Softbank CEO confirms Walmart buying controlling stake in Flipkart | Civic News

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Softbank CEO confirms Walmart buying controlling stake in Flipkart | Civic News

Softbank CEO confirms Walmart buying controlling stake in Flipkart

09 May 2018 3:04 PM | General

400 Report

Mumbai: Global retail giant Walmart has formally agreed to buy a controlling stake in Flipkart. The deal, probably the biggest in the e-commerce space, was confirmed by Softbank CEO Masayoshi Son on Wednesday. Softbank is Flipkart's largest investor.

Masayoshi Son also said the stake of USD 2.5 billion Flipkart is now worth about USD 4 billion in deal. Flipkart was founded in 2007 in Bengaluru by Sachin Bansal and Binny Bansal, former employees of Amazon. The first billion-dollar Indian e-commerce company, Flipkart, sells 8 million products across 80-plus categories and has 100 million registered users.

Courtesy: Deccan Chronicle

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