Walmart Stores Inc, the world’s biggest retailer, is in advanced talks to acquire a significant minority stake in leading ecommerce marketplace Flipkart, it is understood. A deal regarding the matter could be finalised by March.
It is said that Walmart’s chief executive officer Doug McMillon led a delegation to Flipkart’s Bengaluru office early last week as part of this exercise.
The other members of the team included Walmart ecommerce CEO Marc Lore, founder of Jet-.com that was acquired by Walmart in 2016 and Judith McKenna, who has taken over as president and CEO of Walmart International on February 1. Earlier, she was chief operating officer of Walmart.
Neither Walmart or Flipkart commented on the going ons.”As a policy, we don’t comment on market speculation” was the comment that both the companies came out with.
