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Retail king Kishore Biyani eyes selling 10% stake to Amazon or Walmart

11 May, 2018, 04:00 | Author: Rafael Roberts
  • SoftBank CEO Masayoshi Son Says Walmart is purchasing Flipkart

The purchase, which is also the largest acquisition in Walmart's history, is still subject to regulatory approval in India.

U.S. retail behemoth Walmart said Wednesday it will buy a 77 percent stake in Indian online sales giant Flipkart for $16 billion in the world's biggest e-commerce deal.

E-commerce sales in India hit $21 billion (roughly Rs. 1.41 lakh crores) past year according to market research company Forrester, and are expected to soar as its population of 1.25 billion people make greater use of internet access. The $16 billion deal will see only $2 billion fresh inflow into the company. Both companies were also in discussions with potential new investors and these, if successfully recruited, could lower Walmart's shares in the company, though it would retain clear majority ownership. Forrester expects the online retail market in India to reach $73 bn by 2022 from $20 bn in 2017. There was little doubt that this was a hail Mary pass for Walmart in India - it needed to find a growth engine and tapping into the world's fastest growing middle class is as good as it gets. At that point, Meena wrote that Amazon was closing the gap with Flipkart to become the single-largest online retailer in India in terms of sales. Flipkart will maintain a separate brand and operating structure, the companies said. It has repeatedly stumbled in its e-commerce efforts in the United States, even as Amazon has become a juggernaut responsible for almost half of that country's online sales. S&P Global Ratings changed its outlook on Walmart to negative. This can only mean that the discount wars in India's e-commerce are set to play out with greater ferocity.

The SJM's letter to the prime minister, asking him to ensure that interest of those at the bottom of the pyramid in retail and agriculture space are safeguarded, came on a day Walmart Inc acquired 77 per cent stake in Flipkart.

"But the overall question of customer experience will be the key factor", Meena said. Walmart, which operates stores under various banners in 27 countries outside the USA, has faced strong headwinds in its outward expansion. But local regulations on foreign retailers hampered plans for Walmart's massive expansion. Flipkart co-founder Binny Bansal and other shareholders will hold the remainder.

USA retail giant acquires stake at $21 billion valuation; Sachin Bansal exits. The whole operation involves 100,000 sellers and 8 million shipments a month.

The world's largest retailer confirmed after days of media reports that it will acquire 77% of Flipkart, with that company's co-founder Binny Bansal and other investors keeping the rest.

Walmart buyout could be the best thing that can happen to Flipkart. "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart". "This investment aligns with our strategy and our goal is to contribute to India's success story, as we grow our business". Sachin Bansal announced about his exit on his official Facebook post.

"The family is looking at the India business as a future growth engine for Asia-Pacific", said the person cited above.


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