Flipkart is being purchased by US-based retailing giant Walmart, SoftBank CEO and Founder Masayoshi Son said on Wednesday, Reuters reports.
Son told the news agency that the agreement was finalised on Tuesday night, in Japan time. Mr Son said on a conference call after SoftBank reported earnings, adding that its investment in the Indian online marketplace had almost doubled. Sources have previously told the agency that SoftBank would completely sell its shares in Flipkart to Walmart.
For now, exact financial details of the deal are not known. Previous reports said the deal would be a 75 per cent controlling stake in Flipkart being sold, with Walmart and Google parent Alphabet Inc. said to be buying a 60 per cent and 15 per cent stake respectively.
Also Read: SoftBank Invests $2.5 Billion In Flipkart
Earlier, Amazon.com Inc. had reportedly made a formal offer to buy 60 per cent of Flipkart.
Founded back in 2007 in Bengaluru, Sachin Bansal and Binny Bansal, former employees of Amazon, have come a long way. Japan's SoftBank Group Corp owns a fifth of Flipkart through its Vision Fund.
Other major investors in Flipkart include Tiger Global, Naspers and Accel while the Bansals own just over 5 per cent each of the company.
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