Walmart is picking up close to 75 per cent in Flipkart, sources said. Walmart, traditionally a brick and mortar giant, is investing $15 billion in the Bengaluru firm, founded in 2007 by Sachin Bansal and Binny Bansal—not related to each other. With this, Flipkart will be valued at an estimated $20 billion or more. Masayoshi Son’s SoftBank, the largest investor in Flipkart, is making an exit, sources indicated. And so is Sachin Bansal, who’s selling his approximately 5 per cent stake in the business. Binny Bansal
and Flipkart CEO Kalyan Krishnamurthy are likely to continue with Flipkart even after the deal.
“There have been questions ranging from layoffs to a change in work culture. It is learnt that the management has given an assurance that there would be no job cuts and things would be business as usual. Not only that, there’s hope of a better performance appraisal once Flipkart becomes part of Walmart.