Flipkart’s existing management team will continue to lead the business. Tencent Holdings Limited and Tiger Global Management will remain represented on the Flipkart board, in addition to independent board members, and will be joined by new members from Walmart.
With the completion of the investment, Walmart now holds approximately 77% of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp. Moving forward, Flipkart’s financials will be reported as part of Walmart’s International business segment.
Walmart’s investment includes USD 2 billion of new equity funding to help accelerate the growth of the Flipkart business. Both companies will retain their brands and operating structures in India.
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