Partnering with Flipkart will intensify Walmart's on-going battle with online-retail major Amazon to become the top USA retail giant. The products will be sold by Amazon Retail India Pvt. Ltd.
However, as per media reports, SoftBank is against the deal as it doesn't want to cash out this early and wants to be invested in Flipkart for the long-term.
As for Flipkart, the company has been trying to foray into offline business with retail stores for a long time now.
Amazon will compete with other leading online grocery and food retail marketplaces like Grofers, BigBasket, and Supr Daily, all of whom have received similar approvals from the government for food retailing. This would enable the American retail giant to open retail outlets in the country which it now can not do directly because of certain FDI restrictions on overseas investment.
The company will soon kick-start its food retailing business across India.
Additionally, it would allow Flipkart customers to make online orders and pick up the purchases from the brick-and-mortar retail stores. The retailer steered clear of any Indian partnerships until 2016, when it began investment discussions with Flipkart.
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If confirmed, this would be one of Walmart's biggest overseas deals ever with Flipkartseen valued at more than the $12 billion.
SoftBank's objections to a Walmart investment in Flipkart have also been reported by Mint.
Although both Walmart and Flipkart declined to comment on the specifics, Reuters reported that Flipkart could be valued at more than the $12bn figure given when Japan's SoftBank Group took about a fifth of the firm previous year for $2.5bn.
Apart from strengthening Flipkart's arsenal in its competition with rival Amazon, Walmart's investment deal with the homegrown giant may include setting up of a retail - offline - chain in India.
"Primaries (sale of new shares) are expected to value Flipkart at around $20 billion and secondaries (shares sales from existing investors) at a lower valuation", said another person privy to the negotiations.
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