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Retail giant American company Walmart has increased its stake in its Indian e-commerce subsidiary Flipkart. Walmart has paid $3.5 billion (about Rs 28,953 crore) to acquire shares from its non-controlling shareholders in the six months to July 31, 2023.
Additionally, during the six months, the company raised $700 million in a new round of equity financing for its majority-owned subsidiary PhonePay, the retail company said in a filing with the US Securities and Exchange Commission (US SEC).
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What did Walmart say?
“During six months, the company paid $3.5 billion to acquire shares from certain non-controlling stakeholders of Flipkart and settle liabilities of former non-controlling stakeholders of PhonePay,” Walmart said. According to some reports, after this deal, Walmart’s stake in Indian e-commerce company Flipkart will increase to 80.5 percent. PhonePe is a digital payments company majority owned by Walmart.