Flipkart Approves 75% share to Walmart at $20 Billion Valuation

04 May, 2018, 13:53 | Author: Sheri Evans
  • Amazon looking to outbid Walmart in Flipkart deal

There is also buzz that Flipkart rival, Amazon, has made a formal bid, priced slightly higher than Walmart along with a breakup fee of $2 billion, to buy majority stake in the Indian e-commerce company founded by Sachin Bansal and Binny Bansal.

Walmart likely to purchase 73% stake in Flipkart, making it the largest acquisition deal for the company.

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Walmart is gearing up to buy Flipkart in a $14.6-$16 billion deal, according to a recent report. The procedure was a step toward converting Flipkart to a private company from a Singapore-incorporated one, Paper.vc, India's private market intelligence platform, reported. Its entry could also significantly shake up things for Flipkart's board. Additionally, Walmart has stated that it intends to sell shares in the company in the form of an IPO in three years. The cash component is expected to be close to 55% with the exit of some of the large investors including SoftBank. Pictured, the Flipkart headquarters in Bengaluru, India, July 7, 2017. The report added that the deal offered by the Jeff Bezos-run company proposed to merge Flipkart entirely with its Indian arm and sought a non-compete agreement with Flipkart's founders for 1-2 years. SoftBank and Tiger Global are the two largest investors in Flipkart, with the likes of Naspers, Accel Partners, and DST Global being the other key shareholders. His co-founder, Binny Bansal (no relation) would stay on-according to this report, Walmart only wants one of the co-founders to hang around. Krishnamurthy, who took over as CEO from Binny in January last year, is seen to have turned around the e-commerce major after two sluggish years when it ceded market share to Amazon under the leadership of Sachin. "Walmart has to make sure it buys off his shares, which is what is being worked out", a source told the newspaper. Walmart is going big on farm to home. Flipkart had then announced that it had cash in excess of Dollars 4 billion on its balance sheet.

India is a fast-growing e-commerce market, now worth $27 billion and forecast to grow at 29.2 percent over the next four years, reaching $73 billion by 2022. It is already the most valuable startup in India.

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Amazon was on Thursday reported to have made a counter-offer for a 60% stake in Flipkart. Amazon is out of the running unless Walmart hits unforeseen trouble.

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