Flipkart co-founder Sachin quits after Walmart deal
11 May, 2018, 00:59 | Author: Marjorie Miles
Walmart'sdeal with Flipkart to acquire 77 per cent stake in the Indian e-commerce website is facing opposition from traders, while industry body ASSOCHAM has termed it as a success of Indian start-ups.
Flipkart sealed the world's largest e-commerce deal yesterday with Walmart, cementing India's place in the global e-tailing league.
Officials have been advised not to comment on the Walmart-Flipkart deal, a senior government official said.
Flipkart's co-founder and now CEO, Binny Bansal said "This investment is of enormous importance for India and will help fuel our ambition to deepen our connection with buyers and sellers and to create the next wave of retail in India". Upon closing the deal, Flipkart's financials will be reported as part of Walmart's global business segment.
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Closing is expected later this calendar year, subject to regulatory approval.
"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay.in brand", said eBay in a statement to a business daily. Amazon, which operates an online marketplace in India, was reportedly in talks with Flipkart as well - but Walmart won it. One can only hope that both companies will continue to plough in funds and resources into the country, which is estimated to become a trillion-dollar e-commerce market within a decade, creating jobs and opportunities to grow more Indian entrepreneurs who will be able to sell their products on either platform. Youngsters from Odisha were also looking up to the Flipkart founders - Sachin Bansal and Binny Bansal and their story, which according to them a "successful" one.
He said Walmart buys more than 90 percent of goods locally in every country where it runs stores and e-commerce business. That joint venture was called off in 2013 and its presence in India has remained largely static, at least partly due to restrictions around foreign investment in physical retail.
In the blog, Accel's partners admitted that they were way off in their original assumption was Flipkart would require around $500 million in additional capital to reach break-even, despite realising that the company would need to be financed in an unprecedented fashion.
However, Walmart's CEO Doug McMillon told the media in New Delhi on Thursday that it was open to the idea of setting up stores via a franchise model in the future.
Sources say that Sachin does not agree with Walmart's proposed strategy and operating structure after the deal is over.
Walmart has renewed its focus on catching up with rivals in key global markets.
"We made a decision to start the company together". Last year, however, the company's valuation dropped to about $12 billion, and the duo lost their billionaire status. "With Flipkart and the other shareholders who have come together, we will continue to advance the winning eCommerce ecosystem in India".
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In a separate statement, it said it would fund the deal with a bridge loan facility of almost $31 billion. The buyout will place Takeda Pharma at the ninth rank in the global pharmaceutical industry by revenue.
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