India’s Flipkart may sell to Walmart rather than Amazon in $20bn deal
Bangalore — Walmart looks likely to take the next round in the battle for India’s retail market over rival Amazon. Flipkart Online Services, India’s leading e-commerce company, is leaning towards selling a controlling stake to Walmart, rather than Amazon, because of the greater certainty in such a deal, according to people familiar with the matter. Both US companies are bidding for a controlling stake in Flipkart at a valuation of about $20bn, said the people, asking not to be identified because the matter is private. Flipkart’s board recently met to discuss the competing proposals and thinks Walmart could close a deal more quickly and smoothly, the people said. Walmart faces fewer regulatory hurdles because it has no online retail presence in the country now, while Amazon is the second-largest e-commerce player and Flipkart’s primary rival. Flipkart founders Sachin and Binny Bansal also favour Walmart because they would continue to help lead the business and the US company’s execut...
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