Walmart is said to have invested INR2.2bn ($32.7 billion) in Indian e-commerce giant Flipkart amid an increasingly heated rivalry with Amazon. The investment marks the US retail giant's first tranche of funds in the form of equity since it took a majority stake in Flipkart in a record $16bn takeover. The funds are likely to be used to improve technology and integration between the two companies' systems for logistics, merchandising and management.
Walmart is said to have invested INR2.2bn ($31.4m) in Indian e-commerce giant Flipkart amid an increasingly heated rivalry with Amazon. The investment marks the US retail giant's first tranche of funds in the form of equity since it took a majority stake in Flipkart in a record $16bn takeover. The funds are likely to be used to improve technology and integration between the two companies' systems for logistics, merchandising and management.