BENTONVILLE, ARK.—Walmart is breaking into India’s massive and growing consumer market, spending $16 billion (U.S.) for a controlling stake in the online retailer Flipkart, whose delivery drivers, with their motorcycles and oversized backpacks, have become ubiquitous across the nation of 1.3 billion people. Online sales in India have exploded in recent years, totalling $19.6 billion last year, according to a Forrester report. The International Monetary Fund has also projected that India’s economy will grow 7.4 per cent this year. Both Walmart and Amazon have pushed hard to catch up to Flipkart and to be the first major U.S. retailer to establish a substantial foothold in the country. Walmart will own approximately 77 per cent of Flipkart.

Source: thestar May 09, 2018 16:52 UTC