New Delhi: Flipkart Group announced to launch a new digital market ‘Flipkart Wholesale’ to enter the country’s $ 650 billion wholesale business market. The company has also purchased a 100 percent stake in Walmart India Private Limited. Walmart India operates wholesale shops under the name ‘Best Price’ in the country. It currently has 28 stores across the country. The announcement was made by Flipkart at a time when the company recently raised $ 1.2 billion in investments from a Walmart-led group of investors.
However, Flipkart has not disclosed the value of the acquisition deal for Walmart India. Significantly, Walmart India is a wholly owned subsidiary of Walmart, one of the world’s largest retail trading companies. At the same time, Walmart invested $ 16 billion in 2018 to buy a 77 percent stake in Flipkart. The company said in a statement that ‘Flipkart Wholesale’ will be a B2B (inter-business between companies) digital market. Flipkart will start its operations in August.
