Wal-Mart Considering Investment In Flipkart by PitchBook
Walmart (NYSE: WMT) is pondering an investment in Indian ecommerce company Flipkart, reports The Wall Street Journal. If a deal comes to pass, Walmart would gain a pathway into the huge Indian retail market, while Flipkart would secure a strong ally in its fight against Amazon (NASDAQ: AMZN)—and at the perfect time. Amazon CEO Jeff Bezos stated earlier this year that his company would funnel an additional $3 billion to its operations in India, bringing Amazon’s total investment in the nation to $5 billion.
Founded in 2007, Flipkart sells more than 30 million products ranging from books to furniture, consumer electronics to food, and offers one-day or same-day delivery to more than 60 cities in India. The company was rumored to be valued at $15 billion with a $700 million fundraising in July 2015. Existing investors include DST Global, Sofina and Vulcan Capital.
