Saturday, April 20, 2024
Outlook India
Outlook Business

Walmart Flipkart

After Walmart acquired a majority stake in Flipkart, co-founder Binny Bansal has formally stepped down from the e-commerce giant's board. Binny, who sold his remaining stake to Walmart, has initiated a new start-up called OppDoor.

Walmart-owned Flipkart has also stopped hiring new workforce to optimise its business operations

According to reports, this is not a pre-IPO round and preparations are being made to raise another fund in the next year.

The report added that the shoppers spent an average of seven hours on the homegrown e-commerce marketplace this year

The pact was signed in the presence of Telangana government’s Industries and Commerce Department Principal Secretary Jayesh Ranjan and 'Swasti' programme director Joseph Julian KG