Softbank CEO Masayoshi Son Confirms Deal To Sell Stake In Flipkart To WalmartSoftBank chief Masayoshi Son. (Koki Nagahama via Getty Images)

Japanese investment firm Softbank’s chief executive officer Masayoshi Son has confirmed that the firm has made a deal with American retail giant Walmart to sell its stake in Indian e-commerce firm Flipkart, reports The Associated Press. The deal is expected to be made public today (9 May), reports Mint.

Walmart will acquire nearly 70 per cent stake in Flipkart and pump in $2 billion of frwsh capital for the Bengaluru-based firm valued at $21 billion before acquiring the remaining share from other investors – Tiger Global, Naspers and Accel Partners – at a valuation of $17 to $18 billion.

Flipkart’s acquisition by the Arkansas-based retailer is being touted as the world’s largest e-commerce deal. Softbank was the largest investor in Flipkart and had asked it to wait for a competing offer from Seattle-based Amazon earlier.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber