Updated story (5.20 pm): Walmart has agreed to buy roughly a 77% stake in Indian online shopping site Flipkart for $16 billion. This makes it the US retail giant's biggest investment ever as it looks to take the fight to global rival Amazon in one of its key markets, India. The remainder of the business will be held by some of Flipkart’s existing shareholders, including Flipkart co-founder Binny Bansal, China’s Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said in a statement on Wednesday. Flipkart co-founder Sachin Bansal to exit company by selling his 5.5% stake to Walmart. Walmart said it expected the deal to knock about 25-30 cents off its earnings per share in fiscal 2019, assuming the deal closes at the end of the second quarter. It also said that the deal included $2 billion of funding from new equity in Flipkart, which could be sold to additional investors in the future, diluting the US company’s overall stake. “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 transformation of e-commerce in the market,” Doug McMillon, Walmart’s Chief Executive Officer said. Original Story (4:00 pm): Softbank announced that it has reached an agreement to sell its stake in e-commerce major Flipkart to US retail giant Walmart. The deal which is expected to be announced this week was unveiled by Softbank CEO Masayoshi…
- “Nothing to worry”: Chennai Police Justifies Use of Facial Recognition System on Random Citizens December 9, 2022
- MeitY to hold cybersecurity workshop for officials after ransomware attack on AIIMS-Delhi: Report December 9, 2022
- DoT to share a revised draft of the telecom bill in less than a month December 9, 2022
- Apple finally brings end-to-end encryption to iCloud Backups, Photos, and more December 9, 2022
- Protecting Personal Data: Where Grievance Redressal Falls Short December 9, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...