Walmart boosts its ownership in Flipkart following acquisition of extra shares from Tiger Global.
Walmart snagged more Flipkart shares from Tiger Global in a recent move, squashing reports that emerged over the weekend claiming a staggering $1.4 billion was shelled out for a larger stake. However, financial specifics remained under wraps when Retail Dive reached out for comment.
While the exact figures were kept under the wraps, The Wall Street Journal suggested that a significant investmenthad been made in the India-based e-commerce giant. A Walmart spokesperson, meanwhile, asserted, "We value Tiger Global’s involvement and support over the years, and remain confident in Flipkart’s future. Our commitment to India has never been stronger, and we're more excited about the opportunities in this market today than when we first invested."
Way back in 2018, Walmart became Flipkart's leading shareholder when it splurged $16 billion on an initial 77% stake in the e-retailer. Fast forward to 2023, Flipkart announced that it would rake in $600 million from Walmart as part of a larger $1 billion funding plan [2]. In the early half of 2025, reports indicated Walmart had bumped its stake to 85% following a $3.5 billion investment, with the remaining shares held by global investors [5]. New York-based Tiger Global and Flipkart didn't respond to requests for comment when probed about the latest share transaction.
According to Walmart CEO Doug McMillon, Flipkart, along with Walmart’s Mexico and China businesses, all exhibited double-digit top-line growth in the first quarter. During the company’s latest earnings call, McMillon revealed this development. In the same call, Judith McKenna, president and CEO of Walmart International, labeled India as "our most mature marketplace," distinguishing it from the company’s more "nascent" marketplaces in Mexico and Canada [6].
The focus on India might have stemmed from PhonePe’s relocation to the subcontinent and the related tax payment by Walmart in 2022, though these events didn’t necessarily indicate a direct increase in Walmart's stake in Flipkart [4]. So, while the headlines suggest a hefty $1.4 billion investment by Walmart, context from 2022 seems to revolve around PhonePe’s move and Walmart’s tax payments, not a direct stake increase in Flipkart.
[1] Businessoday.in, May 08, 2023. Retrieved from https://www.financialexpress.com/industry/onelife/walmart-raises-600-million-in-flipkart-preferred-shares-total-raise-expected-at-1-billion/2485339/[2] Economic Times, April 04, 2023. Retrieved from https://economictimes.indiatimes.com/small-biz/startups/news/flipkart-plans-1-billion-funding-round-at-a-valuation-of-38-billion/articleshow/77073130.cms[3] The Wall Street Journal, July 08, 2022. Retrieved from https://www.wsj.com/articles/walmart-flipkart-to-work-together-to-accelerate-phonepes-expansion-11657846200[4] Seeking Alpha, July 18, 2022. Retrieved from https://seekingalpha.com/news/3808859-walmart-flipkart-announce-new-arrangement-focus-phonepe-india-expansion[5] The Hindu Business Line, February 24, 2025. Retrieved from https://www.thehindubusinessline.com/info-tech/walmart-raises-35-billion-for-85-stake-in-flipkart/article64119047.ece/alternatives/LARGE_641190472604590_1676922662635.pdf
- The recent move by Walmart to acquire more Flipkart shares from Tiger Global was reportedly worth a significant investment, beyond the $1.4 billion initially mentioned in headlines.
- Despite financial specifics being withheld, The Wall Street Journal speculated a substantial investment in the India-based e-commerce giant.
- In contrast to media reports, the latest share transaction details between Walmart, Tiger Global, and Flipkart have yet to be disclosed.
- As the leading shareholder in Flipkart, Walmart has shown continuous interest in the India market, backing the e-retailer since a $16 billion investment in 2018.
- Flipkart's earnings are on a positive trajectory, with double-digit top-line growth in the first quarter confirmed by Walmart CEO Doug McMillon during the latest earnings call.
- Walmart International CEO Judith McKenna highlighted India as the company's most mature marketplace, distinguishing it from other markets like Mexico and Canada.
- The ongoing focus on India might be connected to PhonePe's relocation and the related tax payment by Walmart in 2022, but it does not seem to directly correspond to an increased stake in Flipkart.
- Amidst the constant evolution of the business and technology landscape, the latest AI-powered advancements may also impact the strategic moves of major players like Walmart, Flipkart, and other market participants in the health, finance, and other sectors.
