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Walmart Finalized $20 Billion Flipkart Deal

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Walmart Finalize $20 Billion Flipkart Deal,Startup Stories,Startup News India,2018 Latest Business News,Walmart Flipkart Deal,Flipkart Walmart Deal Today,Flipkart Business News,Walmart Funding News,Walmart CEO Doug McMillon,Featured,Indian Ecommerce

The much foreseen Walmart and Flipkart deal is finalized. The retail titan Walmart’s CEO McMilon is in Bengaluru exclusively to take the deal to the next level and acquire over 70% stake in the ecommerce player. This is going to be one of the largest Mergers and Acquisitions (M&A) to take place in India. The ecommerce firm will be valued at $20 billion post the deal. The deal will be made official in a town hall meeting at Flipkart’s headquarters in Bengaluru.

McMilon is also going to disclose the strategy he is likely to implement in India to the Flipkart’s employees. Google parent Alphabet Inc., will align with Walmart in the deal. Walmart would be owning a 60% stake, while Alphabet will get about 15% ownership of Flipkart. Although the transactions are supposedly to take place in Singapore where the ecommerce firm Flipkart is registered, India’s Income Tax (I-T) department keeping an eye on the deal. According to the I-T rules known as the “Retrospective Tax,” any asset which is registered or incorporated outside India shall be deemed to be situated in India if the assets are “substantially” located in India. With the ongoing talks of the deal , there is a possibility the taxmen may apply the same rules to the Walmart-Flipkart deal.

According to reports, Flipkart’s rival Amazon has been trying to invest in Flipkart and also made an offer to buy 60% of its stake. The e retailer, however, seems to show no interest in the deal and chose Walmart over Amazon. Nevertheless, Amazon is committed to invest over $5 billion in India. The company aims at making its distribution systems stronger in the country.

With the online marketplace in India growing tremendously, global investors are hugely attracted to the Indian online market. Currently, Flipkart controls nearly 40% of India’s online retail market.

This article has been updated!

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Pune’s SuperGaming Secures $15M to Expand in Emerging Markets

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Super Gaming

SuperGaming, the Pune-based gaming innovator known for hit titles like MaskGun and Indus Battle Royale, has raised $15 million in a Series B funding round, boosting its valuation to an impressive $100 million. This marks a nearly fivefold increase from its 2021 valuation of $21 million, highlighting the company’s rapid growth and the rising investor confidence in India’s booming gaming industry. The funding reflects SuperGaming’s strong market presence and strategic vision to become a global leader in online gaming. 

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Swiggy DeskEats: Office Food Delivery Launched in 30 Cities

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Swiggy

Swiggy, India’s leading online food delivery platform, has introduced DeskEats, a unique meal delivery service specifically designed for office-goers and working professionals across 30 major cities. DeskEats aims to streamline office dining by offering a diverse, office-friendly menu, making it easier than ever for corporate employees to enjoy convenient and delicious meals right at their workplace. By simply typing “Office” or “Work” in the Swiggy app, users can unlock curated collections like Value Combos, Stress Munchies, Healthy Nibbles, and Teamwork Bites, catering to every office dining scenario—from solo meals to team lunches and quick snack breaks.

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Setu Builds Fintech Powerhouse Leadership Team as Pine Labs IPO Nears

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Pine Labs

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