Rumors have been flying about a possible deal between Walmart and Flipkart. Now it looks like Walmart is set to acquire Flipkart and its subsidiaries for a whopping $12 billion within the next two weeks.

According to Bloomberg, all Flipkart’s major stakeholders are in consensus that the deal should go through. Tiger Global and SoftBank Group, who own close to a 20 percent stake each, are likely to part with their share of the company too. If the deal does go through, Walmart will hold around 70 percent of the company, which includes Flipkart’s subsidiaries Myntra, Jabong and PhonePe.

Although Walmart is in pole position to acquire Flipkart, Amazon remains in contention as the next best suitor. Online commerce has got the better of retails over the last few years, which explains Walmart’s appetite for e-commerce companies. The competition around Flipkart’s acquisition makes perfect sense when you consider India’s market potential and its population of more than 1.3 billion citizens.

In the event of a Walmart-Flipkart deal, the U.S. retailer is in favor of retaining Flipkart’s top executives. The company’s top-level management and those of its subsidiaries are likely to continue playing the same roles. While CEO Kalyan Krishnamurthy (LinkedIn profile) will continue to lead the company’s operations, founder Sachin Bansal (LinkedIn profile) is being touted to take up a greater role within the company.

The mega deal is expected to change the dynamics of the Indian e-commerce industry. Major stakeholders like Tiger Global and SoftBank Group are in line to profit from the deal, and reinvestment might be on the cards. Tiger Global is second only to Kinnevik as the majority stakeholder in Quikr, a classifieds giant with a vested interest in Indian mega business deals.

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