The biggest retail company of America, Wallmart purchased the 70% controlling stakes in Flipkart at the price of Rs 1600 crore dollar i.e. equal to 1.072 lakh crore rupees. And after this deal, big changes are coming to Flipkart, now the co-founder of e-commerce platform could receive new responsibilities in the company. And the second co-founder is possibly going to leave the company.
According to the media reports, in the current deal co-founder Bini Bansal can get the responsibility of chairman or CEO. For now, Kalyan Krishnamurti is handling the post of CEO and he may retain his position in the future too. The official announcement of this deal will release on Wednesday. Initially, Wallmart is going to invest 2-2.5 billion dollars in Flipkart, which will be used to increase the business of Flipkart.
The current chairman of Flipkart Sachin Bansal will leave the company by selling his 5.5% stake in the company. Wallmart will replace the three members of the board of directors and chief financial officers and Flipkart can now be listed on New York stock exchange. Wallmart is buying the shares of investors in the Flipkart in 14 billion dollars. Softbank holds the 20.8 percent stocks, eBay has 6.1% shares and Sachin Bansal holds the 5.55%