Walmart has spent $3.5 billion this year to acquire shares from certain Flipkart stakeholders and resolve liabilities with some PhonePe shareholders, illustrating just how aggressively it’s betting on India at a time when its chief global rival Amazon is scaling back on its expenditures in the South Asian market.
The $3.5 billion spending took place in the first six months of 2023, Walmart disclosed for the first time in an SEC filing Friday. Walmart’s ownership in Flipkart now stands at about 80%.
Some of the investors who sold their stakes in Flipkart this year include Tiger Global, Accel and Flipkart co-founder Binny Bansal, an earlier Flipkart filing showed. Tiger Global disclosed earlier that it made an overall gain of $3.5 billion on an investment of $1.2 bi …
