Hundreds of Flipkart employees to turn dollar millionaires overnight after Walmart acquisition
11 May, 2018, 04:48 | Author: Sara Gill
Stocks of brick-and-mortar retail players rallied on Thursday, following the world's largest retailer Walmart picking up majority stake in India's e-commerce giant Flipkart.
Accel said that Flipkart's success was mostly due to the company building its own delivery network and pioneering cash-on-delivery models.
U.S. retail behemoth Walmart CEO Doug McMillon on Thursday said that it saw "no trouble" in getting regulatory approval from CCI to buy 77 per cent stake in Flipkart.
Since then, Climan and Moore have worked closely on a number of large deals, including advising Marvell Technology Group Ltd. on its pending $6 billion buy of Cavium Inc. and Synopsys Inc. on its $565 million acquisition of Black Duck Software Inc. J.P. Morgan Securities LLC is acting as the lead financial advisor for Walmart, along with Barclays, with Hogan Lovells, Shardul Amarchand Mangaldas & Co. and Gibson, Dunn & Crutcher LLP as outside counsel to Walmart.
The remainder will be held by existing shareholders, including Flipkart co-founder Binny Bansal, China's Tencent Holdings, Tiger Global Management and Microsoft, the company said. The apparel segment has the second highest share of 31 per cent in the e-commerce retail industry.
The deal presents India as an attractive investment destination and proves the maturity and viability of the start-ups and e-commerce sector of India, said Lalit Bhasin, senior vice president of Indo-American Chamber of Commerce (IACC).
In terms of the company structure, there won't be many changes. Accel put $8 lakh into the company in 2008, the first major check that Flipkar would receive. While such investments have enabled Flipkart to expand its business and boost revenues, the company lost $1.3 billion during its fiscal year 2017.
McMillon added, "As a company, we are transforming globally to meet and exceed the needs of customers and we look forward to working with Flipkart to grow in this critical market. While eCommerce is still a relatively small part of retail in India, we see great potential to grow".
"Therefore, being the controller of the company, Walmart may use the data and other information as per its will and wish and the possibility of compromising the data cannot be ruled out", he said, according to the statement. Flipkart has 34 percent market share while Amazon controls 27 percent of India's online sales, as per PTI.
"We all know that they have interests in the multi-brand retail of food and a combination of both will kill the interests of farmers", he said.
"I'll be watching and cheering from the outside - Flipsters, you better continue to do a good job!" he said.
Flipkart, which began its journey from a 2BHK apartment in Bengaluru's Koramangala in 2007, went on inspiring millions of youths across the country who had a dream of becoming an entrepreneur post their college days.
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