Walmart-Flipkart Deal

US retail giant Walmart has increased its stake in Indian e-commerce subsidiary Flipkart as it paid USD 3.5 billion (around Rs 28,953 crore) to acquire shares from its non-controlling interest holders in six months to July 31, 2023. Additionally, during the six months ended July 31, 2023, the company received USD 700 million related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, said the Bentonville-based retailer in a US Securities & Exchange Commission (US SEC) filing. "During the six months ended July 31, 2023, the company paid USD 3.5 billion to acquire shares from certain Flipkart noncontrolling interest holders and settle the liability to former noncontrolling interest holders of PhonePe," said Walmart filing. After this, Walmart's total holding in the Indian e-commerce player Flipkart would increase to 80.5 per cent, some reports said. Walmart has bought a stake from hedge fund Tiger Global and Accel Partners. Besides, the US retail ...

US retail giant Walmart has increased its stake in Indian e-commerce subsidiary Flipkart as it paid USD 3.5 billion (around Rs 28,953 crore) to acquire shares from its non-controlling interest holders in six months to July 31, 2023. Additionally, during the six months ended July 31, 2023, the company received USD 700 million related to new rounds of equity funding for the company's majority-owned PhonePe subsidiary, said the Bentonville-based retailer in a US Securities & Exchange Commission (US SEC) filing. "During the six months ended July 31, 2023, the company paid USD 3.5 billion to acquire shares from certain Flipkart noncontrolling interest holders and settle the liability to former noncontrolling interest holders of PhonePe," said Walmart filing. After this, Walmart's total holding in the Indian e-commerce player Flipkart would increase to 80.5 per cent, some reports said. Walmart has bought a stake from hedge fund Tiger Global and Accel Partners. Besides, the US retail ...

Flipkart co-founder Binny Bansal, Accel and Tiger Global Management have fully exited the e-commerce firm by selling their stakes to Walmart

PhonePe has a formidable market presence in the Indian digital payments space. The app leverages the Unified Payments Interface (UPI) like its other peers

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The Flipkart Group said it closed the additional $1.2 billion equity round to support the continued development of its e-commerce marketplace as India emerges from the Covid-19 crisis

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AAR is a legally constituted body whose ruling is binding on the applicant as well as government authorities

Its Flipkart unit plans to unveil the service in coming months

PhonePe has grown into one of India's leading digital payments companies

The company plans to go for major expansion in the grocery space over the next few months

A recent report by Morgan Stanley had hinted that Walmart may quit Flipkart as the new FDI policy came into effect, which would lower its profitability in the long run

However, the bench said: "It will be open to the parties to file short written submission, not more than three pages, by January 29, 2019."

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As many as 44 shareholders of Flipkart, including significant ones like SoftBank, Naspers, venture fund Accel Partners and eBay, sold their holdings to Walmart

Walmart is targeting to revamp Flipkart's functions by the third quarter of the next financial year, to be able to make a point to its shareholders

Walmart has already deposited Rs 74.39 billion in tax for buying out 44 foreign shareholders' stake in Flipkart

Binny Bansal's exit from Flipkart may or may not have a deeper story but it definitely has thrown up questions and some answers too

Walmart also expects a lower growth rate of 35 per cent for its online business in the financial year 2020

In December last year, Flipkart had bought back ESOPs worth over $100 million from over 3,000 current and former employees