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 to making purchases online. Flipkart projects its sales to reach by year 2014. On average, Flipkart sells nearly 10 products per minute and is aiming at generating a revenue of by 2015. On November 2012, the Enforcement Directorate began investigating Flipkart for alleged violations of foreign direct investment regulations of the Foreign Exchange Management Act, 1999. Flipkart reported a loss of for the FY 2012–13. In July 2013, Flipkart raised $160 million from private equity investors. In October 2013, it was reported that Flipkart had raised an additional US$160 million from new investors Dragoneer Investment Group, Morgan Stanley Wealth Management,