Thursday, 18 October, 2018

Walmart's big Flipkart stake; Equifax breach, by the numbers; wing woes

Flipkart’s group CEO Binny Bansal who will also take on the role of chairman after Sachin Bansal’s exit and CEO Kalyan Krishnamurthy are expected to remain at Flipkart after the deal goes through Walmart buys 77 percent stake in Flipkart for USD 16 billion
Bessie Robbins | 11 May, 2018, 03:58

The Walmart statement made no reference to the exit of Flipkart co-founder Sachin Bansal or SoftBank Group, which was one of the largest investors in Flipkart through its Vision Fund.

Flipkart's valuation at $20.8 billion is a 75 per cent increase over its previous valuation in the range of $11-12 billion last August.

Walmart announced that it would buy an initial stake of 77 percent in Flipkart and invest $2 billion in fresh capital into the Indian firm. An official announcement is coming soon, he said. While the deal was being watched by world leaders, back home there were voices of protest.

Flipkart was launched in October 2007.

Like Wiesel, Charlie O'Shea, lead retail analyst at Moody's, highlighted the investment Walmart is making for the future, particularly as India's smartphone use booms and millennials drive online shopping.

Flipkart executives are also excited by their past and success achieved over the last decade, but it's their next chapter that is a tantalizing prospect for the Walmart partnership.

"With Amazon closing the gap in categories other than fashion, Flipkart needs Walmart to remain competitive in the long term", he said. Steuart Walton is a director of Walmart and Rapha Racing, a cycling apparel business, and is active in the governance and operations of many of his family's enterprises.

Shareholders in the U.S. 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. The deal is the biggest M&A (merger and acquisition) in India so far and marks the entry of Walmart into the Indian retail business.

The negative outlook shows there's "about a one-in-three chance" that Walmart's strategy shift could result in a downgrade over the next two years, the credit-ratings company said in a statement.

It is anticipated that during the latter half of this week, Walmart will declare that it is purchasing a majority share in Flipkart, the Indian company, working in the field of e-commerce.

The Indian company has attracted investment from a range of companies that also includes Microsoft, Tencent Holdings and Tiger Global Management, which will retain stakes. "This investment is of enormous importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India". He told shareholders in April that Amazon India was the fastest-growing marketplace in the country and had added more Prime members in its first year than any other market had in the company's history. The $16 billion deal which will give Walmart a 77% stake in Flipkart is being closely scrutinised for its tax implication and political implication following protests by Swadeshi Jagran Manch.

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