Flipkart acquired by American giant company
- IndiaGlitz, [Wednesday,May 09 2018]
Flipkart the popular ecommerce business has been acquired by American giant Walmart who got the majority 77 percent stake paying up 16 billion US dollars and valued at 20 billion making this the largest buyout. What this means is that famed Walmart vs Amazon war in the US would be carried on in India as well from now. Already there is fierce competiion between Flipkart and Amazon here as well especially in the mobile phone launches and discount sales.
Flipkart was founded in 2007 by Bengaluru based Sachin Bansal and Binny Bansal and has grown in leaps and bounds and also owns subsidaries Jabong.com, E-Bay (India), Myntra, PhonePe, Ekart and Jeeves.co.in. Walmart the largest company in the world has been trying to foray into India for several years and the buyout of Flipkart is a huge move in that direction.