonePe,
Flipkart
is
uniquely
positioned
to
leverage
its
integrated
ecosystem,
which
is
defined
by
localized
service,
deep
insights
into
Indian
customers
and
a
best-in-class
supply
chain.
Flipkart’s
supply
chain
arm,
eKart,
serves
more
than
800
cities,
making
500,000
deliveries
daily.
In
the
fiscal
year
ended
31
March,
Flipkart
recorded
GMV
of
$7.5
billion1
and
net
sales
of
$4.6
billion
representing
more
than
50
percent
year-over-year
growth
in
both
cases.
With
the
investment,
Flipkart
will
leverage
Walmart’s
omni-channel
retail
expertise,
grocery
and
general
merchandise
supply-chain
knowledge
and
financial
strength,
while