Walmart Inc. has invested USD 3.5 billion in Flipkart Pvt. Ltd., the largest e-commerce marketplace operator in India. Walmart wrote about the investment in a filing with the U.S. Securities and Exchange Commission on Friday.
Throughout the six months that ended on July 31 it purchased Flipkart shares. The Wall Street Journal reported on July 30 that Walmart had acquired shares of Flipkart from investment firm Tiger Global for USD 35 billion. Flipkart, a Bangalore-based company, began operations in 2007 with a primary goal of selling books.
Through a number of acquisitions over the ensuing years, the business grew into other e-commerce market segments. It spent USD 280 million to purchase fashion retailer Myntra two years after purchasing online electronics retailer Letsbuy.
Read More: Walmart makes $3.5B investment in India’s Flipkart
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