The deal essentially acts as a point of entry for Wal-Mart into India’s highly competitive e-commerce market. Flipkart and Wal-Mart can finally level the playing field against Amazon.com, the world’s biggest online retailer.
On Friday, as per a Bloomberg report citing anonymous sources, Indian e-commerce giant Flipkart has agreed to sell an a 75% equity stake for around $15 billion to a group led by Walmart Inc.
As part of the deal, SoftBank will be selling its 20% plus stakes in Flipkart.
Incidentally, Alphabet Inc is also said to be part of the Wal-Mart led consortium.
The deal is set to be finalized within 10 day; it is possible that within this time frame the terms of the agreement could change since the details of the final deal is yet to be formally made public.
While SoftBank and Wal-Mart declined to comment, Alphabet and Flipkart did not immediately respond to requests for comment.
Earlier this week, CNBC-TV18, an Indian TV Channel, had reported that Amazon.com Inc had made a formal offer to buy a 60% stake in Flipkart.
Amazon is Flipkart’s biggest peer in India.