Flipkart acquires Walmart Indian stores
Flipkart Ltd announced on Thursday that it acquired a 100% stake in Walmart India Pvt Ltd that operates local cash-and-carry business. The electronics retail company had also launched its new digital marketplace called Flipkart Wholesale.
“With the launch of Flipkart Wholesale, we will now extend our capabilities across technology, logistics, and finance to small businesses across the country. The acquisition of Walmart India… will strengthen our position to address the needs of kiranas and MSMEs uniquely,” Flipkart Group’s Chief Executive Officer Kalyan Krishnamurthy said.
Flipkart said that it would strengthen its wholesale offerings to compete better with Amazon.com Inc (AMZN.O).
Walmart India employees would join the Flipkart Group as part of the deal while it continues to operate through its network of 28 stores and e-commerce operations.