Watch: Walmart Closing In on Acquisition of India’s Largest Online Retailer
Walmart is nearing a deal to acquire a majority stake in ‘Flipkart’, India’s largest online retailer. Only about 2 percent of India’s retail sales are done online today, but with a population of almost 1.5 billion, Walmart is trying to get ahead of an e-commerce boom. Flipkart was founded in 2007 as an online bookstore, but much like Amazon, now sells a diverse array of products across many categories.
Amazon has spent a reported $5.5 billion in India and this move appears to be a counter move by its primary rival, Walmart. A study conducted by Deloitte predicts the size of the e-commerce market in India will eclipse $50 billion in 2018.
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