BENGALURU — India's Flipkart said on Thursday it had acquired parent Walmart Inc's local cash-and-carry business, as the e-commerce firm strengthens its wholesale offerings to compete better with Amazon.com Inc. The deal will allow Flipkart to launch a digital marketplace called Flipkart Wholesale next month, the Bengaluru-headquartered firm said, without disclosing any financial details of the deal. Walmart, which has been running Best Price wholesale cash-and-carry stores in India since 2009, bought a controlling stake in Flipkart in 2018 for $16 billion. The brand has 28 wholesale stores, two fulfilment centers and more than 1.5 million members, largely comprising mom-and-pop stores, but Walmart has not been able to make money from this business.

Source: Economic Times July 23, 2020 07:18 UTC