United States retail giant Walmart will buy 77% stake in India’s Flipkart for 16 billion dollars.  

Walmart’s Krish Iyer will be the CEO of the company which will continue to be based out of Bengaluru.

Walmart and Flipkart will remain separate brands and the Indian e-commerce company will have an independent Board, which will be revamped to give representation to the US firm.

Founded in 2007, Flipkart has led the e-commerce revolution in the sub-continent, growing rapidly and earning customer’s trust with digital technology including artificial intelligence to hard-sell a wide range of goods spanning electronics, appliances, mobile, fashion and apparel.

Walmart statement said: “As a company, we are transforming to meet the needs of customers and look forward to working with Flipkart to grow in this critical market. We are confident of providing the e-tailer strategic and competitive advantage.”