Co-Founder Sachin Bansal Quits Flipkart, Will "Brush Up Coding Skills"
10 May, 2018, 11:12 | Author: Sheri Evans
Unlike Amazon's investors who reward the company for diverting profits to win in new markets, Walmart's stock is significantly undervalued and they'd have to answer a lot more questions about their India investment considering Flipkart was still making losses, he added.
Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported.
Singapore's Allen & Gledhill, Dentons Rodyk & Davidson (an affiliate of Dentons in Singapore) and India's Khaitan & Co and Cyril Amarchand Mangaldas are also advising Flipkart on its deal with Walmart.
Flipkart will get additional capital and expertise to battle Amazon, which has spent billions of dollars to gain customers in the country. "However, to remain the number one player in India (Amazon coming a close second after just four years in India), they are looking to expand beyond smartphones and fashion".
Wal-Mart said in a statement that it will buy a 77 percent stake in Flipkart.
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The transaction will see Walmart take a 77 percent stake in Bengaluru-based Flipkart. Bansal is selling his 5.5 percent stake for about $1 billion, and will exit the company.
Such is the force & magnitude of this mega-deal worth $16 billion (Rs 1.04 lakh crore), that it changes everything for Indian e-commerce and digital sector. Walmart has been investing heavily in e-commerce, buying portals like Jet.com and online clothing retailers Bonobos and Modcloth much like Flipkart acquired Jabong and Myntra.
Only 14 per cent of its over 400 million Internet users shop online and the number is projected to rise to over 50 per cent by 2026.
"This is clearly an investment for the future, and... is indicative of Walmart's long standing strategy of shifting resources into higher growth potential markets", said Charlie O'Shea, lead retail analyst at Moody's.
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Surely, Flipkart can teach McMillon something about how to succeed in e-commerce market place in India and elsewhere.
Walmart said it plans to fund the India deal through a combination of newly-issued debt and cash on hand. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.
Analysts believe more than 500 million Indians will be online by the end of 2018 - Flipkart said that its delivery business, eKart, serves more than 800 Indian cities and makes some 500,000 deliveries every day.
Sachin Bansal, the group chairman of Flipkart who until even a few weeks ago was leading the negotiations with American suitor Walmart, has been left "very disappointed" by recent events that have left him on the sidelines as the company he cofounded a decade ago notched up its biggest milestone, according to people privy to developments.
Shareholders in the United States are complaining that Walmart has given up too much, in return for too little, by paying $16 billion for a website which a few years ago sold books online, and their founders delivered the books on their scooter.
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