Katie CammarataWalmart will buy 77 percent of Flipkart — India's largest online retailer — for $16 billion. The rest of the business will be held by some of Flipkart's current shareholders.
The two companies announced the agreement Wednesday.
This deal gives the world's largest retailer better access to India's e-commerce market. Plus, it will help Walmart challenge Amazon's online sales in the country.
Walmart's CEO and president said in a statement, "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 eCommerce in the market."
Walmart says the investment also includes $2 billion to help Flipkart continue to grow.
