Walmart buys $1.4 billion worth of Flipkart shares

US retail giant Walmart is shelling out $1.4 billion to compete with Amazon. Walmart is paying $1.4 billion for a 4 percent stake in Indian e-commerce company Flipkart, which is held by investment firm Tiger Global. “We remain confident in the future of Flipkart and are even more bullish on the opportunity in India today than when we first invested,” a Walmart spokesperson said. $1.4 billion investment push in e-commerce from retail giant Walmart, which has branches in several US states. Walmart, which already owns a majority stake in Indian e-commerce company Flipkart, is paying $1.4 billion to buy the 4 percent stake in Flipkart held by US investment firm Tiger Global. With this acquisition, the retail giant further increased its leverage in Indian e-commerce ventures. Flipkart is the only Indian venture in which Tiger Global has invested more than $1 billion. “We remain confident in Flipkart’s future and are even more positive about the opportunity in India today than when we first invested,” a Walmart spokesperson said. The US-based investment giant, one of Flipkart’s earliest investors, has injected more than $6 billion into Indian startups. Tiger Global’s investment in Flipkart has strengthened the Indian startup community and put the South Asian country’s ecosystem on the global map. Walmart held a 72 percent stake in the company as of last year