Walmart (NYSE:WMT) completes its investment to become the largest shareholder in Flipkart with a 77% stake. Walmart’s investment includes $2B of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their unique brands and operating structures in India
The company says the Flipkart investment transforms its position in a country with more than 1.3B people, strong GDP growth, a growing middle class and significant runway for smartphone, internet and e-commerce penetration.
Flipkart’s existing management team will continue to lead the business. Tencent Holdings and Tiger Global Management will remain represented on the Flipkart board, which will includes reps from Walmart.
Moving forward, Flipkart’s financials will be reported as part of Walmart’s International business segment.
Source: Press Release