Walmart has completed its acquisition of Flipkart, India’s largest ecommerce marketplace.
The $16 billion investment, which was first announced in May, is expected to enhance Walmart’s global presence, by bringing the company more scale in India.
Walmart has become the main shareholder of Flipkart, owning 77 percent of the company, according to a company release.
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“Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart,” said Judith McKenna, president and CEO of Walmart International. “As a company, we are transforming globally to make life even easier for customers, and we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in world.”
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There has been increasing pressure in recent months for grocery stores to form a larger online presence. And India has become a key market for Walmart due to its large population of more than 1.3 billion.
Walmart has 38 stores located in the greater Dayton area, according to the company’s store locator.
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