World's largest retailer Walmart today said its $16 billion investment in Flipkart may negatively impact its earnings per share (EPS) by $ 0.25-0.30 in fiscal year 2019, even though it remains "excited about what the future holds" in the fast-growing Indian e-commerce space.

"The company's investment in Flipkart... Is expected to negatively impact fiscal year 2019 EPS by approximately $0.25 to $ 0.30 if the transaction closes at the end of the second quarter," Walmart said in its earnings statement.

The US-based company has reported better-than-expected revenue numbers in the first quarter with total revenue growing 4.4 per cent to $122.7 billion. Its online sales grew 33 per cent in the said quarter and expects it to grow about 40 per cent for the full year.&nbsp

Walmart's net sales from international business grew 11.7 per cent to $ 30.3 billion in the said quarter. The diluted EPS stood at $0.72, while the adjusted EPS was at $1.14, the statement added.

The statement also noted the steps taken by the company during the quarter to reposition its portfolio of businesses. These include Walmart's investment in Flipkart, combining Sainsbury and Asda in the UK and divestment of banking operations in Walmart Canada and Walmart Chile.

On the deal with Flipkart in India, Walmart President and CEO Doug McMillon said e-commerce in India is growing rapidly and it expects the segment to grow at four times the rate of overall retail.

"Flipkart is already capturing a large portion of this growth and is well-positioned to accelerate into the future. So, this is an investment in a large, fast-growing country, with an innovative business positioned in the growth area of e-commerce... We're excited about what the future holds," he added.

After months of discussions, Walmart had announced the mega-deal to pick up 77 per cent stake in Flipkart Group holding company that is registered in Singapore. The transaction is subject to statutory approvals, including that of Competition Commission of India (CCI).&nbsp

The deal, which valued the Bengaluru-based company at $ 20.8 billion, is believed to be part of Walmart's strategy to strengthen presence in the Indian market and also compete head-on with global rival&nbspAmazon.&nbsp

Walmart's net sales from international business grew 11.7 per cent to $ 30.3 billion in the said quarter.

World's largest retailer Walmart today said its $16 billion investment in Flipkart may negatively impact its earnings per share (EPS) by $ 0.25-0.30 in fiscal year 2019, even though it remains "excited about what the future holds" in the fast-growing Indian e-commerce space. "The company's investment in Flipkart... Is expected to negatively impact fiscal year 2019 EPS by approximately $0.25 to $ 0.30 if the transaction closes at the end of the second quarter," Walmart said in its earnings statement. The US-based company has reported better-than-expected revenue numbers in the first quarter with total revenue growing 4.4 per cent to $122.7 billion. Its online sales grew 33 per cent in the said quarter and expects it to grow about 40 per cent for the full year. Walmart's net sales from international business grew 11.7 per cent to $ 30.3 billion in the said quarter. The diluted EPS stood at $0.72, while the adjusted EPS was at $1.14, the statement added. The statement also noted the steps taken by the company during the quarter to reposition its portfolio of businesses. These include Walmart's investment in Flipkart, combining Sainsbury and Asda in the UK and divestment of banking operations in Walmart Canada and Walmart Chile. On the deal with Flipkart in India, Walmart President and CEO Doug McMillon said e-commerce in India is growing rapidly and it expects the segment to grow at four times the rate of overall retail. "Flipkart is already capturing a large portion of this growth and is well-positioned to accelerate into the future. So, this is an investment in a large, fast-growing country, with an innovative business positioned in the growth area of e-commerce... We're excited about what the future holds," he added. After months of discussions, Walmart had announced the mega-deal to pick up 77 per cent stake in Flipkart Group holding company that is registered in Singapore. The transaction is subject to statutory approvals, including that of Competition Commission of India (CCI). The deal, which valued the Bengaluru-based company at $ 20.8 billion, is believed to be part of Walmart's strategy to strengthen presence in the Indian market and also compete head-on with global rival&nbspAmazon.

Flipkart deal may negatively impact EPS: Walmart

<a href="http://www.wionews.com/world/us-to-lift-sanctions-on-north-korea-if-it-meets-demands-says-pompeo-136599">US</a><a href="http://www.wionews.com/world/us-to-lift-sanctions-on-north-korea-if-it-meets-demands-says-pompeo-136599"> to lift sanctions on North Korea if it meets </a><a href="http://www.wionews.com/world/us-to-lift-sanctions-on-north-korea-if-it-meets-demands-says-pompeo-136599">demands,</a><a href="http://www.wionews.com/world/us-to-lift-sanctions-on-north-korea-if-it-meets-demands-says-pompeo-136599"> says Pompeo</a>

United States Secretary of State Mike Pompeo said on Sunday that Washington has agreed to lift the sanctions imposed on North Korea if it agrees to completely eliminate its nuclear program.&nbsp;

<a href="http://www.wionews.com/world/uk-pm-may-says-committed-to-ensuring-iran-deal-is-upheld-136600">UK PM May says committed to ensuring Iran deal is upheld</a>

Britain and its European partners remain committed to ensuring the nuclear deal with Iran is upheld and Tehran must continue to meet its obligations under the pact, British Prime Minister Theresa May told the Iranian president on Sunday.

<a href="http://www.wionews.com/india-news/income-tax-department-to-seek-information-from-flipkart-on-walmart-buyout-ascertain-tax-liability-136609">Tax department to seek information from Flipkart on Walmart buyout, ascertain tax liability</a>

The tax department will seek share purchase agreement from Flipkart on the mega USD 16 billion buyout by US retail giant Walmart to assess the tax liability and also to find out whether the GAAR provisions can be invoked, an official said.

<a href="http://www.wionews.com/south-asia/sharifs-2611-statement-grossly-misinterpreted-pml-n-136615">Sharif's 26/11 statement 'grossly misinterpreted': PML-N</a>

The Pakistan Muslim League - Nawaz (N) party issued a detailed statement on Sunday disregarding all accusations made former Pakistan PM Nawaz Sharif on the 26/11 Mumbai terror attacks, saying that they were "grossly misinterpreted."

<a href="http://www.wionews.com/world/pompeo-withdrawal-from-iran-deal-wasnt-aimed-at-the-europeans-136612">Pompeo: Withdrawal from Iran deal 'wasn't aimed at the Europeans'</a>

Secretary of State Mike Pompeo said he was "hopeful" that the US could strike a deal with its European allies regarding Iran's nuclear program, on Sunday (May 13) during an interview on "Fox News Sunday with Chris Wallace.

US to lift sanctions on North Korea if it meets demands, says Pompeo United States Secretary of State Mike Pompeo said on Sunday that Washington has agreed to lift the sanctions imposed on North Korea if it agrees to completely eliminate its nuclear program. UK PM May says committed to ensuring Iran deal is upheld Britain and its European partners remain committed to ensuring the nuclear deal with Iran is upheld and Tehran must continue to meet its obligations under the pact, British Prime Minister Theresa May told the Iranian president on Sunday. Tax department to seek information from Flipkart on Walmart buyout, ascertain tax liability The tax department will seek share purchase agreement from Flipkart on the mega USD 16 billion buyout by US retail giant Walmart to assess the tax liability and also to find out whether the GAAR provisions can be invoked, an official said. Sharif's 26/11 statement 'grossly misinterpreted': PML-N The Pakistan Muslim League - Nawaz (N) party issued a detailed statement on Sunday disregarding all accusations made former Pakistan PM Nawaz Sharif on the 26/11 Mumbai terror attacks, saying that they were "grossly misinterpreted." Pompeo: Withdrawal from Iran deal 'wasn't aimed at the Europeans' Secretary of State Mike Pompeo said he was "hopeful" that the US could strike a deal with its European allies regarding Iran's nuclear program, on Sunday (May 13) during an interview on "Fox News Sunday with Chris Wallace.

News brief: Big stories of the day

The tax department will seek share purchase agreement from Flipkart on the mega <a href="http://www.wionews.com/business-&-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">USD 16 billion </a><a href="http://www.wionews.com/business-&-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">buyout</a> by US retail giant Walmart to assess the tax liability and also to find out whether the GAAR provisions can be invoked, an official said.

The department currently is going through the Section 9(1) of the Income Tax law, which deals with indirect transfer provisions, to see if the benefits under the bilateral tax treaties with countries like Singapore and Mauritius, could be available for foreign investors selling stakes to Walmart.

Singapore-registered Flipkart Pvt Ltd holds majority stake in Flipkart India. As per the definitive agreement between the companies last week, Walmart will acquire about 77 per cent stake in the Singapore entity for USD 16 billion.

The agreement will effectively result in transfer of ultimate ownership in Flipkart India to Walmart.

To ascertain the exact tax liability, the revenue department will write to Flipkart seeking the share purchase agreement that the company had entered into with Walmart.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/flipkarts-1st-employee-was-hired-at-rs-8000-a-month-today-hes-a-multi-millionaire-135789">Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire</a>

"The department will seek the share purchase agreement once the formalities for the sale are completed. The agreement will help in tracking the flow of funds and the ultimate beneficiary," the official told PTI.

As regards applicability of General Anti Avoidance Rules (GAAR), the official said it would apply in cases where the investments were made to avoid taxes.

In the Walmart-Flipkart deal, the revenue department will go through the share purchase agreement to ascertain the purpose of investment and the emanating gains.

On whether the benefits of bilateral tax treaties will be available in this deal, the official said the department will go through the details of different double taxation avoidance agreements (DTAAs) to ascertain whether taxes could be levied at concessional rate and investment made prior to a particular date can be grandfathered.

"There is likely to be capital gains withholding tax implications when the shares of Flipkart Singapore are sold by Softbank or other foreign investors. The tax rate will depend upon the facts of the case," V Lakshmikumaran,

Managing Partner of law firm Lakshmikumaran & Sridharan said.

The tax department had last week written to Bentonville-Arkansas based Walmart saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act.

Under Section 195 of the Act, anyone making payment to non-residents is required to deduct tax (commonly known as withholding tax).

As per Section 9 (1) of I-T Act dealing with indirect transfer provisions, the value of shares of a foreign company is deemed to be substantially derived from India, if the value of the Indian assets is greater than 50 per cent of its worldwide assets -- a criteria that is apparently met in Flipkart's case.

"In the Walmart-Flipkart deal, Section 9 (1) will apply as the assets of Flipkart Singapore are substantially based in India and hence the sellers would be liable to pay capital gains tax," Titus & Co Managing Partner Diljeet Titus opined.

As regards the capital gains tax made by Indian founders Sachin Bansal and Binny Bansal, the official said they would have to pay 20 per cent tax with indexation benefit, which is applicable on sale of unlisted shares by Indian residents.&nbsp;

To ascertain tax liability, the revenue department will write to Flipkart seeking the share purchase agreement the company has entered into with Walmart

The tax department will seek share purchase agreement from Flipkart on the mega USD 16 billion buyout by US retail giant Walmart to assess the tax liability and also to find out whether the GAAR provisions can be invoked, an official said. The department currently is going through the Section 9(1) of the Income Tax law, which deals with indirect transfer provisions, to see if the benefits under the bilateral tax treaties with countries like Singapore and Mauritius, could be available for foreign investors selling stakes to Walmart. Singapore-registered Flipkart Pvt Ltd holds majority stake in Flipkart India. As per the definitive agreement between the companies last week, Walmart will acquire about 77 per cent stake in the Singapore entity for USD 16 billion. The agreement will effectively result in transfer of ultimate ownership in Flipkart India to Walmart. To ascertain the exact tax liability, the revenue department will write to Flipkart seeking the share purchase agreement that the company had entered into with Walmart. Also read: Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire "The department will seek the share purchase agreement once the formalities for the sale are completed. The agreement will help in tracking the flow of funds and the ultimate beneficiary," the official told PTI. As regards applicability of General Anti Avoidance Rules (GAAR), the official said it would apply in cases where the investments were made to avoid taxes. In the Walmart-Flipkart deal, the revenue department will go through the share purchase agreement to ascertain the purpose of investment and the emanating gains. On whether the benefits of bilateral tax treaties will be available in this deal, the official said the department will go through the details of different double taxation avoidance agreements (DTAAs) to ascertain whether taxes could be levied at concessional rate and investment made prior to a particular date can be grandfathered. "There is likely to be capital gains withholding tax implications when the shares of Flipkart Singapore are sold by Softbank or other foreign investors. The tax rate will depend upon the facts of the case," V Lakshmikumaran, Managing Partner of law firm Lakshmikumaran & Sridharan said. The tax department had last week written to Bentonville-Arkansas based Walmart saying that the US company can seek guidance about the tax liability under Section 195 (2) of the I-T Act. Under Section 195 of the Act, anyone making payment to non-residents is required to deduct tax (commonly known as withholding tax). As per Section 9 (1) of I-T Act dealing with indirect transfer provisions, the value of shares of a foreign company is deemed to be substantially derived from India, if the value of the Indian assets is greater than 50 per cent of its worldwide assets -- a criteria that is apparently met in Flipkart's case. "In the Walmart-Flipkart deal, Section 9 (1) will apply as the assets of Flipkart Singapore are substantially based in India and hence the sellers would be liable to pay capital gains tax," Titus & Co Managing Partner Diljeet Titus opined. As regards the capital gains tax made by Indian founders Sachin Bansal and Binny Bansal, the official said they would have to pay 20 per cent tax with indexation benefit, which is applicable on sale of unlisted shares by Indian residents.

Tax department to seek information from Flipkart on Walmart buyout, ascertain tax liability

Three days after US retail giant Walmart struck its largest deal with a big-ticket investment in Indian online marketplace Flipkart, members of trade wing of New Delhi's ruling Aam Aadmi Party or "common man party" staged a demonstration calling for the deal to be scrapped.

Walmart said on Wednesday (May 09) it would pay some $16 billion for a roughly 77 per cent stake in the Indian e-commerce firm, stepping up competition with rival Amazon.com in a major growth market.

Opposing the takeover, protesters holding banners and placards were seen marching around the Indian capital and demanded Indian Prime Minister Narendra Modi's intervention into the matter. While such small protests are unlikely to affect the deal, such sentiments pose a challenge for Modi and his Hindu nationalist Bharatiya Janata Party (BJP) as it prepares to fight an election next year.

For Modi, appeasing small traders and farmers, who are part of the BJP's core constituency, is as important as upholding India's image as a place that welcomes foreign investment.

According to the deal, Walmart's investment is in Flipkart's online marketplace platform, where foreign investment is allowed. The US company cannot open physical stores in India, according to rules governing the multi-brand retail sector.

Traders say they are most concerned about predatory pricing and steep discounting by e-commerce firms with deep pockets thanks to foreign funding that could edge out smaller rivals. 
&nbsp

Three days after US retail giant Walmart struck its largest deal with a big-ticket investment in Indian online marketplace Flipkart, members of trade wing of New Delhi's ruling Aam Aadmi Party or 'common man party' staged a demonstration calling for the deal to be scrapped

Three days after US retail giant Walmart struck its largest deal with a big-ticket investment in Indian online marketplace Flipkart, members of trade wing of New Delhi's ruling Aam Aadmi Party or "common man party" staged a demonstration calling for the deal to be scrapped. Walmart said on Wednesday (May 09) it would pay some $16 billion for a roughly 77 per cent stake in the Indian e-commerce firm, stepping up competition with rival Amazon.com in a major growth market. Opposing the takeover, protesters holding banners and placards were seen marching around the Indian capital and demanded Indian Prime Minister Narendra Modi's intervention into the matter. While such small protests are unlikely to affect the deal, such sentiments pose a challenge for Modi and his Hindu nationalist Bharatiya Janata Party (BJP) as it prepares to fight an election next year. For Modi, appeasing small traders and farmers, who are part of the BJP's core constituency, is as important as upholding India's image as a place that welcomes foreign investment. According to the deal, Walmart's investment is in Flipkart's online marketplace platform, where foreign investment is allowed. The US company cannot open physical stores in India, according to rules governing the multi-brand retail sector. Traders say they are most concerned about predatory pricing and steep discounting by e-commerce firms with deep pockets thanks to foreign funding that could edge out smaller rivals.

Walmart Go Back! Protesters in New Delhi decry Flipkart deal

Flipkart co-founder Sachin Bansal, who is exiting the Bengaluru-based company post the Walmart deal, plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects.

US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on.

Also read: <a href="http://www.wionews.com/india-news/flipkarts-1st-employee-was-hired-at-rs-8000-a-month-today-hes-a-multi-millionaire-135789">Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire</a>

Sachin and Binny, who are not related and formerly worked for Amazon.Com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league.

"I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills," Bansal said in a Facebook post.

The emotional farewell post went on to say: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart".

Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum.

"...But I'll be watching and cheering from the outside ? Flipsters, you better continue to do a good job!" he said.

Recalling the cherished relationships and "amazing experiences", Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people.

"We took on some of the biggest challenges and solved many complex problems for india," Bansal reminisced.&nbsp;

Sachin Bansal, who co-founded Flipkart with Binny Bansal in 2007, is leaving the company after the Walmart deal. He said, in an emotional Facebook post, that he plans to catch up on gaming and brush up his coding skills

Flipkart co-founder Sachin Bansal, who is exiting the Bengaluru-based company post the Walmart deal, plans to catch up on gaming and brush up his coding skills as he takes time off to finish few pending personal projects. US retailer Walmart Inc yesterday acquired 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date. The deal values the 11-year old Indian e-commerce firm at USD 20.8 billion. Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal, while Binny will stay on. Also read: Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire Sachin and Binny, who are not related and formerly worked for Amazon.Com Inc, like their US rival began by selling books when they founded Flipkart. Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league. "I'll be taking some long time off and focus on finishing a few personal projects which I haven't been able to find time for. Will catch up on gaming (and see what kids are playing these days) and brush up on my coding skills," Bansal said in a Facebook post. The emotional farewell post went on to say: "Sadly my work here is done and after 10 years, it's time to hand over the baton and move on from Flipkart". Sachin Bansal said he will be "cheering from the outside" and urged Flipkart team to continue with the momentum. "...But I'll be watching and cheering from the outside ? Flipsters, you better continue to do a good job!" he said. Recalling the cherished relationships and "amazing experiences", Bansal said that Flipkart had truly upheld customer centricity and that he got to work with the best people. "We took on some of the biggest challenges and solved many complex problems for india," Bansal reminisced.

'Sadly my work here is done,' says Sachin Bansal. Leaves Flipkart

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce company Flipkart, in what is likely to be the US retail giant’s biggest acquisition.&nbsp;

Bentonville, Arkansas-based Walmart and its partner in the deal, Google parent Alphabet Inc, are looking to buy up to three-quarters of Flipkart. Walmart will look to own a roughly 60 percent stake, while Alphabet will get about 15 percent ownership of the online marketplace, sources added. The deal is likely to value Flipkart at roughly $18 billion to $20 billion.

Indian media reported last week that Amazon.com Inc, which has been pouring billions of dollars into India to ship goods to shoppers faster, had made a formal offer to buy 60 percent of Flipkart but that Flipkart’s founders preferred Walmart.

Below are key facts about Flipkart:

The company was founded in 2007 in the southern Indian city of Bengaluru by Sachin Bansal and Binny Bansal. The Bansals, who are not related, met in 2005 at the Indian Institute of Technology, Delhi. They are both former employees of Amazon.

Flipkart at first sold books, later expanding to sell music, movies, games, electronics and mobiles, the category that has driven growth. The first book it sold was John Wood’s Leaving Microsoft to Change the World. It launched logistics arm Ekart in 2010 and started the now popular cash-on-delivery service.

It opened its first office in Bengaluru in 2008 and opened offices in Delhi and Mumbai in 2009. Last month, Flipkart consolidated all its Bengaluru offices in one large campus.

In 2011, Flipkart domiciled to Singapore, as it looked to woo foreign investors to fund rapid growth. The first billion-dollar Indian e-commerce company, Flipkart sells 8 million products across 80 plus categories. It has 100 million registered users, 100,000 sellers, 21 warehouses, 10 million daily page visits.

Key people:

In 2016, Binny Bansal took over as CEO and Sachin Bansal became executive chairman. Last year, Kalyan Krishnamurthy, previously an executive in Flipkart investor Tiger Global, took over as Flipkart CEO.

Binny Bansal became CEO of the whole group, which includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

The company’s board has seven members. Dropbox Inc’s chief technology officer, Aditya Agarwal, joined the board in 2014.

Mergers & Acquisitions:

Bought online apparel retailer Myntra in a deal pegged by sources at about $300 million in 2014, and another retailer Jabong for $70 million in 2016.

Last year, Flipkart offered to buy rival Snapdeal but the deal fell through. SoftBank, Flipkart’s largest investor, also has a stake in Snapdeal, as does China’s Alibaba Group Holding Ltd.

Flipkart bought payment startup PhonePe in 2016. In exchange for an equity stake in Flipkart, eBay agreed to make a $500 million cash investment in and sell its eBay.in business to Flipkart in 2017.

Investors:

Japan’s SoftBank Group Corp owns a fifth of Flipkart through its Vision Fund. SoftBank expected to sell its whole stake in the Walmart deal, Reuters reported last week.

Early investors New York-based hedge fund Tiger Global and U.S. private-equity firm Accel Partners will sell a majority of their stakes, Reuters reported on Tuesday.

Other investors include the founders and Napsers Ltd. China’s Tencent Holdings Ltd, eBay Inc and Microsoft Corp invested $1.4 billion last year.

Financials, according to filings sourced by business intelligence platform paper.vc:

Flipkart Group’s consolidated loss attributable to owners of the company in fiscal 2017 widened to 87.70 billion rupees, from 52.16 billion rupees a year earlier.

Consolidated revenue jumped 29 percent to 198.55 billion in fiscal 2017. 
&nbsp;

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce company Flipkart before the end of this week.

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce company Flipkart, in what is likely to be the US retail giant’s biggest acquisition. Bentonville, Arkansas-based Walmart and its partner in the deal, Google parent Alphabet Inc, are looking to buy up to three-quarters of Flipkart. Walmart will look to own a roughly 60 percent stake, while Alphabet will get about 15 percent ownership of the online marketplace, sources added. The deal is likely to value Flipkart at roughly $18 billion to $20 billion. Indian media reported last week that Amazon.com Inc, which has been pouring billions of dollars into India to ship goods to shoppers faster, had made a formal offer to buy 60 percent of Flipkart but that Flipkart’s founders preferred Walmart. Below are key facts about Flipkart: The company was founded in 2007 in the southern Indian city of Bengaluru by Sachin Bansal and Binny Bansal. The Bansals, who are not related, met in 2005 at the Indian Institute of Technology, Delhi. They are both former employees of Amazon. Flipkart at first sold books, later expanding to sell music, movies, games, electronics and mobiles, the category that has driven growth. The first book it sold was John Wood’s Leaving Microsoft to Change the World. It launched logistics arm Ekart in 2010 and started the now popular cash-on-delivery service. It opened its first office in Bengaluru in 2008 and opened offices in Delhi and Mumbai in 2009. Last month, Flipkart consolidated all its Bengaluru offices in one large campus. In 2011, Flipkart domiciled to Singapore, as it looked to woo foreign investors to fund rapid growth. The first billion-dollar Indian e-commerce company, Flipkart sells 8 million products across 80 plus categories. It has 100 million registered users, 100,000 sellers, 21 warehouses, 10 million daily page visits. Key people: In 2016, Binny Bansal took over as CEO and Sachin Bansal became executive chairman. Last year, Kalyan Krishnamurthy, previously an executive in Flipkart investor Tiger Global, took over as Flipkart CEO. Binny Bansal became CEO of the whole group, which includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. The company’s board has seven members. Dropbox Inc’s chief technology officer, Aditya Agarwal, joined the board in 2014. Mergers & Acquisitions: Bought online apparel retailer Myntra in a deal pegged by sources at about $300 million in 2014, and another retailer Jabong for $70 million in 2016. Last year, Flipkart offered to buy rival Snapdeal but the deal fell through. SoftBank, Flipkart’s largest investor, also has a stake in Snapdeal, as does China’s Alibaba Group Holding Ltd. Flipkart bought payment startup PhonePe in 2016. In exchange for an equity stake in Flipkart, eBay agreed to make a $500 million cash investment in and sell its eBay.in business to Flipkart in 2017. Investors: Japan’s SoftBank Group Corp owns a fifth of Flipkart through its Vision Fund. SoftBank expected to sell its whole stake in the Walmart deal, Reuters reported last week. Early investors New York-based hedge fund Tiger Global and U.S. private-equity firm Accel Partners will sell a majority of their stakes, Reuters reported on Tuesday. Other investors include the founders and Napsers Ltd. China’s Tencent Holdings Ltd, eBay Inc and Microsoft Corp invested $1.4 billion last year. Financials, according to filings sourced by business intelligence platform paper.vc: Flipkart Group’s consolidated loss attributable to owners of the company in fiscal 2017 widened to 87.70 billion rupees, from 52.16 billion rupees a year earlier. Consolidated revenue jumped 29 percent to 198.55 billion in fiscal 2017.

Flipkart: A look at the journey of India's e-commerce giant

Walmart is buying a 77% stake in Flipkart for a whopping $16 billion, pushing the the Indian e-tailer to the forefront of the great Indian startup dream — set up a company, the sell it for big bucks.&nbsp;

Preferably dollars.&nbsp;

The company though started, in 2007, small. It was run then out of a modest two-bedroom apartment in Koramangala, Bengaluru.&nbsp;

The idea was simple. Consumers could shop online and get books delivered to their doorstep.&nbsp;Flipkart got some 20 orders in its first year.&nbsp;

Flipkart's first employee — Ambur Iyappa — was hired two years after the company started up. (Flipkart now has multiple offices across the country. Its Bengaluru headquarters alone houses some 6,800 employees.)

Ambur's first salary was a lowly Rs 8,000.&nbsp;

Today, thanks to ESOPs — Employee Stock Ownership Plans — Ambur is a multi-millionaire.&nbsp;

<img alt="1st Flipkart employee2.JPG" data-entity-type="" data-entity-uuid="" height="430" src="http://images.wionews.com/iniline-images/1st%20Flipkart%20employee2.JPG" width="770" />

(Ambur with Sachin and Binny Bansal. Image courtesy: Flipkart.com)

Ambur had before joining Flipkart been a delivery manager with First Flight Couriers.&nbsp;

In the four years he was with them, he rose to handling all incoming mails for south Bengaluru.&nbsp;

He then decided he needed to do a three-month course to further his prospects. But when he came back to First Flight, they told him they no longer had a job for him.&nbsp;

First Flight however happened to be one of Flipkart's courier partners.&nbsp;

Ambur heard from the delivery boy who managed the Flipkart account that they were looking for an in-house logistics person.&nbsp;

So Ambur went to Flipkart's office and met Sachin and Binny Bansal. (The Bansals — they're not related — had met at IIT-Delhi in 2005.)

Ambur got the job.&nbsp;

His offer letter however he got almost a year later since Flipkart at the time had no human resources team.&nbsp;

(With inputs from PTI)

&nbsp;

Before joining Flipkart, Ambur Iyappa had been a delivery manager with First Flight Couriers. He left First Flight to do a three-month course. When he went back to them, First Flight told him they no longer had a job for him

Walmart is buying a 77% stake in Flipkart for a whopping $16 billion, pushing the the Indian e-tailer to the forefront of the great Indian startup dream — set up a company, the sell it for big bucks. Preferably dollars. The company though started, in 2007, small. It was run then out of a modest two-bedroom apartment in Koramangala, Bengaluru. The idea was simple. Consumers could shop online and get books delivered to their doorstep. Flipkart got some 20 orders in its first year. Flipkart's first employee — Ambur Iyappa — was hired two years after the company started up. (Flipkart now has multiple offices across the country. Its Bengaluru headquarters alone houses some 6,800 employees.) Ambur's first salary was a lowly Rs 8,000. Today, thanks to ESOPs — Employee Stock Ownership Plans — Ambur is a multi-millionaire. (Ambur with Sachin and Binny Bansal. Image courtesy: Flipkart.com) Ambur had before joining Flipkart been a delivery manager with First Flight Couriers. In the four years he was with them, he rose to handling all incoming mails for south Bengaluru. He then decided he needed to do a three-month course to further his prospects. But when he came back to First Flight, they told him they no longer had a job for him. First Flight however happened to be one of Flipkart's courier partners. Ambur heard from the delivery boy who managed the Flipkart account that they were looking for an in-house logistics person. So Ambur went to Flipkart's office and met Sachin and Binny Bansal. (The Bansals — they're not related — had met at IIT-Delhi in 2005.) Ambur got the job. His offer letter however he got almost a year later since Flipkart at the time had no human resources team. (With inputs from PTI)

Flipkart's 1st employee was hired at Rs 8,000 a month. Today, he's a multi-millionaire

Walmart chief executive <a href="http://www.wionews.com/videos/indias-biggest-fdi-deal-is-the-walmart-flipkart-deal-134797">Doug McMillon is expected to </a>announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country.

Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company.

The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

Walmart chief executive Doug McMillon is expected to announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country. Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country. Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company. The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Walmart may announce Flipkart deal today

<a href="http://www.wionews.com/business-&-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">Walmart buying 77% stake in Flipkart for $16 billion</a>

Walmart Inc has agreed to pay $16 billion for a roughly 77 per cent stake in Indian online shopping site Flipkart, the US retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets.

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake.

<a href="http://www.wionews.com/business-&-economy/india-to-grow-at-74-in-2018-78-in-2019-imf-135754">India to grow at 7.4% in 2018, says IMF</a>

The Indian economy is expected to grow at 7.4 per cent in the current fiscal and accelerate further to 7.8 per cent as it recovers from the impact of demonetisation and GST roll out, IMF said today.

Asia continues to be the main engine of the world's economy, accounting for more than 60 per cent of global growth, three-quarters of which comes from China and India alone, as per IMF's Regional Economic Outlook: Asia and Pacific (REO).

<a href="http://www.wionews.com/world/irans-khamenei-says-will-quit-nuke-deal-without-european-guarantees-135725">Iran supreme leader Khamenei says will quit nuclear deal without European guarantees</a>

Iran's supreme leader Ayatollah Ali Khamenei said Wednesday that Tehran would quit the landmark 2015 nuclear deal unless European signatories offered solid guarantees that trade relations would continue after the US withdrawal.

Addressing Iran's government in a televised speech, Khamenei said: "We hear that you want to continue the nuclear deal with the three European countries. I don't have confidence in these three countries."

<a href="http://www.wionews.com/india-news/chinas-xi-is-worlds-most-powerful-person-modi-is-9th-forbes-135739">China's Xi is world's most powerful person, Modi is 9th: Forbes</a>

Prime Minister Narendra Modi has been ranked among the top 10 most powerful people in the world by Forbes in a list that has been topped for the first time ever by Chinese President Xi Jinping, who dethroned Russian President Vladimir Putin as the most influential person on the planet.&nbsp;

Modi ranks 9th on the Forbes 2018 list of 75 of the World's Most Powerful People who make the world turn.

<a href="http://www.wionews.com/world/pompeo-returning-from-north-korea-with-three-us-detainees-trump-135759">Pompeo returning from North Korea with three US detainees: Trump</a>

US President Donald Trump said on Wednesday that three Americans detained by North Korea have been released and are on their way home with Secretary of State Mike Pompeo.

"I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting. They seem to be in good health," Trump wrote in a post on Twitter.

Walmart buying 77% stake in Flipkart for $16 billion Walmart Inc has agreed to pay $16 billion for a roughly 77 per cent stake in Indian online shopping site Flipkart, the US retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets. The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake. India to grow at 7.4% in 2018, says IMF The Indian economy is expected to grow at 7.4 per cent in the current fiscal and accelerate further to 7.8 per cent as it recovers from the impact of demonetisation and GST roll out, IMF said today. Asia continues to be the main engine of the world's economy, accounting for more than 60 per cent of global growth, three-quarters of which comes from China and India alone, as per IMF's Regional Economic Outlook: Asia and Pacific (REO). Iran supreme leader Khamenei says will quit nuclear deal without European guarantees Iran's supreme leader Ayatollah Ali Khamenei said Wednesday that Tehran would quit the landmark 2015 nuclear deal unless European signatories offered solid guarantees that trade relations would continue after the US withdrawal. Addressing Iran's government in a televised speech, Khamenei said: "We hear that you want to continue the nuclear deal with the three European countries. I don't have confidence in these three countries." China's Xi is world's most powerful person, Modi is 9th: Forbes Prime Minister Narendra Modi has been ranked among the top 10 most powerful people in the world by Forbes in a list that has been topped for the first time ever by Chinese President Xi Jinping, who dethroned Russian President Vladimir Putin as the most influential person on the planet. Modi ranks 9th on the Forbes 2018 list of 75 of the World's Most Powerful People who make the world turn. Pompeo returning from North Korea with three US detainees: Trump US President Donald Trump said on Wednesday that three Americans detained by North Korea have been released and are on their way home with Secretary of State Mike Pompeo. "I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting. They seem to be in good health," Trump wrote in a post on Twitter.

US retailer Walmart's buying 77 per cent stake in Flipkart for USD 16 billion is the biggest acquisition by a company in India this year.

This is also Walmart's biggest acquisition which will help it compete with its US-based rival Amazon.

The biggest M&A deal in India however is the yet-to-be-completed merger of Vodafone India and Idea Cellular to create India's largest telecom operator, surpassing Bharti Airtel. That deal, worth USD 23 billion, was announced last year.

In August last year, Rosneft and its partners completed a USD 12.9 billion acquisition of Essar Oil to gain control over a 20 million tonnes a year oil refinery and over 3,500 petrol pumps. This is the largest FDI into the country till that date and also the largest outbound investment from Russia.

In case of Flipkart, Walmart is buying into the Singapore-based holding company.

UK's BP Plc in 2011 bought 30 per cent stake in 23 oil and gas blocks, including eastern offshore KG-D6, of Reliance Industries for USD 7.2 billion.

India, Asia's third largest economy, needs foreign capital to boost infrastructure and sustain economic growth. According to Department of Industrial Policy and Promotion (DIPP), the total FDI investments in India during

April-December 2017 stood at USD 35.94 billion.

Below are some of the major mergers and acquisitions in India in recent times (The list is not exhaustive):

* Vodafone & Idea Cellular in 2017 decided to merge their India operations in a USD 23 billion deal. The merger is yet to be completed.

* Rosneft, the Netherlands-based Trafigura Group Pte -- one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners acquired Essar Oil for $12.9 billion in August 2017.&nbsp

* USD 9.73 billion merger between Analjit Singh-promoted Max Financial Services Ltd and mortgage lender Housing Development Finance Corporation created the largest private-sector life insurer in the country in 2016.

* UltraTech acquired cement business of Jaiprakash Associates for USD 2.4 billion in 2016.

* Nirma acquired Lafarge India for USD 1.4 billion in 2016

* Vedanta acquired 58.5 per cent in Cairn India for a total consideration of USD 8.67 billion in 2011.

* BP Plc bought 30 per cent stake in 23 oil and gas blocks of Reliance Industries for USD 7.2 billion in 2011.

* Japanese drug maker Daiichi Sankyo paid up to USD 4.6 billion for control of Ranbaxy Laboratories Ltd in 2008.

* NTT DoCoMo Inc in 2008 agreed to pay USD 2.7 billion for a 26 per cent stake in Indian telecom firm Tata Teleservices, giving Japan's top mobile operator a foothold in the world's fastest-growing major mobile market.&nbsp

* Vodafone entered India in 2007, paying USD 11.1 billion to buy 67 per cent controlling stake in Hutchison Whampoa Ltd's mobile business in India.&nbsp

Walmart is buying a 77% stake in Flipkart for $16 bn. This is Walmart's biggest-ever acquisition and is expected to help it compete against Amazon

US retailer Walmart's buying 77 per cent stake in Flipkart for USD 16 billion is the biggest acquisition by a company in India this year. This is also Walmart's biggest acquisition which will help it compete with its US-based rival Amazon. The biggest M&A deal in India however is the yet-to-be-completed merger of Vodafone India and Idea Cellular to create India's largest telecom operator, surpassing Bharti Airtel. That deal, worth USD 23 billion, was announced last year. In August last year, Rosneft and its partners completed a USD 12.9 billion acquisition of Essar Oil to gain control over a 20 million tonnes a year oil refinery and over 3,500 petrol pumps. This is the largest FDI into the country till that date and also the largest outbound investment from Russia. In case of Flipkart, Walmart is buying into the Singapore-based holding company. UK's BP Plc in 2011 bought 30 per cent stake in 23 oil and gas blocks, including eastern offshore KG-D6, of Reliance Industries for USD 7.2 billion. India, Asia's third largest economy, needs foreign capital to boost infrastructure and sustain economic growth. According to Department of Industrial Policy and Promotion (DIPP), the total FDI investments in India during April-December 2017 stood at USD 35.94 billion. Below are some of the major mergers and acquisitions in India in recent times (The list is not exhaustive): * Vodafone & Idea Cellular in 2017 decided to merge their India operations in a USD 23 billion deal. The merger is yet to be completed. * Rosneft, the Netherlands-based Trafigura Group Pte -- one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners acquired Essar Oil for $12.9 billion in August 2017. * USD 9.73 billion merger between Analjit Singh-promoted Max Financial Services Ltd and mortgage lender Housing Development Finance Corporation created the largest private-sector life insurer in the country in 2016. * UltraTech acquired cement business of Jaiprakash Associates for USD 2.4 billion in 2016. * Nirma acquired Lafarge India for USD 1.4 billion in 2016 * Vedanta acquired 58.5 per cent in Cairn India for a total consideration of USD 8.67 billion in 2011. * BP Plc bought 30 per cent stake in 23 oil and gas blocks of Reliance Industries for USD 7.2 billion in 2011. * Japanese drug maker Daiichi Sankyo paid up to USD 4.6 billion for control of Ranbaxy Laboratories Ltd in 2008. * NTT DoCoMo Inc in 2008 agreed to pay USD 2.7 billion for a 26 per cent stake in Indian telecom firm Tata Teleservices, giving Japan's top mobile operator a foothold in the world's fastest-growing major mobile market. * Vodafone entered India in 2007, paying USD 11.1 billion to buy 67 per cent controlling stake in Hutchison Whampoa Ltd's mobile business in India.

Walmart buys Flipkart for $16 bn: Other mega Indian deals

Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets.

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake.

"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 transformation of e-commerce in the market," Doug McMillon, Walmart's Chief Executive Officer, said in a statement on Wednesday.

Buying a stake in Flipkart, which sells everything from soaps to smartphones and from books to clothes, gives Walmart access to the fledgling Indian e-commerce market that could potentially be worth $200 billion in a decade, according to Morgan Stanley.

Walmart said it plans to fund the deal through a combination of newly-issued debt and cash on hand.

Walmart warned that it expects the deal to hit its fiscal 2019 earnings per share by 25 cents to 30 cents, if the deal closes as expected before the end of the second quarter.

The remainder of the business will be held by some of Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, China's Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said.

Earlier on Wednesday, SoftBank Chief Executive Officer Masayoshi Son unexpectedly spilled the beans on the deal by confirming on a conference call that Walmart had decided to purchase Flipkart, ahead of the highly-anticipated official announcement.

Son said his firm's investment in the Indian online retailer had grown to $4 billion. SoftBank's Vision Fund, the world's biggest private equity fund, had invested $2.5 billion in Flipkart last August.

Sources have previously told Reuters that SoftBank would sell all its shares in Flipkart to Walmart.&nbsp 
&nbsp

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake

Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets. The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake. "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 transformation of e-commerce in the market," Doug McMillon, Walmart's Chief Executive Officer, said in a statement on Wednesday. Buying a stake in Flipkart, which sells everything from soaps to smartphones and from books to clothes, gives Walmart access to the fledgling Indian e-commerce market that could potentially be worth $200 billion in a decade, according to Morgan Stanley. Walmart said it plans to fund the deal through a combination of newly-issued debt and cash on hand. Walmart warned that it expects the deal to hit its fiscal 2019 earnings per share by 25 cents to 30 cents, if the deal closes as expected before the end of the second quarter. The remainder of the business will be held by some of Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, China's Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said. Earlier on Wednesday, SoftBank Chief Executive Officer Masayoshi Son unexpectedly spilled the beans on the deal by confirming on a conference call that Walmart had decided to purchase Flipkart, ahead of the highly-anticipated official announcement. Son said his firm's investment in the Indian online retailer had grown to $4 billion. SoftBank's Vision Fund, the world's biggest private equity fund, had invested $2.5 billion in Flipkart last August. Sources have previously told Reuters that SoftBank would sell all its shares in Flipkart to Walmart.

Walmart buying 77% stake in Flipkart for $16 billion

US retail giant Walmart will buy a majority stake in India's largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm.

"Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," said SoftBank CEO Masayoshi Son, whose firm owns a 20 percent stake in Flipkart.

He said SoftBank's $2.5 billion stake in the company would be worth $4 billion with the acquisition.

The deal, reportedly worth around $15 billion, is expected to be announced officially later Wednesday, with Walmart CEO Doug McMillon in Bangalore, where Flipkart is headquartered.

Walmart is expected to acquire around 70 percent of the Indian e-tailer in a deal analysts said would be the world's biggest e-commerce acquisition and pit Walmart against rival Amazon in one of the world's fastest growing markets.

Amazon has been expanding aggressively since it entered the Indian market in 2013.

There has been months of speculation that Walmart was preparing to buy Flipkart but both have repeatedly declined to comment on the talks.

Last week, Flipkart's board agreed to sell up to 75 percent of the company to a Walmart-led group, according to multiple media reports.

The deal is expected to value Flipkart at around $20 billion.

Google's parent company Alphabet is also expected to purchase a small stake, possibly around 10 percent, reports said, citing unnamed sources familiar with the matter.

Flipkart is India's largest e-commerce group on the basis of sales but has been fighting off a huge challenge from Amazon.

Amazon boss Jeff Bezos has committed more than $5 billion to grabbing a big slice of India's e-commerce pie after failing to make inroads in China.

E-commerce sales in India hit $21 billion last year according to market research company Forrester, and are expected to soar as its population of 1.25 billion people make greater use of internet access.

Flipkart was founded in 2007 by former Amazon employees Sachin Bansal and Binny Bansal, who are not related.

Like Amazon, it started as an online bookstore. Flipkart now sells everything from mobile phones, televisions and juicers to running shoes, sofas and beauty products.

SoftBank acquired its stake in the company last year through its Vision Fund investment arm.

The announcement was made by SoftBank CEO Mayashi Son who owns a 20 per cent stake in Flipkart. The deal is expected to be officially announced today with Walmart CEO Doug McMillon in Bangalore, where Flipkart is headquartered

US retail giant Walmart will buy a majority stake in India's largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm. "Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," said SoftBank CEO Masayoshi Son, whose firm owns a 20 percent stake in Flipkart. He said SoftBank's $2.5 billion stake in the company would be worth $4 billion with the acquisition. The deal, reportedly worth around $15 billion, is expected to be announced officially later Wednesday, with Walmart CEO Doug McMillon in Bangalore, where Flipkart is headquartered. Walmart is expected to acquire around 70 percent of the Indian e-tailer in a deal analysts said would be the world's biggest e-commerce acquisition and pit Walmart against rival Amazon in one of the world's fastest growing markets. Amazon has been expanding aggressively since it entered the Indian market in 2013. There has been months of speculation that Walmart was preparing to buy Flipkart but both have repeatedly declined to comment on the talks. Last week, Flipkart's board agreed to sell up to 75 percent of the company to a Walmart-led group, according to multiple media reports. The deal is expected to value Flipkart at around $20 billion. Google's parent company Alphabet is also expected to purchase a small stake, possibly around 10 percent, reports said, citing unnamed sources familiar with the matter. Flipkart is India's largest e-commerce group on the basis of sales but has been fighting off a huge challenge from Amazon. Amazon boss Jeff Bezos has committed more than $5 billion to grabbing a big slice of India's e-commerce pie after failing to make inroads in China. E-commerce sales in India hit $21 billion last year according to market research company Forrester, and are expected to soar as its population of 1.25 billion people make greater use of internet access. Flipkart was founded in 2007 by former Amazon employees Sachin Bansal and Binny Bansal, who are not related. Like Amazon, it started as an online bookstore. Flipkart now sells everything from mobile phones, televisions and juicers to running shoes, sofas and beauty products. SoftBank acquired its stake in the company last year through its Vision Fund investment arm.

Walmart is buying Flipkart for a reported $15 billion

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the US&nbsp;retail giant's biggest acquisition of a business.

Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private.

Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about $3 billion, one of the sources said.

Reuters previously reported that Walmart was in advanced talks to acquire 51 percent or more of the e-commerce player for $10 billion to $12 billion, valuing Flipkart at some $18 billion to $20 billion.

Both sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm's top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed.

Flipkart last year named Kalyan Krishnamurthy, a former executive of investor US&nbsp;hedge fund Tiger Global Management, as the head of its core business, while Binny Bansal took the broader strategic role of group CEO. Sachin Bansal remained as executive chairman.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, and like their US&nbsp;rival, began by selling books.

Walmart is expected to get three board seats at Flipkart and will also have a say in the appointments of the group's finance, legal and compliance heads, one of the sources said.

Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said.

Early Flipkart investors Tiger Global and venture fund Accel will sell a majority of their stakes, one of the sources said.

Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported.

The Vision Fund had invested close to $2.5 billion in Flipkart via primary and secondary share purchases last year.

Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the sources said. Other top Walmart executives will also be in India for the announcement, the other source added.

A third source said Flipkart had scheduled multiple batches of townhall meetings with employees on Friday, sparking chatter within the ranks that a deal is likely imminent.

Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.

Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment

Walmart is likely to announce its much-anticipated deal to buy a controlling stake in Indian e-commerce player Flipkart before the end of this week, two sources said, in what is likely to be the US retail giant's biggest acquisition of a business. Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private. Bentonville, Arkansas-based Walmart will acquire about a 60 percent stake in Flipkart, while Alphabet will get a roughly 15 percent stake in the online marketplace for about $3 billion, one of the sources said. Reuters previously reported that Walmart was in advanced talks to acquire 51 percent or more of the e-commerce player for $10 billion to $12 billion, valuing Flipkart at some $18 billion to $20 billion. Both sources said that Flipkart Group Chief Executive Binny Bansal held a closed-door meeting with the firm's top leadership at its Bengaluru headquarters on Monday, and one added that Bansal said that Flipkart co-founder Sachin Bansal would exit after the Walmart deal is sealed. Flipkart last year named Kalyan Krishnamurthy, a former executive of investor US hedge fund Tiger Global Management, as the head of its core business, while Binny Bansal took the broader strategic role of group CEO. Sachin Bansal remained as executive chairman. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Sachin and Binny Bansal, both former Amazon.com Inc employees, founded Flipkart in 2007, and like their US rival, began by selling books. Walmart is expected to get three board seats at Flipkart and will also have a say in the appointments of the group's finance, legal and compliance heads, one of the sources said. Krishnamurthy and Binny Bansal will remain in their current roles after the deal, the two sources said. Early Flipkart investors Tiger Global and venture fund Accel will sell a majority of their stakes, one of the sources said. Japan's SoftBank Group, which owns roughly a fifth of Flipkart through its Vision Fund, is expected to completely exit, Reuters has previously reported. The Vision Fund had invested close to $2.5 billion in Flipkart via primary and secondary share purchases last year. Flipkart will hold a townhall for employees on Friday, with Walmart CEO Doug McMillon likely to attend, one of the sources said. Other top Walmart executives will also be in India for the announcement, the other source added. A third source said Flipkart had scheduled multiple batches of townhall meetings with employees on Friday, sparking chatter within the ranks that a deal is likely imminent. Walmart declined to comment. Flipkart, Alphabet, Tiger Global and Accel did not immediately respond to requests for comment.

Walmart likely to announce Flipkart deal before end of week

Online shopping has made deep inroads in India with millions of Indians logging on to e-commerce websites to buy things online - from gadgets to apparels to food, grocery and healthcare products.

Sometimes shoppers are sure of the product quality, but there are times when people are not confident of goods they are planning to buy online. So what do they do in such cases? They look at rating of a particular product to check how many have rated it 5-star, read comments to find out how happy existing owners of the product are.

Such reviews help them in making our choice, and are considered safe. But are they?

An investigative report done by the BBC has revealed that a lot of five-star ratings and positive reviews are traded online. Not just global websites, it's been discovered that <a href="http://www.wionews.com/videos/know-how-the-black-market-of-fake-reviews-work-134563">this practice is common</a> on Indian e-commerce websites as well.

So how does this work? It's a simple reward-driven business model where both businesses and customers are gaining. A customer is asked to make good ratings and write positive reviews so that businesses can get more customers. The buyers, on the other hand, are also benefitting they are rewarded with free goods and full refund in exchange of positive reviews.

Some people or merchants directly contact prospective clients to write fake reviews through emails, guaranteeing a return. Sending emails is just one way. There are now Facebook groups as well for the same where customers are encouraged to buy certain products and post positive reviews in exchange for monetary and non-monetary rewards.

WION approached Amazon, Ebay and Flipkart to understand the measures they are taking to curb this black market of fake online reviews. Amazon replied saying, "Acknowledging your email. We have shared internally and the relevant team member will connect with you." However, there has been no communication from the e-retailer after that. Flipkart and Ebay, on the other hand, have not responded to the mail yet.

While fake reviews are being traded openly on the Internet, sadly it's not easy to track people making these offers and in some cases, it's not even possible to track businesses the reviews are being sought for.

The business of fake reviews is attracting a lot of customers and giving them an easy way to make money, so much so that some people have made it their full-time profession.

While a lot of online companies are aggressively working towards cracking down on bogus reviews, the fact remains the black market of online reviews is only increasing day by day.

Some people or merchants directly contact prospective clients to write fake reviews through emails, guaranteeing a return.

Online shopping has made deep inroads in India with millions of Indians logging on to e-commerce websites to buy things online - from gadgets to apparels to food, grocery and healthcare products. Sometimes shoppers are sure of the product quality, but there are times when people are not confident of goods they are planning to buy online. So what do they do in such cases? They look at rating of a particular product to check how many have rated it 5-star, read comments to find out how happy existing owners of the product are. Such reviews help them in making our choice, and are considered safe. But are they? An investigative report done by the BBC has revealed that a lot of five-star ratings and positive reviews are traded online. Not just global websites, it's been discovered that this practice is common on Indian e-commerce websites as well. So how does this work? It's a simple reward-driven business model where both businesses and customers are gaining. A customer is asked to make good ratings and write positive reviews so that businesses can get more customers. The buyers, on the other hand, are also benefitting they are rewarded with free goods and full refund in exchange of positive reviews. Some people or merchants directly contact prospective clients to write fake reviews through emails, guaranteeing a return. Sending emails is just one way. There are now Facebook groups as well for the same where customers are encouraged to buy certain products and post positive reviews in exchange for monetary and non-monetary rewards. WION approached Amazon, Ebay and Flipkart to understand the measures they are taking to curb this black market of fake online reviews. Amazon replied saying, "Acknowledging your email. We have shared internally and the relevant team member will connect with you." However, there has been no communication from the e-retailer after that. Flipkart and Ebay, on the other hand, have not responded to the mail yet. While fake reviews are being traded openly on the Internet, sadly it's not easy to track people making these offers and in some cases, it's not even possible to track businesses the reviews are being sought for. The business of fake reviews is attracting a lot of customers and giving them an easy way to make money, so much so that some people have made it their full-time profession. While a lot of online companies are aggressively working towards cracking down on bogus reviews, the fact remains the black market of online reviews is only increasing day by day.

Beware, online shoppers! E-commerce websites flooded with fake reviews

In the wake of global retail giant Walmart eyeing a majority stake in Flipkart, co-owner Sachin Bansal may exit the Indian e-commerce venture, reports suggest.

Bansal, along with Binny Bansal, started Flipkart almost over a decade ago in 2007.&nbsp;

The final word on Sachin’s exit will be announced in the coming week after the company decides the course of action with respect to the Walmart deal.&nbsp;

According to reports, the Bansal duo is desired to stay back in the top management rung by Walmart. Sachin had been the longest-serving CEO of the company until 2016.&nbsp;

Meanwhile, global e-commerce giant Amazon Inc has also made a formal offer to buy a 60 per cent stake in Flipkart, a move that threatens to complicate Walmart Inc's bid.

Walmart was likely to reach with a deal to buy a majority stake in Flipkart by the end of June this year. The deal, if materialises, would be Walmart's biggest acquisition of an online business.

The acquisition will put Walmart and Amazon -- two multinational e-commerce giants -- at loggerheads in the Indian&nbsp;e-commerce space that is estimated to worth $200 billion a year within a decade.

The deal will also translate into a cornered and more diluted Indian hold on the majority of e-commerce business in the country.&nbsp;

With the deal likely to be signed as early as next week, the Walmart-Flipkart deal will most likely involve the former buying a controlling stake of around 55 per cent in the Bengaluru-based company.

Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016.

&nbsp;

Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016

In the wake of global retail giant Walmart eyeing a majority stake in Flipkart, co-owner Sachin Bansal may exit the Indian e-commerce venture, reports suggest. Bansal, along with Binny Bansal, started Flipkart almost over a decade ago in 2007. The final word on Sachin’s exit will be announced in the coming week after the company decides the course of action with respect to the Walmart deal. According to reports, the Bansal duo is desired to stay back in the top management rung by Walmart. Sachin had been the longest-serving CEO of the company until 2016. Meanwhile, global e-commerce giant Amazon Inc has also made a formal offer to buy a 60 per cent stake in Flipkart, a move that threatens to complicate Walmart Inc's bid. Walmart was likely to reach with a deal to buy a majority stake in Flipkart by the end of June this year. The deal, if materialises, would be Walmart's biggest acquisition of an online business. The acquisition will put Walmart and Amazon -- two multinational e-commerce giants -- at loggerheads in the Indian e-commerce space that is estimated to worth $200 billion a year within a decade. The deal will also translate into a cornered and more diluted Indian hold on the majority of e-commerce business in the country. With the deal likely to be signed as early as next week, the Walmart-Flipkart deal will most likely involve the former buying a controlling stake of around 55 per cent in the Bengaluru-based company. Walmart has been on an acquisition spree to strengthen its online presence. It bought Amazon's competitor Jet.com for $3.3 billion in 2016.

Flipkart co-founder Sachin Bansal may quit as Walmart warms up to takeover

Indian e-commerce firm Flipkart's board is yet to finalise a deal to sell a controlling stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, adding a deal could just be days away.

Bloomberg reported earlier on Friday, citing unidentified sources, that Flipkart's board had approved a deal to sell a stake of about 75 percent in the company to a group led by US&nbsp;retail giant Walmart for about $15 billion.

A third source told Reuters that while Flipkart's board had "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation-related concerns and a few other issues need to be resolved.

The first two sources said Alphabet Inc is also likely to invest in Flipkart alongside Walmart, but terms of the deal may change. Japan's SoftBank Group, the biggest investor in the Indian firm through its private equity fund, is considering selling its roughly 20 percent stake as part of the deal if the price is right, two other sources said.

"SoftBank does not like to be a passive investor," one of the sources said.

Reuters had previously reported Walmart was in advanced talks with Flipkart to acquire a controlling stake in the Bengaluru-based online marketplace at a valuation of at least $18 billion.

Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm, in a move that could ease the way in for a new strategic investor, regulatory filings show.

Flipkart and Alphabet did not respond to Reuters' requests seeking comment. Walmart and SoftBank declined to comment.

AMAZON OFFER

Earlier this week, Indian TV channel CNBC-TV18 reported Amazon Inc had made a formal offer to buy 60 percent of Flipkart and that it had also proposed a $2 billion breakup fee to convince Flipkart to discuss its offer.

Sources told Reuters that Amazon had shown an interest in buying Flipkart, but said a deal with Walmart was much more likely to go through. Amazon is Flipkart's biggest rival in India.

Amazon's move to bid for Flipkart may push up valuations of the Indian firm, but engaging with the tech giant could be fraught with risks for Flipkart, said industry insiders and lawyers.

Beyond the risk of opening its books for due diligence and exposing sensitive commercial agreements to its biggest rival in India, an Amazon-Flipkart combination could face significant antitrust hurdles, they said.

Amazon is currently seeking legal opinion to understand how the country's antitrust regulator, the Competition Commission of India (CCI), is likely to view any deal with Flipkart, a lawyer and an industry source familiar with the matter told Reuters.

A former senior CCI official said e-commerce firms were already giving deep discounts and an Amazon-Flipkart union was likely to be in a position to sway the market their way, but the CCI could be convinced to approve a deal if both firms suggested "innovations or remedies."

"This definitely would be a tricky case and not easy to sail through," he added.

Amazon declined to comment on whether it had bid for Flipkart or was seeking legal opinion for a potential investment in the firm.

Flipkart, together with its fashion units Myntra and Jabong, controls nearly 40 percent of India's online retail market, while Amazon is a close second with a 31 percent share, according to data from research firm Forrester.

Both Amazon and Flipkart are pouring billions of dollars into winning shoppers in the fast-growing market that is expected to be worth $200 billion within a decade.

&nbsp;

The terms and conditions of the deal are still being discussed upon and are subject to change

Indian e-commerce firm Flipkart's board is yet to finalise a deal to sell a controlling stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, adding a deal could just be days away. Bloomberg reported earlier on Friday, citing unidentified sources, that Flipkart's board had approved a deal to sell a stake of about 75 percent in the company to a group led by US retail giant Walmart for about $15 billion. A third source told Reuters that while Flipkart's board had "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation-related concerns and a few other issues need to be resolved. The first two sources said Alphabet Inc is also likely to invest in Flipkart alongside Walmart, but terms of the deal may change. Japan's SoftBank Group, the biggest investor in the Indian firm through its private equity fund, is considering selling its roughly 20 percent stake as part of the deal if the price is right, two other sources said. "SoftBank does not like to be a passive investor," one of the sources said. Reuters had previously reported Walmart was in advanced talks with Flipkart to acquire a controlling stake in the Bengaluru-based online marketplace at a valuation of at least $18 billion. Flipkart has bought back $350 million worth of shares from its investors as it seeks to convert its Singapore-incorporated company to a private limited firm, in a move that could ease the way in for a new strategic investor, regulatory filings show. Flipkart and Alphabet did not respond to Reuters' requests seeking comment. Walmart and SoftBank declined to comment. AMAZON OFFER Earlier this week, Indian TV channel CNBC-TV18 reported Amazon Inc had made a formal offer to buy 60 percent of Flipkart and that it had also proposed a $2 billion breakup fee to convince Flipkart to discuss its offer. Sources told Reuters that Amazon had shown an interest in buying Flipkart, but said a deal with Walmart was much more likely to go through. Amazon is Flipkart's biggest rival in India. Amazon's move to bid for Flipkart may push up valuations of the Indian firm, but engaging with the tech giant could be fraught with risks for Flipkart, said industry insiders and lawyers. Beyond the risk of opening its books for due diligence and exposing sensitive commercial agreements to its biggest rival in India, an Amazon-Flipkart combination could face significant antitrust hurdles, they said. Amazon is currently seeking legal opinion to understand how the country's antitrust regulator, the Competition Commission of India (CCI), is likely to view any deal with Flipkart, a lawyer and an industry source familiar with the matter told Reuters. A former senior CCI official said e-commerce firms were already giving deep discounts and an Amazon-Flipkart union was likely to be in a position to sway the market their way, but the CCI could be convinced to approve a deal if both firms suggested "innovations or remedies." "This definitely would be a tricky case and not easy to sail through," he added. Amazon declined to comment on whether it had bid for Flipkart or was seeking legal opinion for a potential investment in the firm. Flipkart, together with its fashion units Myntra and Jabong, controls nearly 40 percent of India's online retail market, while Amazon is a close second with a 31 percent share, according to data from research firm Forrester. Both Amazon and Flipkart are pouring billions of dollars into winning shoppers in the fast-growing market that is expected to be worth $200 billion within a decade.

Flipkart yet to finalise stake sale deal with Walmart: Sources

<a href="http://www.wionews.com/india-news/supreme-court-rejects-janardhan-reddys-plea-to-campaign-in-bellary-for-brother-134635">Karnataka polls: Supreme Court rejects Janardhan Reddy's plea to campaign in Bellary for brother</a>

The Supreme Court on Friday dismissed a plea filed by Bharatiya Janata Party (BJP) leader Gali Janardhan Reddy, for allowing him to go to Bellary to campaign for his brother, G Somashekar Reddy, contesting for the upcoming assembly elections in Karnataka.

<a href="http://www.wionews.com/india-news/bjps-manifesto-is-poorly-crafted-fantasy-rahul-gandhi-134632">BJP's manifesto is poorly crafted fantasy: Rahul Gandhi</a>

Hitting out at the BJP`s Karnataka manifesto, Congress President Rahul Gandhi on Friday said that it had nothing unique to offer voters.

<a href="http://www.wionews.com/india-news/flipkart-yet-to-finalise-stake-sale-deal-with-walmart-sources-134588">Flipkart yet to finalise stake sale deal with Walmart: Sources</a>

Flipkart's board is yet to finalise a deal to sell a stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, with one of them saying a deal could just be days away.

<a href="http://www.wionews.com/world/china-us-reach-some-deals-in-trade-row-but-beijing-says-differences-still-relatively-big-134645">China, US reach some deals in trade row but Beijing says differences still relatively big</a>

Top officials from China and the United States reached a consensus on some aspects of the countries' trade row, but disagreements over other issues remain "relatively big", China said on Friday.&nbsp;

<a href="http://www.wionews.com/india-news/gst-council-defers-decision-on-sugar-cess-refers-digital-payments-incentive-issue-to-gom-134605">GST Council defers </a><a href="http://www.wionews.com/india-news/gst-council-defers-decision-on-sugar-cess-refers-digital-payments-incentive-issue-to-gom-134605">decision</a><a href="http://www.wionews.com/india-news/gst-council-defers-decision-on-sugar-cess-refers-digital-payments-incentive-issue-to-gom-134605"> on sugar cess, refers digital payments incentive issue to GoM</a>

The all-powerful GST Council today deferred a decision on levying a cess on sugar and referred the issue of incentivising digital payments to a group of state finance ministers.

Karnataka polls: Supreme Court rejects Janardhan Reddy's plea to campaign in Bellary for brother The Supreme Court on Friday dismissed a plea filed by Bharatiya Janata Party (BJP) leader Gali Janardhan Reddy, for allowing him to go to Bellary to campaign for his brother, G Somashekar Reddy, contesting for the upcoming assembly elections in Karnataka. BJP's manifesto is poorly crafted fantasy: Rahul Gandhi Hitting out at the BJP`s Karnataka manifesto, Congress President Rahul Gandhi on Friday said that it had nothing unique to offer voters. Flipkart yet to finalise stake sale deal with Walmart: Sources Flipkart's board is yet to finalise a deal to sell a stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, with one of them saying a deal could just be days away. China, US reach some deals in trade row but Beijing says differences still relatively big Top officials from China and the United States reached a consensus on some aspects of the countries' trade row, but disagreements over other issues remain "relatively big", China said on Friday. GST Council defers decision on sugar cess, refers digital payments incentive issue to GoM The all-powerful GST Council today deferred a decision on levying a cess on sugar and referred the issue of incentivising digital payments to a group of state finance ministers.

Amazon.com Inc has made a formal offer to buy a 60 per cent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart Inc's bid to buy a majority stake in the Indian e-commerce player.

Walmart was likely to reach a deal to buy a majority stake in Flipkart,&nbsp;Amazon's biggest competitor in India, by the end of June for US $10 billion to US&nbsp;$12 billion.&nbsp;As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders, reports said.&nbsp;

The deal would be the US&nbsp;retail giant's biggest acquisition of an online business and would kick off a battle with&nbsp;Amazon&nbsp;in an Indian e-commerce market that analysts forecast will be worth US $200 billion a year within a decade.

CNBC-TV18 reported&nbsp;that&nbsp;Amazon&nbsp;had offered Flipkart a breakup fee of US $2 billion to convince it to discuss an offer which analysts say would bring with it substantial antitrust challenges, as Flipkart and&nbsp;Amazon&nbsp;dominate the online shopping space in Asia's third-largest economy.

Two sources close to the matter, asking not to be named, confirmed to Reuters that&nbsp;Amazon&nbsp;was interested in buying Flipkart, but declined to give further details.

One of the sources said that Flipkart had vetoed an approach from&nbsp;Amazon&nbsp;for a 51 to 55 per cent in the company two years ago, judging its offered price as far too low at the time.

"Now with Walmart in the mix things are different," the source said. "To the best of my knowledge no decision has been made yet. There is no deadline per se."

CNBC-TV18, citing unnamed sources, said&nbsp;Amazon's new bid was likely to be on a par with Walmart's, but that Flipkart's investors and founders continue to favor the deal with Walmart, with founder Sachin Bansal overseeing final negotiations.

US retail giant Walmart is widely expected to make an offer to buy a majority stake in Flipkart, with the deal likely to be signed as early as next week.&nbsp;The deal will most likely involve Walmart buying a controlling stake of around 55 per cent in the Bengaluru-based company.

Walmart has been on an acquisition spree to strengthen its online presence after it bought Amazon's competitor Jet.com for US $3.3 billion in 2016.

Representatives at Amazon, Flipkart and Walmart were not immediately available for comment.

(With inputs from Reuters)

Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June for $10 billion to $12 billion

Amazon.com Inc has made a formal offer to buy a 60 per cent stake in Indian online retailer Flipkart, CNBC-TV18 reported on Wednesday, threatening to complicate Walmart Inc's bid to buy a majority stake in the Indian e-commerce player. Walmart was likely to reach a deal to buy a majority stake in Flipkart, Amazon's biggest competitor in India, by the end of June for US $10 billion to US $12 billion. As part of the proposal, Amazon is seeking a non-compete agreement from Flipkart's founders, reports said. The deal would be the US retail giant's biggest acquisition of an online business and would kick off a battle with Amazon in an Indian e-commerce market that analysts forecast will be worth US $200 billion a year within a decade. CNBC-TV18 reported that Amazon had offered Flipkart a breakup fee of US $2 billion to convince it to discuss an offer which analysts say would bring with it substantial antitrust challenges, as Flipkart and Amazon dominate the online shopping space in Asia's third-largest economy. Two sources close to the matter, asking not to be named, confirmed to Reuters that Amazon was interested in buying Flipkart, but declined to give further details. One of the sources said that Flipkart had vetoed an approach from Amazon for a 51 to 55 per cent in the company two years ago, judging its offered price as far too low at the time. "Now with Walmart in the mix things are different," the source said. "To the best of my knowledge no decision has been made yet. There is no deadline per se." CNBC-TV18, citing unnamed sources, said Amazon's new bid was likely to be on a par with Walmart's, but that Flipkart's investors and founders continue to favor the deal with Walmart, with founder Sachin Bansal overseeing final negotiations. US retail giant Walmart is widely expected to make an offer to buy a majority stake in Flipkart, with the deal likely to be signed as early as next week. The deal will most likely involve Walmart buying a controlling stake of around 55 per cent in the Bengaluru-based company. Walmart has been on an acquisition spree to strengthen its online presence after it bought Amazon's competitor Jet.com for US $3.3 billion in 2016. Representatives at Amazon, Flipkart and Walmart were not immediately available for comment. (With inputs from Reuters)

Amazon offers to buy 60 per cent stake in Flipkart

<a href="http://www.wionews.com/world/north-korea-says-it-will-stop-nuclear-tests-abolish-test-site-131747">North Korea leader Kim Jong Un says his country will suspend nuclear, missile tests and abolish test site</a>

North Korea will suspend nuclear and missile tests effectively immediately and abolish a nuclear test site in a bid to pursue economic growth and peace on the Korean peninsula, the North`s state media said on Saturday, ahead of planned summits with South Korea and the United States.

<a href="http://www.wionews.com/business-&-economy/us-recession-ahead-federal-policymakers-say-not-to-worry-131765">US recession ahead? Federal policymakers say not to worry</a>

As the gap between short- and long-term borrowing costs hovers near its lowest in more than 10 years, speculation has risen over whether the so-called yield curve is signalling that a recession could be around the corner. Not to worry, two influential Federal Reserve policymakers said on Friday.&nbsp;

<a href="http://www.wionews.com/business-&-economy/walmart-could-buy-controlling-stake-in-flipkart-by-next-week-131767">Walmart could buy </a><a href="http://www.wionews.com/business-&-economy/walmart-could-buy-controlling-stake-in-flipkart-by-next-week-131767">controlling</a><a href="http://www.wionews.com/business-&-economy/walmart-could-buy-controlling-stake-in-flipkart-by-next-week-131767"> stake in Flipkart by next week</a>

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.&nbsp;

<a href="http://www.wionews.com/world/us-students-walk-out-again-to-protest-gun-violence-131754">US students walk out again to protest gun violence</a>

Demanding an end to gun violence and tougher restrictions on firearm sales, thousands of students again walked out of classes across the United States on Friday in hopes of putting pressure on politicians ahead of November's midterm elections.

<a href="http://cmsuat.wionews.com/india-news/indias-growth-momentum-must-continue-despite-elections-imf-131757">India's growth momentum must continue despite elections: IMF</a>

The International Monetary Fund has said it wants continued momentum in India's growth and structural reforms despite the election period.

North Korea leader Kim Jong Un says his country will suspend nuclear, missile tests and abolish test site North Korea will suspend nuclear and missile tests effectively immediately and abolish a nuclear test site in a bid to pursue economic growth and peace on the Korean peninsula, the North`s state media said on Saturday, ahead of planned summits with South Korea and the United States. US recession ahead? Federal policymakers say not to worry As the gap between short- and long-term borrowing costs hovers near its lowest in more than 10 years, speculation has risen over whether the so-called yield curve is signalling that a recession could be around the corner. Not to worry, two influential Federal Reserve policymakers said on Friday. Walmart could buy controlling stake in Flipkart by next week Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday. US students walk out again to protest gun violence Demanding an end to gun violence and tougher restrictions on firearm sales, thousands of students again walked out of classes across the United States on Friday in hopes of putting pressure on politicians ahead of November's midterm elections. India's growth momentum must continue despite elections: IMF The International Monetary Fund has said it wants continued momentum in India's growth and structural reforms despite the election period.

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday.&nbsp;

The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade.&nbsp;

SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported.&nbsp;

But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart.&nbsp;

Walmart's purchase of new equity is likely to value Flipkart at least $18 billion.&nbsp;

It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion.&nbsp;

A third source said a deal was close, but things could still drag into the first week of May.&nbsp;

Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources.&nbsp;

Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said.&nbsp;

All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India.

Walmart Inc could seal a deal to buy a more than 51% stake in Indian online marketplace Flipkart as early as next week, two sources familiar with the matter said on Friday. The US retail giant has been in talks with Flipkart for months to acquire controlling stake as it looks to take on rival Amazon.com Inc head-on in India, a market where e-commerce is tipped to grow to $200 billion in a decade. SoftBank Group, which owns about a fifth of Flipkart through its Vision Fund, was unwilling to sell a part of its stake as Walmart was offering to buy existing shares at a valuation of $12 billion, a price the Japanese tech investor considered low, it was reported. But that stalemate between SoftBank and Walmart has ended, one of the sources said on Friday. It was not immediately clear though, whether SoftBank had agreed to sell some shares in Flipkart. Walmart's purchase of new equity is likely to value Flipkart at least $18 billion. It was earlier reported that Walmart completed due diligence on Flipkart and had made a proposal to buy 51% or more for between $10 billion to $12billion. A third source said a deal was close, but things could still drag into the first week of May. Some of Flipkart's main investors - US hedge fund Tiger Global Management, South African tech investor Naspers and venture capital firm Accel - are likely to take a full exit as Walmart purchases their shares, as per sources. Sachin and Binny Bansal, former Amazon employees who founded Flipkart in 2007 in India's tech hub of Bengaluru, are also likely to part sell their stake as part of the deal, one of the sources said. All sources declined to be named as the talks are not public. Flipkart, SoftBank did not immediately respond to requests for comment, while a representative for Walmart in India declined to comment.

Walmart could buy controlling stake in Flipkart by next week

Walmart Inc is likely to reach a deal to buy a majority stake in Indian e-commerce player Flipkart by the end of June in what could be the US&nbsp;retail giant's biggest acquisition of an online business, two people with direct knowledge of the matter said.

Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion.

A deal with Flipkart would step up Walmart's battle with Amazon.com for a bigger share of India's fledgling e-commerce market, which Morgan Stanley estimates will be worth $200 billion in a decade. Local media have reported that Amazon is exploring a possible counter offer for Flipkart.

Both sources declined to be named as the talks are private.

Walmart will buy both new and existing Flipkart shares, with the new shares expected to value the Bengaluru-based firm at at least $18 billion, the sources said. The price for existing shares would value the firm at about $12 billion, one of the people said.

Japan's SoftBank Group, which owns roughly one-fifth of Flipkart via its Vision Fund, is unlikely to sell any of its shares due to the low price being offered for the existing shares, this source said.

Reuters has previously reported that early investors such as Tiger Global, Accel and Naspers will likely sell their entire stakes in Flipkart to Walmart if a deal is reached.

A deal is not yet finalised, and talks between Walmart, Flipkart and its investors are ongoing, one of the people said.

Flipkart also counts eBay, Tencent Holdings and Microsoft Corp among its investors.

Flipkart did not respond to a request for comment, a representative for Walmart in India declined comment while SoftBank said it doesn't comment on speculation.

&nbsp;

BIG INDIAN BATTLE

For Walmart, the world's largest retailer known for its superstores, a deal with Flipkart would open up the vast Indian market.

Walmart has for years tried to enter India but has remained confined to a 'cash-and-carry' wholesale business amid tough restrictions on foreign investment. It currently operates 21 such stores in India.

By comparison, Amazon closely trails Flipkart, which along with its fashion units controls nearly 40 percent of India's online retail market, according to estimates by researcher Forrester.

Flipkart's investors are concerned that any deal with Amazon would run into regulatory hurdles as a combination would have more than 70 percent of India's online retail market, one of the sources said.

Walmart's push into e-commerce comes as Amazon has embraced offline retail, with an affiliate of the Seattle-based company picking up a $27.6 million stake in Indian retailer Shopper's Stop Ltd.

In the United States, Amazon also bought high-end grocer Whole Foods Market Inc for $13.7 billion last year.

Walmart's investment would give Flipkart not just additional funds to fight Amazon, but also arm it with a formidable ally with extensive experience in retailing, logistics and supply chain management.

Former Amazon employees Sachin Bansal and Binny Bansal founded Flipkart in 2007 in India's tech hub of Bengaluru.

Like Amazon's founder Jeff Bezos, they began by selling books, but have diversified rapidly, including by selling smartphones, such as those made by China's Xiaomi, through exclusive flash sales, and now compete with Amazon in almost all product categories.&nbsp;

Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion

Walmart Inc is likely to reach a deal to buy a majority stake in Indian e-commerce player Flipkart by the end of June in what could be the US retail giant's biggest acquisition of an online business, two people with direct knowledge of the matter said. Walmart completed its due diligence on Flipkart and had made a proposal to buy 51 percent or more of the Indian company for between $10 billion to $12 billion. A deal with Flipkart would step up Walmart's battle with Amazon.com for a bigger share of India's fledgling e-commerce market, which Morgan Stanley estimates will be worth $200 billion in a decade. Local media have reported that Amazon is exploring a possible counter offer for Flipkart. Both sources declined to be named as the talks are private. Walmart will buy both new and existing Flipkart shares, with the new shares expected to value the Bengaluru-based firm at at least $18 billion, the sources said. The price for existing shares would value the firm at about $12 billion, one of the people said. Japan's SoftBank Group, which owns roughly one-fifth of Flipkart via its Vision Fund, is unlikely to sell any of its shares due to the low price being offered for the existing shares, this source said. Reuters has previously reported that early investors such as Tiger Global, Accel and Naspers will likely sell their entire stakes in Flipkart to Walmart if a deal is reached. A deal is not yet finalised, and talks between Walmart, Flipkart and its investors are ongoing, one of the people said. Flipkart also counts eBay, Tencent Holdings and Microsoft Corp among its investors. Flipkart did not respond to a request for comment, a representative for Walmart in India declined comment while SoftBank said it doesn't comment on speculation. BIG INDIAN BATTLE For Walmart, the world's largest retailer known for its superstores, a deal with Flipkart would open up the vast Indian market. Walmart has for years tried to enter India but has remained confined to a 'cash-and-carry' wholesale business amid tough restrictions on foreign investment. It currently operates 21 such stores in India. By comparison, Amazon closely trails Flipkart, which along with its fashion units controls nearly 40 percent of India's online retail market, according to estimates by researcher Forrester. Flipkart's investors are concerned that any deal with Amazon would run into regulatory hurdles as a combination would have more than 70 percent of India's online retail market, one of the sources said. Walmart's push into e-commerce comes as Amazon has embraced offline retail, with an affiliate of the Seattle-based company picking up a $27.6 million stake in Indian retailer Shopper's Stop Ltd. In the United States, Amazon also bought high-end grocer Whole Foods Market Inc for $13.7 billion last year. Walmart's investment would give Flipkart not just additional funds to fight Amazon, but also arm it with a formidable ally with extensive experience in retailing, logistics and supply chain management. Former Amazon employees Sachin Bansal and Binny Bansal founded Flipkart in 2007 in India's tech hub of Bengaluru. Like Amazon's founder Jeff Bezos, they began by selling books, but have diversified rapidly, including by selling smartphones, such as those made by China's Xiaomi, through exclusive flash sales, and now compete with Amazon in almost all product categories.

Walmart close to buying majority of Flipkart, deal likely by end-June: Sources

Google forays into the smart speakers market with its recent launch of Google Home and Home mini smart speakers at an event in New Delhi today.&nbsp

Google Home is available in India for Rs 9,999 while Home Mini comes at a price of Rs 4,499. The newly launched devices will be exclusively available on Flipkart as well as at Google offline stores.

Both Google Home and Home Mini come with Google Assistant, company's direct competition to Amazon Alexa, Microsoft Cortana and Apple's Siri.

Users can direct Google Home to read out emails, news, recipes latest news and play music apart from carrying out a range of other functions.&nbsp

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Play music, switch the lights on and feed your curiosity. Get the most out of your <a href="https://twitter.com/hashtag/GoogleHome?src=hash&ref_src=twsrc%5Etfw">#GoogleHome</a>. <a href="https://twitter.com/hashtag/MakeGoogleDoIt?src=hash&ref_src=twsrc%5Etfw">#MakeGoogleDoIt</a> <a href="https://t.co/9CRfWbpteA">https://t.co/9CRfWbpteA</a> <a href="https://t.co/kGi3OMym8k">pic.twitter.com/kGi3OMym8k</a>
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Google Home can efficiently run on Wi-Fi dual-band connectivity and is compatible with Android and iOS platforms.&nbsp

The Home Mini speaker shares almost the same specifications and features as Google Home. 
&nbsp

Google Home can be efficiently run on Wi-Fi dual-band connectivity and is compatible with Android and iOS platforms

Google forays into the smart speakers market with its recent launch of Google Home and Home mini smart speakers at an event in New Delhi today. Google Home is available in India for Rs 9,999 while Home Mini comes at a price of Rs 4,499. The newly launched devices will be exclusively available on Flipkart as well as at Google offline stores. Both Google Home and Home Mini come with Google Assistant, company's direct competition to Amazon Alexa, Microsoft Cortana and Apple's Siri. Users can direct Google Home to read out emails, news, recipes latest news and play music apart from carrying out a range of other functions. Play music, switch the lights on and feed your curiosity. Get the most out of your #GoogleHome. #MakeGoogleDoIt https://t.co/9CRfWbpteA pic.twitter.com/kGi3OMym8k — Google India (@GoogleIndia) April 10, 2018 × Google Home can efficiently run on Wi-Fi dual-band connectivity and is compatible with Android and iOS platforms. The Home Mini speaker shares almost the same specifications and features as Google Home.

Google Home, Home Mini launched in India, available on Flipkart and offline stores

American multinational retail Company Walmart is planning to purchase 40 per cent stake in Indian e-commerce firm Flipkart giving a direct challenge to rival Amazon.&nbsp;

In what would be one of its biggest overseas deals, the US retailer is looking at buying new and existing shares in Flipkart and due diligence is likely to begin as early as next week, the sources said. They declined to be named as the talks were private.

Terms under discussion were not immediately available, but Flipkart would be valued at more than the $12 billion figure given when Japan&#39;s SoftBank Group Corp&#39;s Vision Fund took roughly a fifth of the firm last year for $2.5 billion, they added.

A spokesman for Flipkart said the company does not comment on rumours or speculation. An India-based representative for Walmart declined to comment.

A deal with Walmart would give Flipkart much needed muscle in its fight against Amazon, which has committed to investing $5 billion in India as it expands aggressively, including into online grocery deliveries.

For Bentonville, Arkansas-based Walmart, a deal would open a new front in its efforts to take on Amazon, giving the world&#39;s largest brick-and-mortar retailer access to an e-commerce market that Morgan Stanley has estimated will rapidly grow to be worth $200 billion in a decade.

It would be part of a huge e-commerce push that has seen Walmart acquire a slew of start-ups including paying roughly $3 billion for online retailer Jet.com. Last month it also said it was partnering with Japan&#39;s Rakuten Inc in online grocery deliveries.

&quot;As large as they are, Amazon has eaten away a significant chunk of their revenues and I think... they view India as the largest market possibly for this (taking on Amazon),&quot; one of the sources said.

Walmart has for years tried to enter India but has remained confined to a &#39;cash-and-carry&#39; wholesale business amid tough restrictions on foreign investment. It currently operates 21 such stores in India.

Existing investors in the Bengaluru-headquartered Flipkart also include US hedge fund Tiger Global Management, China&#39;s Tencent Holdings Ltd, online marketplace eBay Inc and software giant Microsoft.&nbsp;

Terms under discussion were not immediately available, but Flipkart would be valued at more than the $12 billion figure given when Japan's SoftBank Group Corp's Vision Fund took roughly a fifth of the firm last year for $2.5 billion

American multinational retail Company Walmart is planning to purchase 40 per cent stake in Indian e-commerce firm Flipkart giving a direct challenge to rival Amazon. In what would be one of its biggest overseas deals, the US retailer is looking at buying new and existing shares in Flipkart and due diligence is likely to begin as early as next week, the sources said. They declined to be named as the talks were private. Terms under discussion were not immediately available, but Flipkart would be valued at more than the $12 billion figure given when Japan's SoftBank Group Corp's Vision Fund took roughly a fifth of the firm last year for $2.5 billion, they added. A spokesman for Flipkart said the company does not comment on rumours or speculation. An India-based representative for Walmart declined to comment. A deal with Walmart would give Flipkart much needed muscle in its fight against Amazon, which has committed to investing $5 billion in India as it expands aggressively, including into online grocery deliveries. For Bentonville, Arkansas-based Walmart, a deal would open a new front in its efforts to take on Amazon, giving the world's largest brick-and-mortar retailer access to an e-commerce market that Morgan Stanley has estimated will rapidly grow to be worth $200 billion in a decade. It would be part of a huge e-commerce push that has seen Walmart acquire a slew of start-ups including paying roughly $3 billion for online retailer Jet.com. Last month it also said it was partnering with Japan's Rakuten Inc in online grocery deliveries. "As large as they are, Amazon has eaten away a significant chunk of their revenues and I think... they view India as the largest market possibly for this (taking on Amazon)," one of the sources said. Walmart has for years tried to enter India but has remained confined to a 'cash-and-carry' wholesale business amid tough restrictions on foreign investment. It currently operates 21 such stores in India. Existing investors in the Bengaluru-headquartered Flipkart also include US hedge fund Tiger Global Management, China's Tencent Holdings Ltd, online marketplace eBay Inc and software giant Microsoft.

Walmart may buy 40% stakes in Flipkart: Sources

The Amazon Great Indian Sale started on January 20 for Prime members and is set to begin today for the non-prime users of the website.&nbsp;

The sale will carry on until January 24, clashing with Flipkart Republic day sale.&nbsp;

Amazone will offer various discounts, cash-backs, exchange discounts, no-cost EMI&#39;s as well as introduce new products.&nbsp;

The e-retailer will offer deals on electronics including smartphones, laptops, TV, gaming as well as consumer goods and so on.&nbsp;

Here&#39;s whats in store -&nbsp;

There will be 35% sale on mobile phones - customers will get up to Rs 17,000 off on Honor smartphones, and up to Rs. 7,200 off on Samsung handsets; Moto and Lenovo will have Rs. 6,000 off and up to Rs. 3,000 off respectively.&nbsp;

Other phones on sale will include Google Pixel XL 128GB, Moto G5 Plus 64GB, Honor 6X 32GB, Samsung On5 Pro Gold, 10.or G 4GB, BlackBerry KEYone, and LG Q6. There will also be discounts on Lenovo K8 Note, Intex Cloud C1, Nubia M2 64GB, Micromax Canvas Infinity, and InFocus Snap 4.

Also, OnePlus 5T Lava Red, LG V30+ Blue variant, Samsung Galaxy A8+ and Galaxy will go on sale for the first time on Amazon.&nbsp;

Laptops and TV&#39;s will hold discounts of up to Rs. 20,000 and up to 40% respectively. The 65-inch TCL Android TV will be discounted by Rs 50,000 and Micromax Bingebox smart TV range will be 30% off. Smart TVs will start at Rs. 14,990 in the sale and will be available at up to 40 percent off.&nbsp;

Buyers will also get up to 35% off on premium Sony and Samsung TVs. Buyers of Samsung TVs will get no-cost EMIs for 12 months while purchasing Sony TVs will be eligible for no-cost EMIs of up to 18 months.

50% discount will be offered on JBL speakers and Sennheiser headphones. PlayStation 4 models will be available with no-cost EMIs and &nbsp;Xbox One S will have Rs 9,000 off.&nbsp;

Amazon will offer 60% off on video games, movies, and music as well.&nbsp;

The Kindle Paperwhite and Paperwhite Starter Pack will be a discount of Rs. 2,500 for Prime members; non-Prime users will get Rs. 2,000 off. Fire TV Stick will be discounted by Rs 999 for Prime users and Rs 500 for non-prime users.&nbsp;

Ebooks will be available at Rs. 19, Rs. 49, Rs. 99 and Rs. 199 price points in the sale.

Moreover, customers who are HDFC bank members will get 10% cashback and customers subscribing to Prime during the sale period will get up to Rs. 300 cashback upon topping up Amazon Pay balance.&nbsp;

Amazone will offer various discounts, cash-backs, exchange discounts, no-cost EMI's as well as introduce new products.

The Amazon Great Indian Sale started on January 20 for Prime members and is set to begin today for the non-prime users of the website. The sale will carry on until January 24, clashing with Flipkart Republic day sale. Amazone will offer various discounts, cash-backs, exchange discounts, no-cost EMI's as well as introduce new products. The e-retailer will offer deals on electronics including smartphones, laptops, TV, gaming as well as consumer goods and so on. Here's whats in store - There will be 35% sale on mobile phones - customers will get up to Rs 17,000 off on Honor smartphones, and up to Rs. 7,200 off on Samsung handsets; Moto and Lenovo will have Rs. 6,000 off and up to Rs. 3,000 off respectively. Other phones on sale will include Google Pixel XL 128GB, Moto G5 Plus 64GB, Honor 6X 32GB, Samsung On5 Pro Gold, 10.or G 4GB, BlackBerry KEYone, and LG Q6. There will also be discounts on Lenovo K8 Note, Intex Cloud C1, Nubia M2 64GB, Micromax Canvas Infinity, and InFocus Snap 4. Also, OnePlus 5T Lava Red, LG V30+ Blue variant, Samsung Galaxy A8+ and Galaxy will go on sale for the first time on Amazon. Laptops and TV's will hold discounts of up to Rs. 20,000 and up to 40% respectively. The 65-inch TCL Android TV will be discounted by Rs 50,000 and Micromax Bingebox smart TV range will be 30% off. Smart TVs will start at Rs. 14,990 in the sale and will be available at up to 40 percent off. Buyers will also get up to 35% off on premium Sony and Samsung TVs. Buyers of Samsung TVs will get no-cost EMIs for 12 months while purchasing Sony TVs will be eligible for no-cost EMIs of up to 18 months. 50% discount will be offered on JBL speakers and Sennheiser headphones. PlayStation 4 models will be available with no-cost EMIs and Xbox One S will have Rs 9,000 off. Amazon will offer 60% off on video games, movies, and music as well. The Kindle Paperwhite and Paperwhite Starter Pack will be a discount of Rs. 2,500 for Prime members; non-Prime users will get Rs. 2,000 off. Fire TV Stick will be discounted by Rs 999 for Prime users and Rs 500 for non-prime users. Ebooks will be available at Rs. 19, Rs. 49, Rs. 99 and Rs. 199 price points in the sale. Moreover, customers who are HDFC bank members will get 10% cashback and customers subscribing to Prime during the sale period will get up to Rs. 300 cashback upon topping up Amazon Pay balance.

Amazon Great Indian Sale: Here's whats on offer

Just a day after Amazon announced another edition of its Great India Sale, rival Flipkart gave out details of its Republic Day Sale.

Amazon&#39;s Great India Sale will begin on Sunday, January 21 to go on til January 24.

Flipkart&#39;s Republic Day Sale will also begin on the same day only to conclude a day earlier on January 23.&nbsp;

Flipkart and Amazon sale offers

Flipkart&#39;s Republic Day Sale will have exciting offers and discounts on smartphones and accessories.

Some of the premium smartphones discounts include on&nbsp;devices like Pixel 2 XL, Samsung Galaxy S7, Xiaomi MI MIX 2, Honor 9 Lite, Lenovo K8 Plus, Moto G5 Plus among others.&nbsp;

Laptops, televisions and other electronic devices shall also bear exciting offers.

Flipkart will also feature products under Rs 690 and 69% off on select products to celebrate India&#39;s 69th Republic Day.&nbsp;

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Salutes are reserved for the best. This 21st to 23rd Jan, gear up for Flipkart&#39;s <a href="https://twitter.com/hashtag/TheRepublicDaySale?src=hash&amp;ref_src=twsrc%5Etfw">#TheRepublicDaySale</a> &ndash; a sale that is worth a salute. Get ready to be amazed by great deals and exciting offers coming your way soon! Know more: <a href="https://t.co/YSPLhPaTPz">https://t.co/YSPLhPaTPz</a> <a href="https://t.co/7ZNtiKkg1q">pic.twitter.com/7ZNtiKkg1q</a>
&mdash; Flipkart (@Flipkart) <a href="https://twitter.com/Flipkart/status/953166245829885952?ref_src=twsrc%5Etfw">January 16, 2018</a></blockquote>
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Amazon&#39;s Great Indian Sale will offer a 40% off on select mobile phones and accessories.

Close to 40 brands will go up on sale with nearly 300 offers to lure customers.&nbsp;

Premium smartphones from makers like Apple, Moto, Lenovo, LG, Blackberry, Asus, Samsung, Vivo, Xiaomi, OnePlus, among others will be on sale.&nbsp;

Customers can expect attractive discounts on handsets like Moto G5 Plus, Google Pixel XL, Lenovo K8 Note, Honor 6X, Micromax Canvas Infinity among others.&nbsp;

Expect at least a 40% off select television sets, wearable devices and tablets. Select cameras will be available for 25% off.

The Amazon sale will also offer 60% off on headphones and speakers; 50% off on personal computers and accessories and up to Rs. 20,000 discounts on new laptop purchases.&nbsp;

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It&#39;s time to save the date. Ab hone wala hai <a href="https://twitter.com/hashtag/SehenKaTheEnd?src=hash&amp;ref_src=twsrc%5Etfw">#SehenKaTheEnd</a> <a href="https://t.co/ck6jMi443F">pic.twitter.com/ck6jMi443F</a>
&mdash; Amazon.in (@amazonIN) <a href="https://twitter.com/amazonIN/status/952473072417701888?ref_src=twsrc%5Etfw">January 14, 2018</a></blockquote>
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Flipkart Republic Day Sale and Amazon Great India Sale will also feature exchange offers and no-cost EMI options. 
&nbsp;

Flipkart's Republic Day Sale will also begin on the same day only to conclude a day earlier on January 23

Just a day after Amazon announced another edition of its Great India Sale, rival Flipkart gave out details of its Republic Day Sale. Amazon's Great India Sale will begin on Sunday, January 21 to go on til January 24. Flipkart's Republic Day Sale will also begin on the same day only to conclude a day earlier on January 23. Flipkart and Amazon sale offers Flipkart's Republic Day Sale will have exciting offers and discounts on smartphones and accessories. Some of the premium smartphones discounts include on devices like Pixel 2 XL, Samsung Galaxy S7, Xiaomi MI MIX 2, Honor 9 Lite, Lenovo K8 Plus, Moto G5 Plus among others. Laptops, televisions and other electronic devices shall also bear exciting offers. Flipkart will also feature products under Rs 690 and 69% off on select products to celebrate India's 69th Republic Day. Salutes are reserved for the best. This 21st to 23rd Jan, gear up for Flipkart's #TheRepublicDaySale – a sale that is worth a salute. Get ready to be amazed by great deals and exciting offers coming your way soon! Know more: https://t.co/YSPLhPaTPz pic.twitter.com/7ZNtiKkg1q — Flipkart (@Flipkart) January 16, 2018 × Amazon's Great Indian Sale will offer a 40% off on select mobile phones and accessories. Close to 40 brands will go up on sale with nearly 300 offers to lure customers. Premium smartphones from makers like Apple, Moto, Lenovo, LG, Blackberry, Asus, Samsung, Vivo, Xiaomi, OnePlus, among others will be on sale. Customers can expect attractive discounts on handsets like Moto G5 Plus, Google Pixel XL, Lenovo K8 Note, Honor 6X, Micromax Canvas Infinity among others. Expect at least a 40% off select television sets, wearable devices and tablets. Select cameras will be available for 25% off. The Amazon sale will also offer 60% off on headphones and speakers; 50% off on personal computers and accessories and up to Rs. 20,000 discounts on new laptop purchases. It's time to save the date. Ab hone wala hai #SehenKaTheEnd pic.twitter.com/ck6jMi443F — Amazon.in (@amazonIN) January 14, 2018 × Flipkart Republic Day Sale and Amazon Great India Sale will also feature exchange offers and no-cost EMI options.

Amazon Great India Sale and Flipkart Republic Day Sale to begin this Sunday; here's what's on offer

Yoga guru&nbsp;Ramdev&#39;s&nbsp;Patanjali&nbsp;Ayurveda&nbsp;has entered into an agreement with&nbsp;e-commerce&nbsp;websites to give a big push to the online sale of its Swadeshi range of Fast-moving Consumer Goods (FMCG).

Patanjali&nbsp;Ayurveda&#39;s products will now be available on online websites.

It includes Flipkart,&nbsp;Grofers,&nbsp;Amazon,&nbsp;netmeds,&nbsp;1mg,&nbsp;Shopclues, and others.

Ramdev&nbsp;said the online mechanism aims to provide convenient and efficient option along with the extension of the traditional retail market.

&quot;Utmost care has been taken to ensure (the) Swadeshi movement and it has been ensured that&nbsp;Patanjali&nbsp;products reach into every home without compromising on policies and business ethics,&quot; he said.

Managing Director and CEO of&nbsp;Patanjali&nbsp;Ayurveda&nbsp;Acharya Balkrishna said the new mechanism would help to reach people who prefer to use online platform for shopping more these days.

&quot;It would reach those who do not have access to the point of purchase and they are looking for alternate mechanism to shop and can get&nbsp;Patanjali&nbsp;products at home, and provide most efficient and convenient digital shopping experience,&quot;

Patanjali and e-commerce will not offer discount for selling online to maintain balance with sale from retail outlets. &nbsp;

Patanjali&nbsp;has created an ecosystem which helps to settle at least a million orders every day. 
&nbsp;

&nbsp;

Ramdev said the online mechanism aims to provide convenient and efficient option to customers

Yoga guru Ramdev's Patanjali Ayurveda has entered into an agreement with e-commerce websites to give a big push to the online sale of its Swadeshi range of Fast-moving Consumer Goods (FMCG). Patanjali Ayurveda's products will now be available on online websites. It includes Flipkart, Grofers, Amazon, netmeds, 1mg, Shopclues, and others. Ramdev said the online mechanism aims to provide convenient and efficient option along with the extension of the traditional retail market. "Utmost care has been taken to ensure (the) Swadeshi movement and it has been ensured that Patanjali products reach into every home without compromising on policies and business ethics," he said. Managing Director and CEO of Patanjali Ayurveda Acharya Balkrishna said the new mechanism would help to reach people who prefer to use online platform for shopping more these days. "It would reach those who do not have access to the point of purchase and they are looking for alternate mechanism to shop and can get Patanjali products at home, and provide most efficient and convenient digital shopping experience," Patanjali and e-commerce will not offer discount for selling online to maintain balance with sale from retail outlets. Patanjali has created an ecosystem which helps to settle at least a million orders every day.

Patanjali enters e-commerce, partners with Flipkart, Amazon

With hopes to expand its product line under its private label, Amazon India is ready to launch a smartphone under their brand name &#39;Tenor&#39; in January, reports said.&nbsp;

The e-commerce giant had previously also launched two smartphones under the same brand - Tenor E and G - just a few months prior to its competition Flipkart who introduced their smartphone &#39;Billion&#39;.&nbsp;

The current situation of private label market&nbsp;in India for smartphone is in its early stages.&nbsp;

The company follows a strategy of looking into customer data, pricing, selection and reach out to vendors to manufacture the right kind of products - calling it &#39;Crafted for Amazon&#39;.&nbsp;

According to Amazon, the focus will primarily be on targeting the local, low-brand and mid-brand strengths of smartphones which constitutes almost 20% of the total market, making it a $2-billion opportunity for the private lables.&nbsp;

Amazon presently has private labels called Solimo, Symbol and Myx for categories like staples, fashion and electronic accessories.&nbsp;

Even worldwide, the retail company has also been doubling down it own label as the Indian arm continues to bring out more products in categories like fashion, accessories, and home.

The e-commerce giant had previously also launched two smartphones under the same brand - Tenor E and G - just a few months prior to its competition Flipkart who introduced their smartphone 'Billion'

With hopes to expand its product line under its private label, Amazon India is ready to launch a smartphone under their brand name 'Tenor' in January, reports said. The e-commerce giant had previously also launched two smartphones under the same brand - Tenor E and G - just a few months prior to its competition Flipkart who introduced their smartphone 'Billion'. The current situation of private label market in India for smartphone is in its early stages. The company follows a strategy of looking into customer data, pricing, selection and reach out to vendors to manufacture the right kind of products - calling it 'Crafted for Amazon'. According to Amazon, the focus will primarily be on targeting the local, low-brand and mid-brand strengths of smartphones which constitutes almost 20% of the total market, making it a $2-billion opportunity for the private lables. Amazon presently has private labels called Solimo, Symbol and Myx for categories like staples, fashion and electronic accessories. Even worldwide, the retail company has also been doubling down it own label as the Indian arm continues to bring out more products in categories like fashion, accessories, and home.

Amazon India to launch smartphone in January

Nibesh Yadav must hit the road by 8 am sharp. He checks his motorcycle for fuel, loads the day&#39;s orders on his outsized backpack and off he goes to make &quot;khushiyon ki home delivery&quot;. 
 
With Diwali only days away, this is the high season for online shopping and for delivery boys who traverse from one end of the city to the other dropping off everything, from eye pencils and evening dresses to mixer-grinders and mobile phones. 
 
Nibesh is among the thousands of delivery boys, who deliver up to 200 packages a day during peak shopping seasons, often for less than Rs 20 each. All the packages must be delivered by 8 pm. 
 
They are a familiar sight young men, in their 20s and 30s, with huge overloaded backpacks, climbing up and down floors, stepping into creaky lifts and wiping the sweat from their brows at red lights. 
 
With online portals offering irresistible Diwali sales, the delivery boys are on their toes, toiling for over 12 hours a day to ensure that the package you&#39;ve been waiting for reaches on time. 
 
&quot;It can be tough but this is what it is,&quot; said Nibesh with a philosophical shrug. 
 
Many are not directly employed by companies like Amazon, Flipkart and Myntra, but are &#39;outsourced partners&#39;, who come in handy during the festive season when the pressure to deliver is immense. 
 
Amazon, for instance, has 350 service partner nodes and 1,75,000 &#39;I Have Space&#39; store partners across the country. 
 
This is in addition to those directly employed at operational centres, said a company spokesperson. 
 
A Myntra insider added that the company deploys about 1,000 people to tide over the festive rush and also has a MENSA (Myntra Extended Network Through Store Activation) network of close to 2,000 stores across India to enable deliveries. 
 
While both Amazon and Myntra offer their benefits -- hospitalization and accident insurance, night shift allowance, fuel reimbursement, and provident fund -- to directly employed delivery personnel, these don&#39;t apply to &#39;store owners&#39; like Nibesh. Responses to Flipkart went unanswered. 
 
The hours are long, the money less. 
 
Nibesh said he has to pay for the vehicle and the fuel, and also bear the cost of any damage or loss of package. 
 
&quot;Amazon pays Rs 18 for the delivery of each packet, and Myntra and Jabong pay Rs 14,&quot; said Nibesh, who also delivers for Myntra and Jabong. 
 
He has employed another boy, and the two move around the city delivering over 100 packages on a regular day. This goes up to 200 packets during the festive rush. 
 
The packets are stuffed inside a big backpack, which itself weighs 1 kg. 
 
&quot;The bag ends up weighing something around 35-40 kg. We travel on our bikes and the backpacks on our shoulders make it difficult to balance, especially over speed-breakers. It increases the risk of accidents. There is also the danger of losing or damaging the packages,&quot; he said. 
 
In older residential colonies in the city, which do not have elevators, he has to carry the weight all the way up, sometimes five floors, and back. 
 
Praveen Kumar, another &#39;store&#39; owner who has been delivering in Delhi-NCR for over two years now, added that he makes two trips to and from his store every day, carrying 45- 50 packets every time. 
 
&quot;Sometimes the packets are too heavy, especially if there are shoes. So, I have to make two trips,&quot; he said. 
 
Managing time is crucial, because a delayed package can land delivery boys like Nibesh and Praveen in trouble. 
 
&quot;We must deliver all the packets for the day before 8 in the evening,&quot; Praveen said. 
 
Any delay in delivery, and the customer immediately shoots an email to the company. 
 
&quot;They do not understand that the delay is not on purpose. 
 
Sometimes it is the weather, other times it could be an accident or a tyre puncture,&quot; Nibesh said. 
 
Both lament the humiliating treatment meted out to them by customers. 
 
Sometimes, for instance, card machines provided by the companies don&#39;t function due to poor network. Some customers are kind enough to go to the ATM and get cash, most simply complain and shout at them. 
 
&quot;They are extremely disrespectful to us,&quot; said Nibesh. 
 
Customers celebrate, receiving and giving gifts, and portals rejoice at turnovers as another Diwali comes around.

Nibesh Yadav must hit the road by 8 am sharp. He checks his motorcycle for fuel, loads the day's orders on his outsized backpack and off he goes to make "khushiyon ki home delivery"

Nibesh Yadav must hit the road by 8 am sharp. He checks his motorcycle for fuel, loads the day's orders on his outsized backpack and off he goes to make "khushiyon ki home delivery". With Diwali only days away, this is the high season for online shopping and for delivery boys who traverse from one end of the city to the other dropping off everything, from eye pencils and evening dresses to mixer-grinders and mobile phones. Nibesh is among the thousands of delivery boys, who deliver up to 200 packages a day during peak shopping seasons, often for less than Rs 20 each. All the packages must be delivered by 8 pm. They are a familiar sight young men, in their 20s and 30s, with huge overloaded backpacks, climbing up and down floors, stepping into creaky lifts and wiping the sweat from their brows at red lights. With online portals offering irresistible Diwali sales, the delivery boys are on their toes, toiling for over 12 hours a day to ensure that the package you've been waiting for reaches on time. "It can be tough but this is what it is," said Nibesh with a philosophical shrug. Many are not directly employed by companies like Amazon, Flipkart and Myntra, but are 'outsourced partners', who come in handy during the festive season when the pressure to deliver is immense. Amazon, for instance, has 350 service partner nodes and 1,75,000 'I Have Space' store partners across the country. This is in addition to those directly employed at operational centres, said a company spokesperson. A Myntra insider added that the company deploys about 1,000 people to tide over the festive rush and also has a MENSA (Myntra Extended Network Through Store Activation) network of close to 2,000 stores across India to enable deliveries. While both Amazon and Myntra offer their benefits -- hospitalization and accident insurance, night shift allowance, fuel reimbursement, and provident fund -- to directly employed delivery personnel, these don't apply to 'store owners' like Nibesh. Responses to Flipkart went unanswered. The hours are long, the money less. Nibesh said he has to pay for the vehicle and the fuel, and also bear the cost of any damage or loss of package. "Amazon pays Rs 18 for the delivery of each packet, and Myntra and Jabong pay Rs 14," said Nibesh, who also delivers for Myntra and Jabong. He has employed another boy, and the two move around the city delivering over 100 packages on a regular day. This goes up to 200 packets during the festive rush. The packets are stuffed inside a big backpack, which itself weighs 1 kg. "The bag ends up weighing something around 35-40 kg. We travel on our bikes and the backpacks on our shoulders make it difficult to balance, especially over speed-breakers. It increases the risk of accidents. There is also the danger of losing or damaging the packages," he said. In older residential colonies in the city, which do not have elevators, he has to carry the weight all the way up, sometimes five floors, and back. Praveen Kumar, another 'store' owner who has been delivering in Delhi-NCR for over two years now, added that he makes two trips to and from his store every day, carrying 45- 50 packets every time. "Sometimes the packets are too heavy, especially if there are shoes. So, I have to make two trips," he said. Managing time is crucial, because a delayed package can land delivery boys like Nibesh and Praveen in trouble. "We must deliver all the packets for the day before 8 in the evening," Praveen said. Any delay in delivery, and the customer immediately shoots an email to the company. "They do not understand that the delay is not on purpose. Sometimes it is the weather, other times it could be an accident or a tyre puncture," Nibesh said. Both lament the humiliating treatment meted out to them by customers. Sometimes, for instance, card machines provided by the companies don't function due to poor network. Some customers are kind enough to go to the ATM and get cash, most simply complain and shout at them. "They are extremely disrespectful to us," said Nibesh. Customers celebrate, receiving and giving gifts, and portals rejoice at turnovers as another Diwali comes around.

Diwali deliveries: those who shoulder the festive burden

Flipkart will repurchase employee stock&nbsp;options (ESOP) worth US$ 100 million.&nbsp;&nbsp;

Flipkart employees will be allowed to sell a certain percentage of their shares.&nbsp;

The Economic Times reported that the buy-back is one of the largest-such programmes to date in the Indian startup scene.&nbsp;

The Economic Times reported sources familiar with the matter as saying the move would benefit close to 6,000 current and former Flipkart employees, and that some people would walk away with &quot;tens of crores&quot;.&nbsp;&nbsp;

The repurchase programme is expected to close by December 2017.&nbsp;

Giving out employee stock options is a way of retaining high-level employees.

Also read: <a href="http://www.wionews.com/science-tech/flipkart-finalised-a-new-offer-for-snapdeal-18044" target="_blank">Flipkart offers between $900-950 million to buy Snapdeal</a>

Also read:<a href="http://www.wionews.com/science-tech/flipkart-raises-14-billion-from-ebay-microsoft-tencent-acquires-ebay-india-14385" target="_blank"> Flipkart raises $1.4 billion from eBay, Microsoft, Tencent; acquires eBay India</a>

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Employees will be allowed to sell a certain percentage of their shares

Flipkart will repurchase employee stock options (ESOP) worth US$ 100 million. Flipkart employees will be allowed to sell a certain percentage of their shares. The Economic Times reported that the buy-back is one of the largest-such programmes to date in the Indian startup scene. The Economic Times reported sources familiar with the matter as saying the move would benefit close to 6,000 current and former Flipkart employees, and that some people would walk away with "tens of crores". The repurchase programme is expected to close by December 2017. Giving out employee stock options is a way of retaining high-level employees. Also read: Flipkart offers between $900-950 million to buy Snapdeal Also read: Flipkart raises $1.4 billion from eBay, Microsoft, Tencent; acquires eBay India

Flipkart to buy back ESOPs worth $100 million

Japan&#39;s&nbsp;SoftBank&nbsp;is still keen to take a stake in Indian e-commerce firm&nbsp;Flipkart&nbsp;and is in&nbsp;talks&nbsp;to&nbsp;invest&nbsp;up&nbsp;to $2&nbsp;billion&nbsp;in the company through&nbsp;its&nbsp;VisionFund, a source familiar with the matter said on Tuesday.

Softbank&nbsp;had hoped to secure a sizeable stake in&nbsp;Flipkart&nbsp;by engineering a share swap between Flipkart&nbsp;and smaller domestic rival Snapdeal, as the Japanese group&nbsp;is Snapdeal&#39;s biggest shareholder. But that plan collapsed on Monday when Snapdeal said it had decided to remain independent and was ending all&nbsp;talks&nbsp;regarding a sale.

Three sources said&nbsp;SoftBank&nbsp;founder Masayoshi Son still wants to&nbsp;invest&nbsp;in&nbsp;Flipkart&nbsp;through his vision&nbsp;Fund, in which Saudi Arabia is also a major stakeholder.

The first source said&nbsp;talks&nbsp;about an&nbsp;investment of&nbsp;up&nbsp;to $2&nbsp;billion&nbsp;were underway and a deal between&nbsp;SoftBank&nbsp;and&nbsp;Flipkart&nbsp;could be sealed within a month.

The&nbsp;Vision&nbsp;Fund&#39;s planned&nbsp;investment is not dependent on a deal between Snapdeal and&nbsp;Flipkart, one of the sources said.

All sources declined to be identified as the discussions are not public.

Flipkart, the most significant challenge to US retail giant Amazon in India, declined to comment on the matter.

SoftBank, which has also&nbsp;invested in Indian online grocer Grofers and cab hailing firm Ola, said its&nbsp;Vision&nbsp;Fund&nbsp;&quot;follows an independent process and judges every&nbsp;investment on&nbsp;its&nbsp;own merit.&quot;

Bloomberg reported earlier on Tuesday that the&nbsp;Fund&nbsp;could&nbsp;invest&nbsp;between $1.5&nbsp;billion&nbsp;and $2billion&nbsp;in&nbsp;Flipkart.

The&nbsp;Vision&nbsp;Fund&nbsp;has raised more than $93&nbsp;billion&nbsp;from&nbsp;investors including Saudi Arabia&#39;s main sovereign wealth&nbsp;fund&nbsp;and Apple.

SoftBank, which has also?invested in Indian online grocer Grofers and cab hailing firm Ola, said its?Vision?Fund?"follows an independent process and judges every?investment on?its?own merit."

Japan's SoftBank is still keen to take a stake in Indian e-commerce firm Flipkart and is in talks to invest up to $2 billion in the company through its VisionFund, a source familiar with the matter said on Tuesday. Softbank had hoped to secure a sizeable stake in Flipkart by engineering a share swap between Flipkart and smaller domestic rival Snapdeal, as the Japanese group is Snapdeal's biggest shareholder. But that plan collapsed on Monday when Snapdeal said it had decided to remain independent and was ending all talks regarding a sale. Three sources said SoftBank founder Masayoshi Son still wants to invest in Flipkart through his vision Fund, in which Saudi Arabia is also a major stakeholder. The first source said talks about an investment of up to $2 billion were underway and a deal between SoftBank and Flipkart could be sealed within a month. The Vision Fund's planned investment is not dependent on a deal between Snapdeal and Flipkart, one of the sources said. All sources declined to be identified as the discussions are not public. Flipkart, the most significant challenge to US retail giant Amazon in India, declined to comment on the matter. SoftBank, which has also invested in Indian online grocer Grofers and cab hailing firm Ola, said its Vision Fund "follows an independent process and judges every investment on its own merit." Bloomberg reported earlier on Tuesday that the Fund could invest between $1.5 billion and $2billion in Flipkart. The Vision Fund has raised more than $93 billion from investors including Saudi Arabia's main sovereign wealth fund and Apple.

SoftBank Vision fund seeks to invest up to $2 billion in Flipkart

Flipkart in its second bid has offered Snapdeal between $900 million and $950 million as a takeover offer.

According to previous reports, Snapdeal had rejected the initial bid of around $800 million -$850 million, offered by Flipkart. Snapdeal was not satisfied with the offer as the company was expecting $1 billion, the previous negotiated valuation.

Both the companies had been working on forging a deal for months which continued even after Snapdeal declined the offer.&nbsp;

According to an anonymous source, Flipkart revised its offer for Snapdeal marketplace and its e-commerce solutions provider Unicommerce. Though it does not include its logistics arm Vulcan Express and digital payments unit FreeCharge which can be sold separately.&nbsp;

As per reports, Flipkart may hold back about $150 million of the deal price for 12 to 24 months after signing of the deal.&nbsp;

Japan&#39;s SoftBank, Snapdeal&#39;s biggest investor, is keen to fold the e-commerce firm into Flipkart. This will help Snapdeal to take a large stake in India&#39;s biggest e-commerce player through an all equity deal.

A merger will help Flipkart, which is already backed by Microsoft, China&#39;s Tencent and online auction site eBay, bulk up and stay ahead of Amazon, which is expanding rapidly in the world&#39;s fastest-growing internet services market.

It is also speculated that Snapdeal may enter into a deal with Infibeam, a listed e-commerce player. Snapdeal, thus, will evaluate and choose between Flipkart and Infibeam before any final decision. It is expected that the company will decide on the two offers in a week or 10 days.&nbsp;

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Snapdeal rejected Flipkart's earlier bid of $800 million-$850 million, expecting $1 billion. They will evaluate and choose between Flipkart and Infibeam

Flipkart in its second bid has offered Snapdeal between $900 million and $950 million as a takeover offer. According to previous reports, Snapdeal had rejected the initial bid of around $800 million -$850 million, offered by Flipkart. Snapdeal was not satisfied with the offer as the company was expecting $1 billion, the previous negotiated valuation. Both the companies had been working on forging a deal for months which continued even after Snapdeal declined the offer. According to an anonymous source, Flipkart revised its offer for Snapdeal marketplace and its e-commerce solutions provider Unicommerce. Though it does not include its logistics arm Vulcan Express and digital payments unit FreeCharge which can be sold separately. As per reports, Flipkart may hold back about $150 million of the deal price for 12 to 24 months after signing of the deal. Japan's SoftBank, Snapdeal's biggest investor, is keen to fold the e-commerce firm into Flipkart. This will help Snapdeal to take a large stake in India's biggest e-commerce player through an all equity deal. A merger will help Flipkart, which is already backed by Microsoft, China's Tencent and online auction site eBay, bulk up and stay ahead of Amazon, which is expanding rapidly in the world's fastest-growing internet services market. It is also speculated that Snapdeal may enter into a deal with Infibeam, a listed e-commerce player. Snapdeal, thus, will evaluate and choose between Flipkart and Infibeam before any final decision. It is expected that the company will decide on the two offers in a week or 10 days.

Flipkart offers between $900-950 million to buy Snapdeal

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