Walmart Inc., an American multinational retail corporation, has made its move to India as it’s reported by the Wall Street Journal on Sunday (July 30, 2023) that the company has purchased a major stake in Flipkart, one of India’s most popular e-commerce firms. It is also reported that the brand has made a payment of $1.4 billion to buy out hedge fund Tiger Global’s investment in an e-commerce firm.
It is concluded that the value of the e-Commerce platform, Flipkart has come to $35 billion from approximately $38 billion.
During the initial days of 2023, the Times of India reported that the two early backers of Flipkart, Accel and Tiger Global, were in deep discussion to sell their remaining stake in the company to Walmart.
Moreover, according to the exclusive report by Economic Times, Tiger Global held about 4% of the company. Whereas Walmart acquired a majority stake of 77% in Flipkart ($16 billion) in 2018, which made it the biggest investor and shareholder of the same. Later that year, it said it could take the company public in four years.
