Startup News Updates: Flipkart & Walmart Deal Sealed

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Flipkart is being purchased by US-based retailing giant Walmart, SoftBank CEO and Founder Masayoshi Son said on Wednesday, Reuters reports. Son told the news agency that the agreement was finalised on Tuesday night, in Japan time. For now, exact financial details of the deal are not known.

Previous reports said the deal would a 75 percent controlling stake in Flipkart being sold, with Walmart and Google parent Alphabet said to be buying a 60 percent and 15 percent stake respectively.

Source: NDTV

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