Amazon offers to buy 60% stake in Flipkart, but Walmart still ahead

An Amazon India spokesperson said the company doesn't comment on rumours

American e-commerce major Amazon has formally entered the battle for Flipkart, a move that may slow down rival Walmart’s effort to buy a controlling stake in the Bengaluru-headquartered firm. Sources indicated that Amazon, which aggressively competes with Flipkart in the India market, has put in a matching bid along with a $2-billion breakaway fee. While a competing bid could possibly raise Flipkart’s valuation, thereby helping investors, Walmart  is learnt to be determined to strike a deal with India’s e-commerce poster boy.     

Amazon has offered to buy a 60 per cent stake in Flipkart. If the bid is accepted, the