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
Great Online Shopping Festival day that follows the U.S. Thanksgiving. Cyber Monday started in 2005 and the concept has spread to several countries including Canada, Japan, Australia, Colombia, and the U.K.. In China a similar day of online shopping is observed on November 11, which is known as "Singles Day". The first Great Online Shopping Festival in 2012 was advertised on YouTube and via posts on Google Plus. For the event, Google partnered with a number of ecommerce sites such as Flipkart, HomeShop18, Snapdeal, Indiatimes shopping, Infibeam and Makemytrip, which would participate in the GOSF. The ecommerce sites created dedicated landing pages for GOSF.