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Walmart, Flipkart seal $16 bn e-commerce deal
15 May 2018, 10:55 | Megan Pierce
Walmart, Flipkart seal $16 bn e-commerce deal
Tokyo-based SoftBank is evaluating option to pump in about United States dollars 3 billion (about 20,000 crore) in Paytm Mall even as it has not yet finalised selling its stake in rival homegrown ecommerce major Flipkart to Walmart, reports the Economic Times citing two people aware of the matter.
US-based Walmart Inc has signed a deal to buy 77 per cent stake in e-commerce company Flipkart for $16 billion. Here, it is worth mentioning that Flipkart is an Indian e-commerce giant.
Paytm Mall enjoyed a market share of about 5.6 per cent in its first full year of operations while the Flipkart Group, including online fashion retailers Myntra and Jabong, enjoyed a combined market share of 39.1 per cent and Amazon India cornered 31.1 per cent.
Walmart or its units could ask Flipkart to issue new ordinary shares of up to $3 billion before the close of the "transactions and on or before the first anniversary of the closing", it said.
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Many pundits believe that Walmart has paid too much for Flipkart. According to the market research firm, Forrester, India's online retail sales amount to $27 billion and are projected to grow at a compound annual growth rate of close to 29 per cent between 2017 and 2022. "We protested when Walmart and Bharti Enterprises announced a tie-up and ensured that they did not set up shop in Tamil Nadu and now Walmart is trying a similar initiative", said S. Murugesan, a wholesale trader in Broadway. Walmart founder Sam Walton's grandson, Steuart Walton, is reportedly likely to join Flipkart's board of directors.
"In the Walmart-Flipkart deal, Section 9 (1) will apply as the assets of Flipkart Singapore are substantially based in India and hence the sellers would be liable to pay capital gains tax", Titus and Company Managing Partner Diljeet Titus opined.
The Arkansas-headquartered company will also have the final word on the appointment or removal of the top executives at Flipkart and its group companies, PhonePe and eKart.
Walmart (WMT) could be forced to take its latest acquisition public in four years, according to a recent SEC filing that gives investors an idea of what might be in store for Indian e-commerce heavyweight Flipkart. In 2015, the company's then CFO Sanjay Baweja had said Flipkart had no plans to list on stock exchanges for at least two years because the company was not prepared to face the scrutiny that listed companies are subjected to. Now, that decision rests in the hands of its new owner, Walmart.
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