Walmart buys controlling stake in Flipkart for $16 billion

Walmart Inc has agreed to pay $16 billion for a roughly 77% stake in Indian online shopping site Flipkart, the US retailer’s biggest foreign investment ever as it battles rival Amazon.com Inc in one of the world’s biggest emerging markets.

The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said in a statement on Wednesday May 09,2018

Flipkart co-founder Sachin Bansal to exit company by selling his 5.5% stake to Walmart.

Walmart CEO Doug McMillon with Flipkart Co-Founder and CEO Binny Bansal