After Months of discussion finally US Retailer WalMart Acquired 77 per cent share in Flipkart for $16 Billion. This the biggest eCommerce Deal so far . The story of the FlipKart started 11 years back in 2007 by two friends Sachin Bansal and Binny Bansal who where co-workers at Amazon.com.
In 2014 FlipKart Acquired Myntra.com and Jabong in 2016 keeping no space for it’s next competitors. Now its Walmart which is a USA based Multinational company which is looking to step it’s foot prints in to India Retail market Acquired Flipkart which helps to expand its business in India in capturing the Major share for its Business Operations. The next competitor Amazon was also in this bidding till the last step as it offered to buy 50-60% shares but at the end WalMart took over it by Acquiring 77% of Share.
After the Deal
Sachin Bansali who is one of the Co-founder and longest serving Ceo in Flipkart and also played a key role for this Major deal decided to sell his entire 6% share. Sachin Bansali decided to exit from flipkart and posted a post on Facebook stating this. The next major share holder Soft Bank also declared that it is going to sell all his 20% shares.Flipkart share price raised to 10,000 after this deal.
WalMart About Acquisition
WalMart in a statement announced that India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading the transformation of e-commerce in the market,” said Doug McMillon, Walmart’s president and chief executive officer, in a statement.
Binny Bansal in an email to his Flipkart team.
The below is the message from Binny Bansal to his Employees after this big Deal announced officially.