Walmart is expected to announce that it is buying a majority stake in Indian e-commerce firm Flipkart later this week, despite reports that rival Amazon tried to disrupt the transaction.The US grocery giant has agreed the purchase of 75% of Flipkart for about $15bn (£11bn), according to numerous media reports.The two firms first held talks in 2016.Amazon, Flipkart’s chief rival in India’s fast-growing online retail sector, is also said to have bid.Flipkart, which was founded in 2007, claims over 100 million registered users and says it facilitates more than 8 million shipments each month.The firm has already attracted some high profile investors including Microsoft, Tencent and Softbank, despite posting losses. A combination with Walmart could be controversial, however. Some groups in India have already voiced concerns about how a deal might affect smaller retailers, the Times of India and others have reported.Why is Walmart interested?India is seen as the next major frontier for online shopping, with the e-commerce market projected to grow by nearly a third this year to about $50bn, by some estimates.Walmart has declined to comment on reports that the Flipkart deal is set to go ahead, but the grocery giant has been looking to expand in India… Read full this story
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