- Kristopher Fraser |
It's now a race between Amazon and Walmart to see who will get to claim the coveted prize of Flipkart. As FashionUnited reported last month, Walmart seemed to be on its way to closing a deal to take a majority stake in Flipkart. Walmart seemed better poised to buy Flipkart because the transaction would've been speedier. However, Amazon couldn't let its biggest rival win so easily. The company has put in a bid to acquire 60 percent stake in Flipkart according to CNBC-TV18.
Amazon also offered Flipkart a 2 billion dollar breakup deal and a bid on par with Walmart's CNBC-TV18 reported. However, it looks like Flipkarts executives, including their founder Sachin Bansal, are in favor of the Walmart deal. In an effort to undermine their competitor, Amazon is also reportedly looking to have a noncompete agreement with Flipkart if this deal were to go through.
As FashionUnited reported, Walmart was on track to have a deal finalized with Flipkart by end of summer. Unless of course Amazon manages to change some minds, it looks like they may have lost this battle. As India's e-commerce market grows, Walmart is working to make sure it closes in on its share of the pie.
Neither Walmart, Amazon or Flipkart were immediately available for comment.