In India, the festival season has begun. Online retailers offer clients a wide variety of deals over the holiday season. This series also includes the online store Flipkart. Flipkart holds a significant discount in honor of Navratri and Diwali. Prior to Diwali and Navratri, though, Flipkart received a significant update. Actually, the American business has grown its ownership of Flipkart.
Flipkart
Walmart, a major American retailer, has increased its ownership of Flipkart, a Flipkart affiliate in India. In the six months leading up to July 31, 2023, Walmart paid $3.5 billion (about Rs 28,953 crore) to acquire shares from its non-controlling stakeholders. Clearly, this will expand Walmart’s ownership of Flipkart.
Walmart
Additionally, during these six months, the business obtained $700 million from a fresh round of equity financing for its majority-owned subsidiary PhonePe, according to a filing with the US Securities and Exchange Commission (US SEC) by the retail business. According to Walmart, “the company paid $3.5 billion over the course of six months to acquire shares from certain non-controlling stakeholders of it and to settle liabilities of former non-controlling stakeholders of PhonePe.”
PhonePe
After this transaction, Walmart’s ownership of the Indian e-commerce firm would rise to 80.5 percent, according to sources. On the other hand, Walmart is a big shareholder in the digital payment firm PhonePe. Through PhonePe, anyone can do online transactions more easily. Along with this, PhonePe also gives users the option to make UPI payments. Additionally popular in India, many people utilize PhonePe to conduct internet transactions.
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