The rest of Flipkart’s shares will be remain in the hands of Microsoft, Tiger Global Management, Tencent Holdings and Flipkart’s co-founder Binny Bansal, according to CSA.
The acquisition will greatly expand Walmart’s reach in one of the globe’s biggest retail markets. Walmart officials said they expect India’s online commerce to grow four times faster than the overall retail industry and Morgan Stanley has estimated that India’s e-commerce market will be worth $200 billion by 2026.
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The deal also gives Walmart more ammunition against Amazon, which has targeted India for expansion in recent years, CSA reports.
Walmart’s business in India had previously been focused on small businesses. The company, based in Bentonville, Arkansas, opened its first wholesale outlets in India in 2009, but Indian law prevents it from selling products directly to people, the AP reports.
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