U.S. retail giant Walmart Inc. on Saturday said it had completed the deal with Flipkart and now holds 77% stake in the Indian e-commerce major.
Walmart’s investment includes $2 billion in new equity funding to help accelerate the growth of the Flipkart business.
“With the completion of the investment, Walmart now holds approximately 77% of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft,” Walmart said in a statement. Flipkart’s financials will be reported as part of Walmart’s International business segment.
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