Earlier this year, Walmart had acquired 77% stake in Flipkart in a mammoth $16 billion deal.
According to the reports, Walmart now owns 81.3% stake in Flipkart, citing data from the data intelligence platform Paper.vc.
The news comes at a time when Flipkart is struggling to find its footing amidst a setback, after the resignation of Binny Bansal, Founder and Group CEO of Flipkart, following allegations of personal misconduct.
With the increase in Walmart’s stake, Tencent is the second highest stakeholder in Flipkart with 5.37% share, followed by New York-based Tiger Global Management with 4.77%. While Binny Bansal resigned, he still holds 4.2% stake in the Indian e-tailer.
After the acquisition of Flipkart by Walmart, some of the major stakeholders like Japanese investment giant SoftBank, South African technology conglomerate Naspers, and Accel Partners, completely sold either all or part of their stakes to Walmart, as part of the transaction.
According to media reports, The Flipkart co-founder was also forced out of the company after differences arose with the company’s then board members regarding his role after the Walmart acquisition.
Although, it was announced that Jabong will be integrated into Myntra, which will result in some redundancies, leading to the downsizing of the workforce by 10%, in order to keep the integration consistent and efficient.