Bentonville, Ark.-based Wal-Mart wants to invest between $750 million and $1 billion in Flipkart, according to a source familiar with the matter. The final value and size of Wal-Mart’s stake would be determined from discussions regarding the Indian retailer’s overall valuation.
Securing a deal with Flipkart would put Wal-Mart in competition with online retail giant Amazon. While Wal-Mart only operates wholesale stores in India, Amazon has rapidly expanded into India’s online retail market and is Flipkart’s main competitor.
Flipkart, which was launched in 2007 by two former Amazon employees, was valued at about $11.5 million, according to the report.
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