Walmart set to clinch $7 billion Flipkart deal in India push.
In a major India push, Bentonville, Arkansas-based retail giant Walmart Inc. is in discussions to spend at least $7 billion to become the largest investor in India’s leading e-commerce company, Flipkart. This move will put Walmart in competition with Amazon.com Inc. is one of the most promising online retail markets.
Walmart plans to buy about a third of Flipkart Online Services Pvt, in part by purchasing stakes from Tiger Global Management and SoftBank Group Corp.
The deal may push the valuation of Flipkart to about $20 billion up from $12 billion last year. The talks are at a critical stage and may wrap up this month.
If completed, the deal would give Walmart a major stake in an emerging e-commerce market of 1.3 billion people.