History
2023: Walmart buys stake in Flipkart for $3.5 billion
On September 1, 2023, the American corporation Walmart announced the acquisition of a stake in India Internet the largest Marketplace. During February-July 2023, approximately $3.5 billion was spent for these purposes, as stated in documents released by the Securities and Exchange Commission (USA SEC).
In particular, Walmart bought out Tiger Global's hedge fund stake in Flipkart for $1.4 billion. In addition, stakes were acquired from Accel Partners and Binny Bansal, co-founder of Flipkart.
 | During the six months ended July 31, 2023, Walmart paid $3.5 billion to acquire stakes from some holders of non-controlling Flipkart shares, and also settled obligations to former PhonePe shareholders, according to disclosed documents. |  |
In 2018, Walmart bought a 77 percent stake in Flipkart for $16 billion, the largest deal in the history of the American retailer. Walmart's involvement in the Flipkart platform later declined to about 75%. Deals made during 2023 brought the stake to 80.5%. In addition, Walmart owns a controlling stake in PhonePe.
| | Both of our businesses in India, Flipkart and PhonePe, have strong positions. Much of this is driven by the combination of value and convenience we can offer to local consumers, "said Walmart International President and CEO Judith McKenna. | |
Analysts at Baron Capital say India has become a key battleground for global companies looking to find "the next billion customers." This country offers the most attractive long-term perspective in terms of investment.[1]
Notes
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