Walmart to buy 77% stake in Flipkart for $16bln; online-retailer valued at $20.78bln: Sources

Moneycontrol News

Walmart will buy 77 percent of online retailer Flipkart for USD 16 billion, sources told Moneycontrol.

The deal is expected to value Flipkart at USD 20.78 billion. Walmart will also be investing USD 2 billion directly by infusing fresh equity in the Bengaluru-based company founded by Sachin Bansal and Binny Bansal (they are not related) in October 2007.

The formal announcement of the deal is expected anytime now.