Walmart has agreed to buy India's leading online retailer Flipkart, paying $16 billion for a controlling stake of 77%. Flipkart gives Walmart access to a market it has been trying to crack for years. Walmart (WMT) will pump $2 billion in fresh investment into Flipkart as part of the deal. Flipkart was founded in 2007 by two former Amazon employees -- Sachin Bansal and Binny Bansal. Neither Walmart nor Flipkart would say how large Sachin Bansal's stake was, or to whom he sold it.

Source: CNN May 09, 2018 10:06 UTC