Deliver Flipkart on Sunday 1st
Walmart: Flipkart takeover closed
Walmart has completed the $ 16 billion acquisition of Flipkart. The US retailer now holds 77 percent of the Indian e-commerce company. For Walmart, that's an important win over Amazon.
Walmart's acquisition of Flipkart is complete. The US retailer announced this over the weekend. Walmart paid $ 16 billion for a 77 percent stake in the Indian e-commerce company. Now you have received the necessary approval from the authorities. Walmart is hoping for a lot from the takeover: The investment shows “long-term interest in India” and is intended to “release new synergies, including market insights, expertise in retail and knowledge of local and global supply chains,” explains the US company.
Judith McKenna, President and CEO of Walmart International, emphasizes that together we will achieve more that cannot be achieved alone in order to contribute to economic growth in India. “Our investment will benefit India by providing quality and affordable products to customers while creating new jobs and opportunities for suppliers.” They look forward to “learning from Flipkart, contributing and working together to grow in India”.
Walmart wants to make further investments
The takeover of Flipkart will help Walmart to become more involved in the booming growth market. The US company wants to continue to enter into partnerships to achieve sustainable economic growth in the areas of agriculture, food and trade. National initiatives are to be strengthened through future investments, and smaller companies are also to be strengthened and food waste is to be reduced, explains Walmart.
In the meantime, Flipkart is to remain under the direction of the previous management. Tencent Holdings Limited and Tiger Global Management will continue to be represented on the board, as will independent members. In addition, there are now new board members from Walmart. "The board of directors will work to maintain Flipkart's core values and entrepreneurial spirit while ensuring strategic and competitive advantages," said Walmart.
With the takeover of Flipkart, Walmart has beaten its big rival Amazon in the battle for the Indian market for the time being. The group led by Jeff Bezos had also participated in the bidding competition for the Indian e-commerce provider (we reported). The Indian e-commerce market is considered to be one of the markets with the greatest growth potential. Flipkart is one of the largest online companies in the market and should now help Walmart strengthen its position in the country.
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