New Delhi: US retailer Walmart Inc today acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date.
The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.
Bentonville, Arkansas-based Walmart will acquire about 77 per cent stake in Flipkart, Walmart said in a statement.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal.
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Sachin and Binny, who are not related and formerly worked for Amazon.com Inc, like their US rival began by selling books when they founded Flipkart.