Walmart Inc bags 77% stake in Flipkart

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US retail giant Walmart has inked a definitive agreement with retail e-commerce giant Flipkart with an investment deal of around $16 billion.

This is so far one of the largest deal in the history of the online retail industry globally.

Flipkart is India largest e-commerce platform with over 175 million registered users, the firm ships 17 million products every month and offers products in 80 wide categories.

Flipkart recently witnessed a number of significant exits. Sachin Bansal sold his entire 5.96 per cent stake worth $ 1.23 billion in Flipkart and parted ways from the brand. He founded the brand in 2007 in association with a friend from IIT, Binny Bansal.

In addition to this, SoftBank, the largest investor in the brand also exited the brand.

Other investors namely, Naspers, IDG and other major investors of Flipkart will also exit the firm.

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