The U.S. based company Walmart will be purchasing the online shopping website Flipkart. The Softbank Group Chief Masayoshi Son slipped the news about Walmart finalizing the deal to buy Flipkart.
According to sources if the deal goes on as expected Walmart will own 60 to 80% of Flipkart. The company will be valued at around $20 billion once the deal closes. Mr. Son stated the deal between Flipkart and Walmart was sealed on Tuesday night.
The Softbank Chief also confirmed they would sell its shares in Flipkart to Walmart.
Flipkart was founded in 2007 by Sachin Bansal and Binny Bansal in Bengaluru. Flipkart is the first billion dollar Indian ecommerce company. It sells over 8 million products over the 80 plus categories with 100 million registered users.
Amazon was in competition with Walmart to buy the Indian ecommerce site but lost the race.