Share of Unique Visitors in India
American department store Walmart may well be facing competition from Amazon in its bid for majority ownership of Flipkart, Amazon's biggest rival in India.
Though sources report that Flipkart's management team favors the Walmart deal-in which Walmart would acquire a controlling stake of the company, but allow Flipkart to retain its current structure and management team-Amazon's formal offer to purchase 60 percent of the company and "merge the companies entirely" may be a tempting alternative.
"We do not comment on ongoing discussions and/or speculation", SoftBank said in an emailed statement. These investors, including Soft-Bank, are expected to fully or partially sell their shares in Flipkart as Walmart would pump in the $8-10 billion in a mix of primary and secondary transaction.
The buzz of the $12 billion deal between Walmart and Flipkart recently got louder with Softbank approaching Walmart's global CEO.
A Walmart-Flipkart deal could lead to more intense price competition, retail consultants said.
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India is a critical market for both Walmart and Amazon and a deal with Flipkart would help either player in consolidating their position in the booming e-commerce market here.
On Wednesday, Indian broadcaster CNBC-TV18 reported that Amazon had offered Flipkart a breakup fee of $2 billion to convince it to discuss an offer, which analysts say would bring with it substantial antitrust challenges.
The Chennai-based business intelligence platform Paper.vc, which sourced the filing from the Singapore's Accounting and Corporate Regulatory Authority (ACRA), said Flipkart had bought over 18 lakh preferential shares from its institutional investors like Tiger Global, Accel and Naspers. The Bengaluru-based firm had also raised funds from eBay, Tencent Holdings and Microsoft Corp a year ago.
However, Amazon was indeed interested in buying Flipkart, said two sources, asking not to be named.
Flipkart last raised around Dollars 2.5 billion in August.
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