Walmart acquires 77% stake in India's Flipkart for $16 bn: Key takeaways

Walmart Inc agreed to buy a controlling stake in India’s biggest online retailer, striking a blow against rival Amazon.com Inc. as the battle for e-commerce supremacy goes global.

The world’s largest retailer will acquire a 77 percent holding in Flipkart Group for $16 billion, the companies said in a statement. Flipkart co-founder Binny Bansal and other shareholders will hold the remainder.

Key takeaways:

Japan's Softbank to exit Flipkart by selling entire 20 per cent stake to Walmart.

Flipkart co-founder Sachin Bansal to exit company by selling his 5.5 pc stake to Walmart; Binny Bansal to stay. 

Walmart says it