BENTONVILLE (TB&P) — It’s been one year since Walmart completed its $16 billion acquisition of Flipkart – a bold investment in Indian retail.
The deal gave Walmart an 81% stake in Flipkart, with the retail giant retaining partners Tencent, Tiger Global, Microsoft and company co-founder Binny Bansal, who maintains a 3.52% stake in the company.
Walmart International CEO Judith McKenna said Monday (Aug 19) Walmart has accomplished a lot with Flipkart in the inaugural year.
McKenna said Flipkart already had a customer-centric business inside India before Walmart came on board. She said that was one of the things that attracted Walmart to the deal.
“I continue to be inspired by the passion, entrepreneurial spirit and creativity they [Flipkart] bring to solving everyday problems for our customers in one of the most diverse and dynamic countries in the world,” McKenna noted in a blog post on Monday.
In the post, McKenna highlighted some of the successes Flipkart and Walmart have experienced over the past year. She said Flipkart made formal credit and retail more inclusive by launching a co-branded credit card, which is already receiving positive feedback from customers.
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