Walmart buys Flipkart for $16 billion in biggest ever e-commerce deal

Walmart buys Flipkart for $16 billion after months of speculation early announcement by Softbank CEO Masayoshi Son. Following the deal with US-based retail giant Walmart, Flipkart Co-founder Sachin Bansal will be leaving the flipkart and selling his entire 5.5% stake to walmart. Walmart will own 77 per cent stake in Flipkart, deal values the 11-year old Indian e-commerce firm at $20.8 billion. Flipkart co-founder Binny Bansal and Tencent and Tiger Global will also keep their seats on the Flipkart board.

Read More at indiatoday.in

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