US retail giant Walmart lost $1.4 billion in competition with Amazon. Walmart is paying $1.4 billion for a 4% stake in Indian e-commerce company Flipkart, which is held by investment firm Tiger Global. “We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested,” said a Walmart spokesperson.
$ 1.4 billion investment in e-commerce from retail giant Walmart, which has branches in many states of the USA.
Walmart, which currently owns a majority stake in Indian e-commerce company Flipkart, is paying $1.4 billion to buy the 4% stake in Flipkart held by American investment firm Tiger Global. With this acquisition, the retail giant has further increased its weight in the Indian e-commerce venture. Flipkart is the only Indian startup in which Tiger Global has invested more than $1 billion.
“We remain confident in the future of Flipkart and are even more positive about the opportunity in India today than when we first invested,” a Walmart spokesperson said.
The US investment giant, one of Flipkart’s earliest investors, has transferred more than $6 billion in total to Indian startups. Tiger Global’s investment in Flipkart has strengthened the Indian entrepreneurial community and put the South Asian country’s ecosystem on the world map. Walmart had a 72 percent stake in the company as of last year.