Flipkart's other existing investors include venture capital firm Accel Partners, New York-based investment firm Tiger Global and South African tech conglomerate Naspers.
But then there is Walmart - the multi-billion dollar American behemoth has been in the country for a few years in the form of limited wholesale business.
Analysts claim Walmart is eyeing to tap the massive potential in Indian online shopping sector, whose market is still considered to be at a nascent stage.
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With the fresh deal, Walmart would be looking to take on rivals Amazon outside its home turf in India.
This should see a huge infusion of investment into the operations, with Flipkart getting an extra boost from Walmart's enormous purchasing power and logistics muscle. Flipkart owns platforms such as Myntra, Jabong and PhonePe, Its supply chain arm, eKart, serves more than 800 cities, making 500,000 deliveries daily.
Walmart's investors reacted negatively to news of the retail giant's Flipkart buyout on Wednesday, wiping away $10 billion worth of Walmart's market capitalization, as investors punished the stock in early morning trading on the New York Stock Exchange (NYSE). Sachin Bansal will sell his entire stake to Walmart while Binny Bansal will sell part of his to the American retailer, Economic Times reported Tuesday. Flipkart was the first e-commerce store to selling books. "Both have their own sizeable cash reserves, and the outcome in India will determine the access to its growing middle class consumers for dominance, outside of the U.S.", said, Adrian Lee, Research Director, Gartner. If Reliance succeeds in acquiring IDFC MF, it will become India's largest asset management company with combined assets of around Rs3.15 trillion.
The deal - Walmart's biggest ever - gives it greater access to India's e-commerce market, which Morgan Stanley has estimated will grow to $200 billion in about a decade. That is why the American retailer had entered into a joint venture with telecom major Bharti Enterprises in 2007 to create Bharti-Walmart.
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"This investment will be a challenge for Walmart as they will be under pressure to show results".
Mahajan also alleged that Flipkart's operations are "not beyond suspicion" and that its group companies have not filed their statement of accounts for the year 2016-2017, 2015-2016 and have only made partial disclosures.
During their job in Amazon, Sachin and Binny dreamed of starting their own company, and today Flipkart is counted among the world's largest e-commerce companies. Last year, Flipkart offered to buy Snapdeal, but they failed.
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