Walmart-Flipkart deal to hit India's retail sector: Traders' body


With Walmart's worldwide retail experience, supply chain expertise and cash reserves, Flipkart can focus on innovation to take the war to Amazon, which has promised to put more than $5 billion (roughly Rs. 33,600 crores) into its India operation.

Regulatory compliance expert Kelly Austin, partner-in-charge of Gibson Dunn's Hong Kong office and a member of the firm's executive committee, is leading a team representing Walmart on the deal that includes white-collar partners Michael Farhang and F. Joseph Warin and associate Oliver Welch.

With platforms such as Myntra, Jabong and PhonePe, Flipkart is positioned to leverage its integrated ecosystem, which is defined by localized service, insights into customers and an efficient supply chain.

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While this is Walmart's largest acquisition to date, the retailer's shares dropped four percent in early trade this morning, as Walmart warned the deal would "dent earnings" in fiscal 2019 per share by 25 cents to 30 cents, according to a report by Reuters. Here are a few pointers about the Flipkart Walmart deal that you must know.

Another Accel portfolio company, US-based ed-tech firm, was acquired by social networking platform LinkedIn at a valuation of $1.5 billion. Both arrived in india in 2007.

"Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart", said Son, whose firm happens to be the largest investor in Flipkart, owning about 20% in the homegrown company.

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With its investment in Flipkart, Walmart will be able to penetrate the Indian online retail market, in a country where it would've struggled to open its own e-commerce business, given that India doesn't permit foreign investment in online retailing, says Mihir Sharma. We are confident this group will provide Flipkart with enhanced strategic and competitive advantage. "The market has moved on as well... good entrepreneurs are the ones who start and create successful ventures and then move on to the next opportunity, so I don't think this move is out of the ordinary".

Sachin Bansal, co-founder and group chairman of Flipkart is leaving the company following the Walmart takeover. "While eCommerce is still a relatively small part of retail in India, we see great potential to grow". Walmart has chose to buy Flipkart to increase its business in India. The company has grown rapidly and earned customer trust, leveraging a powerful technology foundation, including artificial intelligence, and emerging as a leader in electronics, large appliances, mobile and fashion and apparel. While the first phase was dominated by hyper-competition, extreme growth and the battle for gaining market share at any cost, it also led to a lot of players betting on wrong business models.

Accel India operates under US-based Accel's banner but is managed and run independently. The Japanese conglomerate had pumped in $2.5 billion into Flipkart a year ago.

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For most employees, the larger question is how this acquisition is going to settle things down in Flipkart.