The retail giant Walmart recently completed a mammoth deal when it purchased Flipkart for a whopping 16 billion dollars. The e-commerce company from India sold 77 percent of their company to Walmart. This deal will help the large retailer better compete with Amazon in the online faction of the industry. Walmart says they plan to focus on helping smaller businesses, the reduction of food waste, creating many additional new job opportunities, and it will also help farmers.
Key Takeaways:
- Over the weekend, Walmart invested $16 billion in Indian company Flipkart, making Walmart the majority owner of the e-commerce company.
- The Flipkart deal was initially announced in May and is now final, strengthening Walmart?s rivalry with Amazon.
- According to COO Judith McKenna, Flipkart has a problem-solving culture and are doing great work with their payment platform through PhonePe.
“Flipkart?s business could also get a whole lot more transparent since its quarterly results will be reported as part of Walmart?s earnings.”
Read more: https://techcrunch.com/2018/08/20/walmart-flipkart-deal-done/