Walmart Invests $16 Billion in Flipkart

Flipkart Chart1

Now, post Flipkart-Walmart deal, eBay India is going on soliarry path of cross-border selling without Flipkart.

The acquisition of Flipkart is the latest in a series of deals by Walmart in recent years to help the company compete for customers with e-commerce industry leader Amazon.

A few months later, Kalyan Krishnamurthy, a senior executive from Flipkart's largest investor, Tiger Global, who was interim CFO at the e-commerce giant in 2013-14, came back as head of category design.

The remainder will be held by existing shareholders, including Flipkart co-founder Binny Bansal, China's Tencent Holdings, Tiger Global Management and Microsoft Corp, the company said.

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And Walmart has just provided a genuine multi-billion dollar exit to many of those investors, strengthening the case for even more investments in India's online commerce startup scene.

Closing is expected later this calendar year, subject to regulatory approval.

Swadeshi Jagran Manch (SJM) an affiliate of RSS said in a letter to the Prime Minister that that the American retailer is circumventing rules to make a back-door entry in India.

In 2017-18, Flipkart recorded Gross Merchandise Value of $7.5 billion and net sales of $4.6 billion, representing 50 per cent year-on-year growth.

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The world's largest retailer Walmart Inc on Thursday tried to assuage concerns around its $16 billion takeover of Flipkart, saying the deal is good for India as it will help create millions of jobs over time and help the economy through local sourcing of goods by the company. J.P. Morgan Securities LLC is acting as the lead financial advisor for Walmart, along with Barclays, with Hogan Lovells, Shardul Amarchand Mangaldas & Co. and Gibson, Dunn & Crutcher LLP as outside counsel to Walmart. Walmart is keen on gaining market share in India, where Flipkart claims to have 100 million users signed up to its platform.

Flipkart is leading in the fashion segment through the acquisition of Myntra, Jabong and eBay (Indian wing), the online fashion portals. Youngsters from Odisha were also looking up to the Flipkart founders - Sachin Bansal and Binny Bansal and their story, which according to them a "successful" one.

Sources say that Sachin does not agree with Walmart's proposed strategy and operating structure after the deal is over.

"We are actively working to shape the portfolio of geographies and businesses we're in, in order to set the company up for success for another generation", Walmart CEO Doug McMillon said in a conference call Wednesday. Last year, however, the company's valuation dropped to about $12 billion, and the duo lost their billionaire status. This would completely destroy India's retail trade that employs more than four crore people directly. "These developments forced us to write this letter and and appraise you about various disruptions it will do to the market and violations of the law of the land, along with being unethical and against the national interests", Mahajan said.

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