Reports Indicate Walmart is Ready to Acquire Flipkart

CAIT demands govt scrutiny of Walmart-Flipkart merger deal

In India, Flipkart is the largest e-commerce followed by the Amazon.

Crown for Indian e-commerce market would now be fought between old local foes - Amazon and Walmart. Walmart is reportedly partnering tech giant Google for the investment, pitting itself directly against rival American firm Amazon in the race to conquer the e-commerce space in the world's second-most populous country.

Amazon was too on the list of potential buyers and offered a deal for Flipkart. Son's Vision Fund paid $2.5 billion for the stake in the Singapore registered firm that primarily operates in the Indian e-commerce market.

Also voicing a strong objection to the proposed Walmart-Flipkart deal is the RSS-affiliated trade body Swadeshi Jagran Manch (SJM).

Reports suggest that Walmart will get three board seats at Flipkart in lieu of its investment and will also have a say in the appointments of the group's finance, legal and compliance heads.

Flipkart, Amazon and Walmart have all repeatedly declined to comment on the talks.


Japan's SoftBank Group Corp and Tiger Global Management are said to be selling nearly all of their about 20 per cent stake each in Flipkart.

SJM national convenor Ashwani Mahajan told The Wire that he is going to write to Prime Minister Narendra Modi and Commerce Minister Suresh Prabhu to demand that approval should not be given to the Walmart-Flipkart deal as FDI is not allowed in retail. After Walmart's acquisition comes through, Binny Bansal will stay on as the group CEO and also be given the title of executive chairman. Citing sources, the report added that these investors might have the option of selling their stake to the brick-and-mortar behemoth at a later date at the same valuation as the current deal on the table. On its part, Walmart will signal that it is retaining the Indian management led by co-founder Binny Bansal, apart from investing in creating back-end infrastructure to boost the country's farm sector.

Japan's SoftBank team, which possesses roughly a fifth of Flipkart during its eyesight Fund, is predicted to totally depart, Reuters has previously reported.

- Early investors New York-based hedge fund Tiger Global and US private-equity firm Accel Partners will sell a majority of their stakes, Reuters reported on Tuesday.

The company was founded in 2007 in Bengaluru by Sachin Bansal and Binny Bansal.

On Monday, the ToI reported quoting sources that Walmart is ready to rope in more investors over the next few years, while keeping India's biggest ecommerce company's operations in line with its India game plan.

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