Walmart finalised its investment in Indian online marketplace Flipkart earlier this month. It is now the largest shareholder with a 77 per cent stake and will leverage its holding to help it compete with Amazon in this fast-growing market. Its investment includes $2 billion of new equity funding. Flipkart’s existing management team will continue to direct the business with Tencent Holdings and Tiger Global Management continuing to be represented on the Flipkart board, joined by new members from Walmart.
Judith McKenna, president and CEO of Walmart said: “Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart.”
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