Walmart invests $3.5 billion in Flipkart, stake rises to 80%

12:00:00 AM, Sunday 3rd of September 2023 | in business

Walmart has invested $3.5 billion in the first half of 2023 to acquire shares from several non-controlling Flipkart stakeholders and settle liabilities with some PhonePe shareholders, it said in a Securities and Exchange Commission (SEC) filing. This move increased Walmart's ownership in Flipkart to about 80%, illustrating the company's aggressive bet on India's e-commerce market at a time when Amazon is scaling back its expenditures.