Who made how much from Walmart-Flipkart deal

Walmart store. Credit Diego M. Radzinschi ALM

Walmart also tried to assuage concerns around its $16 billion takeover of Flipkart, saying the deal is good for the country as it will help create millions of jobs over time and help the economy through local sourcing of goods by the company.

The acquisition of Flipkart is the latest in a series of deals by Walmart in recent years to help the company compete for customers with e-commerce industry leader Amazon.

Flipkart co-founder Binny Bansal recently announced 100 percent buyback of vested employee stock options (ESOPs) with reports suggesting that it could be around $150 (Rs 10,000) a share, Times of India reported.

It was valued at close to Dollars 21 billion as Walmart yesterday bought 77 per cent stake in it for USD 16 billion.

"After assessing the deal, we will either represent to government or to the Competition Commission, or we will go to court", he added. Walmart is known for killing small businesses using ultra low prices.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.

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Walmart on Thursday said it would comply with any tax demand arising from the purchase of a 77 per cent stake in Flikpart for $16 billion, unlike Vodafone and Cairn Energy which are contesting tax claims by Indian authorities. Krish Iyer, president and chief executive officer of Walmart India, will continue to lead that part of the business. The first book the company sold was John Wood's Leaving Microsoft to Change the World. At that time, both eBay and Flipkart, also entered into commercial agreements meant to boost cross-border trade for both companies.

However, Assocham Secretary General D S Rawat has said he sees the Walmart-Flipkart deal as a salute to the success of an Indian start-up that pioneered the fledgling online retailing in a country where bulk of the trade is in the unorganised sector.

"One thing that still sticks with us is how they [Bansals] promised to usher in a revolutionary customer-first approach to their business, which, even though Flipkart has scaled thousands of times since, remains one of the core principles of the company even today." wrote Mitra and Gandhi. "As a company, we are transforming globally to meet and exceed the needs of customers and we look forward to working with Flipkart to grow in this critical market".

"It is not so much about succeeding in India for Walmart because that may or may not happen", said Neil Stern, senior partner at retail consultancy McMillan Doolittle.

"Building Flipkart into one of the world's most-valued tech companies will certainly be one of Sachin's legacies".

"We all know that they have interests in the multi-brand retail of food and a combination of both will kill the interests of farmers", he said. The deal will only benefit investors, venture capitalists and promoters. Flipkart has 34 percent market share while Amazon controls 27 percent of India's online sales, as per PTI.

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