Walmart bought a controlling stake in Flipkart in 2018, giving it ownership of PhonePe. The company said last month it would remain a majority stakeholder in both the companies.
The world's biggest retailer, Walmart, is keen to bring in strategic investors for the Indian e-commerce company but is also open to selling to large pure-play investment firms.
Whoever comes out on top this Diwali gains more than bragging rights. Investors will be watching how Amazon and Flipkart fare against domestic competition such as Reliance.
Oracle & Walmart say American investors will control more than 50% of the new TikTok Global. But this is at odds with ByteDance’s insistence that the company will get a 80% stake.
The job cuts come as competition grows fiercer in the local retail market with Amazon stepping up investment and Mukesh Ambani preparing to roll out his e-commerce venture.
India’s shopkeepers are mobilizing against Amazon & Flipkart, alleging they are engaged in predatory pricing in violation of rules meant to protect local businesses.
India's richest civic body’s outlay is 8.77% higher than last year’s, with the biggest allocation being made for infra growth. BMC also proposed an AI boost to its service delivery.
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