Walmart, Alphabet Acquiring Flipkart's Majority Stake To Take On Amazon In India
04 May, 2018, 13:52 | Author: Salvatore Jensen
Last year, there were rumours and speculations that Flipkart would buy Snapdeal, but the deal officially ended around mid-2017.
CEO Krishnamurthy is expected to continue in his role, but numerous reports have been pointing to the exit of one of the two founders, Sachin Bansal, who is now the executive chairman of the company. Sachin Bansal, 36 and Binny Bansal 35, who became friends as colleagues in Amazon had started Flipkart in 2007.
Meanwhile, the Times of Indiareported Friday that, when the Walmart (wmt) takeover takes place, Flipkart chairman Sachin Bansal will step down. Both Bansals began operations out of their Bengaluru apartment.
Sachin Bansal served as CEO of the company till 2016. Binny was later elevated to Group CEO. SoftBank invested in Flipkart a year ago through its investment arm SoftBank Vision Fund and held a little over 20% stake in the ecommerce major.
With Walmart hands going deeper into the local ecommerce unicorn, Flipkart has reportedly buyback shares from a set of existing investors for $350 Mn, to reclaim its status of a private company - Flipkart Pte Limited.
Mint reported on 2 May that Walmart, the world's largest retailer, is in final negotiations to buy a majority stake in Flipkart even as a rival combination of Flipkart and Amazon looks increasingly unlikely. "It also places Flipkart'svaluation at approximately $ 17.69 Bn", adds the media report.
The regulatory hurdles, however, may put a stop to Amazon's acquisition plans.
The acquisition of Flipkart has been a long-drawn out saga that has kept the Indian e-commerce space on edge, but it seems that a deal has finally been finalized. So Flipkart's investors will likely think twice about any such offer. However, Amazon's interference with the Walmart-Flipkart deal, which was close to being sealed according to insiders, does show the importance of gaining ground in India, a market expected to be worth 200 billion dollar (170 billion euros) a year within a decade.
Walmart's bid for Flipkart, which is also its biggest e-commerce bet anywhere globally, is likely to boost its online expansion in Asian markets. The buy-back brought about a clean exit of a significant portion of Flipkart's shareholders. The buzz is that the American company could bag four of the 10 seats on the board but the top management is not expected to change.
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