Walmart in talks to invest billions of dollars in India’s Flipkart
Bangalore — Walmart is in talks to pay several billion dollars for as much as 20% of India e-commerce leader Flipkart Online Services, according to a person familiar with the matter. The world’s biggest retailer would invest in Flipkart as part of a proposed deal that would increase the startup’s valuation to as much as $20bn, said the person, asking not to be identified because the matter is private. Flipkart’s valuation had been about $12bn, according to researcher CB Insights. The talks are at an advanced stage, but terms could still change and the deal may not be finalised, said the person. The e-commerce battle in India has intensified in the past year as global competitors have zeroed in on the country’s potential — and market leader Flipkart. Amazon.com founder Jeff Bezos has vowed to spend $5bn to gain ground in the country as e-commerce catches on, while China leader Alibaba has backed local upstart Paytm E-commerce in the fray. "Walmart will make Flipkart a stronger rival ...
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