Thursday, 16 August, 2018

Flipkart-Walmart Deal A Blow To 'Make In India' Campaign: CPM

Not an easy path Not an easy path
Jan Cook | 11 May, 2018, 04:48

Wal-Mart is investing $ 2 billion with $ 2 billion investment in India's largest e-commerce company for 60 percent of its current stake in the company for about $ 14 billion. Additionally, Walmart will also be supporting Flipkart's ambition to transition into a publicly-listed, majority-owned subsidiary in the future.

Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league.

Walmart said Flipkart's logistics, payments and apparel businesses offer new areas of growth.

Flipkart co-founder Binny Bansal recently announced 100 percent buyback of vested employee stock options (ESOPs) with reports suggesting that it could be around $150 (Rs 10,000) a share, Times of India reported. Flipkart plans to buy back almost $500 million worth shares from former and existing employees, Mint reported. The remainder of the online shopping company will be owned by its existing investors, including Flipkart co-founder Binny Bansal, Chinese conglomerate Tencent Holdings Ltd., hedge fund Tiger Global Management and technology industry titan Microsoft Corp. The traders' body said that it was an attempt to control and dominate retail trade in India in the long run, while the Swadeshi Jagran Manch accused Walmart of circumventing rules and entering India's retail sector through the back door.

Mint said Binny Bansal will sell part of his stake to the American retailer, according to the terms of the deal.

The Flipkart Group includes group companies Flipkart, Myntra, Jabong, and PhonePe.

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"One thing that still sticks with us is how they [Bansals] promised to usher in a revolutionary customer-first approach to their business, which, even though Flipkart has scaled thousands of times since, remains one of the core principles of the company even today." wrote Mitra and Gandhi.

The Flipkart purchase gives Walmart far more influence in India - both politically and economically - and positions it to shift quicker into retail outlets if the regulatory landscape changes.

Now, post Flipkart-Walmart deal, eBay India is going on soliarry path of cross-border selling without Flipkart. "We have met before and I am sure will meet again". "But I'll be watching and cheering from the outside Flipsters, you better continue to do a good job!"

He also said that the deal is as per India's foreign direct investment (FDI) norms. "This investment aligns with our strategy and our goal is to contribute to India's success story, as we grow our business. With Flipkart and the other shareholders who have come together, we will continue to advance the winning eCommerce ecosystem in India".

Launched in October 2007, Flipkart is India's largest e-commerce marketplace.

Walmart, which operates stores under various banners in 27 countries outside the US, has faced strong headwinds in its expansion.

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