Flipkart back to the company for approximately US$1.1 billion, and re-launch its own Indian operations. The company stated that "there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India's diverse, domestic market." Softbank Group also sold its entire 20% stake to Walmart, without disclosing terms of the sale. The acquisition was completed on 18 August 2018. Walmart also provided US$2 billion in equity funding to the company. On 13 November 2018, Flipkart CEO Binny Bansal resigned, after facing an allegation of "serious personal misconduct". Walmart stated that "while the investigation did not
Flipkart acquired the Bangalore-based social book discovery service weRead from Lulu.com. In late 2011, Flipkart made several acquisitions relating to digital distribution, including Mime360.com and the digital content library of Bollywood portal Chakpak. In February 2012, the company unveiled its DRM-free online music store Flyte. However, the service was unsuccessful due to competition from free streaming sites, and shut down in June 2013. In May 2012, Flipkart acquired Letsbuy, an online electronics retailer. In May 2014, Flipkart acquired Myntra, an online fashion retailer, for . Myntra continues to operate alongside Flipkart as a standalone subsidiary; the site focuses on an upscale,