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Flipkart was founded in October 2007 in Bangalore [11] by Sachin Bansal and Binny Bansal, alumni of the IIT, Delhi and former Amazon employees. [12] [13] [14] The company was started from a two-bedroom apartment in Kormangala, Bengaluru. The initial investment was provided by their families, which was INR 2 Lakh from each family.
In 2018, Bansal exited Flipkart following the Walmart deal. In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion. In 2018, Bansal held a 5.5 per cent stake in Flipkart, which he sold to Walmart and his net worth then was a little over $1 billion.
Walmart may put an initial public offering of PhonePe ahead of Flipkart, even though Flipkart is a more mature business, Bartlett told Reuters. Based in India, PhonePe is "one of the largest ...
BIG (Sonae) Hiper Bompreço/Big bompreço (HyperMarket) Sam's Club. Mercadorama (Sonae) Walmart Posto (Gas Station) Supermercado Todo Dia. Hiper Toda Dia. De-consolidated in August 2018, with 20% now owned by the company and private equity firm Advent International owning 80%. Sold to Carrefour Brazil in June 2022.
Alphabet's Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source with direct knowledge of the matter told ...
Walmart's Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer's chief financial officer said on Wednesday at an ...
In December 2020, Flipkart and PhonePe declared a partial split, with Walmart maintaining its majority ownership in PhonePe and the two entities now functioning independently. PhonePe announced the acquisition of $350 million from General Atlantic, a US growth equity firm, at a pre-money valuation of $12 billion.
While both Walmart (WMT) and Amazon (AMZN) are trying to scoop up a major stake in Flipkart, it looks like Flipkart is more inclined toward teaming up with Walmart.
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