While it is being speculated that Walmart may retain the top management of the company after the acquisition goes through, it is also being said that the two founders - Sachin Bansal and Binny Bansal - are looking to sell their entire stake in the company.
Earlier in April 2017, when Flipkart gained $2.5 Bn funding from SoftBank, the biggest exit was orchestrated by Tiger Global, which made a partial exit selling shares worth over $424 Mn in Flipkart to the Japanese conglomerate. Sources also suggest that Google's parent company Alphabet Inc is involved in the deal, with about $3 billion in investment coming from it.
The sources added that Sachin Bansal, founder of Flipkart, was in the U.S. last week to oversee final lap negotiations with Walmart. Flipkart's other co-founder Binny Bansal, who isn't related to Sachin Bansal, could remain on in some capacity as Walmart is said to be keen on retaining only one of them.
Betts blasts into Red Sox history with fourth three-homer game
One of only 17 players to have that many three homer games, Betts also became the first player to do so before his 26th birthday. According to ESPN.com , Betts' fourth game with three long balls broke a tie with Ted Williams for the most in Red Sox history.
Much is left to speculation, however: Amazon, Walmart and Flipkart all refuse to comment in any official capacity on what could well become one of the most important e-commerce deals of the year.
As the deal between Flipkart and Walmart inches closer, it has been reported that Sachin Bansal, the executive chairman, of Flipkart may leave the company who now holds 5.5 percent stake in the company. The Walmart-Flipkart drama deal is reportedly finalised. Walmart has been trying to pick up its e-commerce sales, which has been on a decline and a threat for the company that is trying to rival online giant Amazon.
On Wednesday, Indian broadcaster CNBC-TV18 reported https://bit.ly/2jo03py 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. "It is important for food safety", the source said. Flipkart was last valued at about Dollars 12.5 billion when it raised USD 2.5 billion from Masayoshi Son's SoftBank a year ago.
"The stakes are really high for Walmart", said Brian Yarbrough, senior research analyst with Edward Jones.