The entry of Facebook into the Indian retail market through an investment into Jio Platforms is “not surprising,” Brett Biggs, CFO of Walmart, said in the 36th Annual Bernstein Strategic Decisions Conference on Wednesday. Biggs said that the Indian market is “competitive” and that the country with a population of 1.3 billion people is “going to attract a lot of investment.” In April, Reliance Industries said that the Facebook would... Read More
Retail giant Walmart may exit Flipkart after India's new Foreign Direct Investment (FDI) norms for e-commerce companies came into force, US investment banker, Morgan Stanley has warned. "An exit is likely, not completely out of the question, with the Indian e-commerce market becoming more complicated," the report by Morgan Stanley said late Monday. According to the report, Walmart-Flipkart saga might turn out similar to what happened with Amazon in China... Read More
Walmart, the US-based retail giant today announced that it has successfully completed the deal to acquire Flipkart for USD 16 billion. Since the transaction is now complete, Walmart now holds a 77% stake in the Indian e-commerce major. Walmart's investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business. For the unaware, the Flipkart-Walmart deal was announced in May this year, and... Read More
Numerous reports in recent times stated that Walmart is looking to buy a majority stake in India's leading e-commerce portal Flipkart. Today, a new report published by Bloomberg cites that Walmart is close to finalising the deal of acquiring a major stake in Flipkart for at least $12 billion. The necessary agreements for the same will be completed in the next two weeks, as per the people familiar with the... Read More
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