Walmart in talks to buy a significant minority stake in Flipkart

Walmart Stores Inc, the world’s biggest retailer, is in advanced talks to acquire a significant minority stake in leading ecommerce marketplace Flipkart.Chief executive officer Doug McMillon led a delegation that visited Flipkart’s Bengaluru office early last week as part of this exercise, said the people cited above. The other members of the team included Walmart ecommerce CEO Marc Lore, founder of Jet-.com that was acquired by Walmart in 2016, and Judith McKenna, who will take over as president and CEO of Walmart International on February 1. She’s currently chief operating officer of Walmart.

Walmart declined to comment. “As a policy, we don’t comment on market speculation,” a spokesperson said, adding that McMillon had been in the country to review its three units — the cash and carry business, global technology centre and global sourcing. Flipkart also didn’t want to comment.The people cited above said that if a deal takes place, Walmart may acquire a 15-20% stake in Flipkart, allowing them to combine synergies to compete with Amazon in India.

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