In the first half of 2023, Walmart made a significant investment of $3.5 billion to acquire shares from entering Flipkart holders, as indicated by filings with the US Securities and Exchange Commission. This move has boosted Walmart’s ownership of the e-commerce giant to approximately 80%. Among the investors who sold their holdings in Flipkart were prominent names such as Tiger Global Management, Accel Partners, and co-founder Binny Bansal.

Notably, Walmart paid nearly $1.4 billion to acquire Tiger Global’s stake, a transaction that placed a valuation of $35 billion on Flipkart, down from its previous valuation of $38 billion in 2021. Despite scaling back some of its investments in the South Asian market, Walmart maintains a positive outlook on Flipkart’s growth potential. In an earnings call last month, Walmart CFO John David Rainey said Flipkart has delivered “strong GMV and net sales growth as the core business continues to grow well.”

“Flipkart’s consistent progress and performance reinforces our confidence in the long-term value of this business. India is leading the largest digital transformation in the world and Flipkart is the largest marketplace in India,” Rainey added. In its second-quarter report for 2024, US-based retailer Walmart revealed strong growth in its international business, with key contributions from Walmex, China, and Flipkart. The company’s international e-commerce segment witnessed impressive growth, achieving nearly a 26% increase.