Competition Commission of India clears Walmart’s US$16bn Flipkart acquisition

INDIA- The Indian regulator has approved Walmart’s US$16 billion acquisition of India’s largest e-commerce firm Flipkart, its biggest takeover ever in a fast growing retail space. In May, Walmart announced the acquisition of 77% stake of Flipkart to beef up competition against its rival Amazon who acquired Whole Foods, the American organic products retailer for…

Flipkart to close eBay.in as it plans to relaunch a new platform in India

INDIA - Flipkart, the Bengaluru based ecommerce company will from August 2018 shut down eBay.in, a business-to-consumer platform it had been operating for the last one year in partnership with eBay, reported ET Retail. Flipkart will launch a new platform in India to sell refurbished goods after eBay announced in May it had ended its…

Online grocery service Grofers to enter FMCG segment targeting US$364m in sales

INDIA - The Indian online grocery delivery service, Grofers has entered the fast moving consumer goods segment (FMCG) with a target to achieve more than US$364.7 million in revenue in the financial year 2019. The grocery firm targeting stronger business growth with 50% coming from its private brands after it recorded US$138.6 million sales in…

Walmart’s revenue beat forecasts reaping big on online sales

USA - The American retail giant, Walmart’s revenue rose almost 2% higher than the forecasts to US$122.69 billion boosted by US online sales which grew 33% in the quarterly results. Earnings were up to US$1.14 cents per share as opposed to US$1.12 per share forecast by Thomson Reuters. Walmart e-commerce push reaped well on high…

Naspers to advance investments in SA’s rapidly growing food delivery market

SOUTH AFRICA - The South African tech and ecommerce giant Naspers Ltd has declared interest to ramp-up investments in South African food delivery business Mr D Food after selling its 11.18% stake in India’s largest e-commerce marketplace, Flipkart, to US retail juggernaut Walmart. According to Business Day, the company also raised US$12.18 billion from selling…

Walmart acquires Flipkart for US $16b in one of the largest-ever ecommerce deals

INDIA - Walmart Inc. on has announced its high profile acquisition of Flipkart for US$16 billion for a valuation of over US$20 billion, making it the largest ecommerce acquisition in the world. ET Retail has reported that the 77% acquisition deal of the Bengaluru-based company, as per sources, is also the largest buyout for the…

Walmart nears close of majority stake deal in India’s Flipkart

USA - Walmart, the American multinational retail corporation is likely to close a deal to acquire majority stake in the Indian ecommerce company, Flipkart by June in what ET Retail reports could be the biggest acquisition of an online business by the retailer. Walmart is stepping up its online business against Amazon, which Bloomberg reports…

Walmart-Flipkart deal set to boost infrastructure in India’s food market

INDIA - The proposed Walmart-Flipkart combine plans to make an aggressive play in the food sector with a substantial chunk of the Bentonville retailer’s investment in the Indian market place being earmarked to build back-end food and grocery infrastructure in a bid to gain pole position in India’s online and offline food retail markets. Walmart…