Big news for Indian e-commerce market as Flipkart has approved a deal to sell its 75 percent stakes to a group led by Walmart Inc. The deal has been approved at $15 billion according to a report revealed by Bloomberg.
SoftBank was holding this deal and has approved to sell its 20 percent stake in this deal. Big names like Google’s parent company Alphabet and Amazon were interested in acquiring Flipkart’s stake too.
The final close of this deal is expected within 10 days, as the terms and conditions could still change which gives an idea that the deal isn’t certain, according to Bloomberg.
Flipkart and Alphabet did not respond to comment about this approval. Also, Walmart and SoftBank have declined to reveal anything about the deal.
Also Read: Amazon Counters Walmart With A New Offer To Buy 60% Stake In Flipkart
Earlier CNBC-TV18 reported that Amazon has offered to buy 60 percent stake in Flipkart which and Alphabet is trying to invest some money along with Walmart to acquire Flipkart. Reports are also coming that Walmart’s entry to Flipkart will see the exit of its CEO Sachin Bansal as he may look to start again and also mentor other entrepreneurs in the same industry.
Note that Walmart entered Indian market back in the year 2007 through a joint venture with Bharti Enterprises and even after closing the venture in 2013, it still holds 21 wholesale supermarkets in the country.
Next few days will change the Indian e-commerce industry surely as Flipkart is the most trusted online portal in our country to buy products.
