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Flipkart Ltd announced on Thursday that it acquired a 100% stake in Walmart India Pvt Ltd that operates local cash-and-carry business. The electronics retail company had also launched its new digital marketplace called Flipkart Wholesale.
“With the launch of Flipkart Wholesale, we will now extend our capabilities across technology, logistics, and finance to small businesses across the country. The acquisition of Walmart India... will strengthen our position to address the needs of kiranas and MSMEs uniquely,” Flipkart Group’s Chief Executive Officer Kalyan Krishnamurthy said.
Flipkart said that it would strengthen its wholesale offerings to compete better with Amazon.com Inc (AMZN.O).
Walmart India employees would join the Flipkart Group as part of the deal while it continues to operate through its network of 28 stores and e-commerce operations.
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...
On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified ...
India’s gross domestic product data due today is expected to reveal weak results, indicating that the economy is at its slowest pacing in at least two years in March. Dampened expectations were mainly from struggling consumer demand ...
J.C. Penney Co Inc. (JCP) stated on Wednesday that it plans to cut store count by approximately 29% to about 604, two days after filing for bankruptcy protection. The U.S. department store chain considers closing more than a fourth of its ...
EBay Inc. named Jamie Iannone as its new Chief Executive Officer on Monday. The appointment had been made a month after Starboard Value, owner of more than 1% of eBay’s stock, disclosed plans of designating four directors on eBay’s ...
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