New Delhi, July 23: In a major development in the e-commerce space, homegrown e-commerce company Flipkart Group has acquired 100 per cent stake in Walmart India Pvt Ltd, which operates the Best Price cash-and-carry business. According to the business daily Mint, the Flipkart Wholesale, a new digital marketplace, will commence its operations in August and will pilot services for the grocery and fashion segment. Also Read: Now, Put Recurring Payments On Auto Mode Of Up To Rs 2,000 Through UPI App
In this reverse acquisition of the business-to-business segment of Walmart in India, Flipkart will get the opportunity to expand its footprint in the food and grocery segment and further strengthen its supply chain. Walmart India operates 28 Best Price stores and has two fulfilment centres. The Walmart’s entire retail portfolio under the Flipkart Group will get a boost, nearly two years after Walmart acquired a majority stake in the homegrown retail major for $16 billion, as per the Economic Times report.
Walmart India employees will transition to the Flipkart Group. The Best Price brand will continue to operate via its network of 28 stores and e-commerce operations.