Walmart buys 77% stake in which e-commerce company?
A. Snapdeal
B. Amazon
C. Flipkart
D. BigBazaar
Answer:C
Walmart buys 77% stake in which e-commerce company?
A. Snapdeal B. Amazon C. Flipkart D. BigBazaar
Explanation: Walmart Inc on 9th May 2018 announced that it would pay $16 billion for an initial stake of approximately 77% in homegrown e-commerce company Flipkart. The deal values Flipkart at $20.8 billion. “India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading the transformation of e-commerce in the market,” said Doug McMillon, Walmart’s president and chief executive officer, in a statement. The remainder of the business will be held by some of Flipkart's existing shareholders, including Binny Bansal, who co-founded Flipkart along with Sachin Bansal in 2007; China's Tencent Holdings Ltd.; Tiger Global Management LLC; and Microsoft Corp.