On Thursday it was announced by Flipkart that the company has acquired Walmart India. However, the price of the deal was not revealed yet and not even known by any other sources. The acquisition by Flipkart was done to launch the ‘Flipkart Wholesale’ which will be going to happen next month.
Flipkart which is the home-grown e-commerce platform from India looks forward to tapping onto the retail market that worth $650 billion. In the whole country, Walmart India has a total of 28 Best Price wholesale stores..
The announcement that was made by Flipkart on Thursday came a week after the company has announced that it had raised $1.2 billion in investment from a Walmart-led investor group.
Earlier in the year 2018, Walmart acquired 77 percent stakes of Flipkart for $16 Billion and now their business partnership is moving forward as they are continuing with investment as well as strategically planned business deals.
Flipkart Wholesale, which is the new digital market place in India is going to focus on addressing the B2B or Business to Business segment in the country.
Adarsh Menon, who is the Head of Flipkart Whole and the Senior Vice President of Flipkart sain in a statement that, “This marketplace is going to effectively link sellers and manufacturers on one end and kiranas and micro, small and medium entrepreneurs shortly known as MSMEx on the other end.”
The acquisition of Walmart India by Flipkart is only going to strengthen and solidify the capabilities to identify and address the requirements on this kiranas and MSMEs.