“Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart“, said the co-founder and the group’s Chairman.
American retail giant Walmart inc picked up 77% stakes in Flipkart. The deal values the 11-year old Indian e-commerce firm at $20.8 billion.
This isn’t a straight-up deal because the US retailer is enlisting strategic allies as it takes its fight to Amazon in a big competitive market like India.
Online sellers on Flipkart are jittery because Walmart can wipe them off. Walmart has a reputation for killing small businesses with ultra-low prices.
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