Business Today

Walmart CEO says deal will empower Flipkart employees

Just hours after announcing Walmart's acquisition of Flipkart in the biggest e-commerce deal in the history, Walmart President and CEO, Doug McMillon sent out his remarks to Flipkart employees saying that the acquisition was the best decision they have ever made.

twitter-logo BusinessToday.In        Last Updated: May 10, 2018  | 11:41 IST
Walmart CEO says deal will empower Flipkart employees

Just hours after announcing Walmart's acquisition of Flipkart in the biggest e-commerce deal in the history, Walmart President and CEO, Doug McMillon sent out his remarks to Flipkart employees saying that the deal was the best decision they have ever made.

Addressing the change in ideals after the takeover, McMillon assured, "Our values are very much aligned. Respect in people, striving for excellence, acting with integrity, doing things we can be proud of, and the customer focus."

"We understand it's not just an e-commerce business - Flipkart, Myntra, Jabong and the fashion business, PhonePe, EKart. This is a very special ecosystem, we get that and are excited about what this could become in the future," McMillon added.

"It is our intention to just empower you and let you run speed matters, decisiveness matters," McMillon said in his address to Flipkart employees.

On the synergies of the deal, McMillon said the Bengaluru-based company can take advantage of Walmart's resources supply chain and retailing expertise - while Flipkart could share its experience and expertise in building an entire ecosystem around online commerce business.

McMillon emphasised on his goals to make a big difference in food safety and food waste management in India. Supporting kiranas and creating jobs in India were listed in his agendas for the newly acquired company.

Walmart, which intends to use a combination of debt and cash on hand to finance the purchase, will also pump in additional $2 billion into the online major to push further growth. Its arch rival Amazon has already announced a fresh capital infusion of Rs 2,600 crore.

The world's largest company by revenue will buy a 77 per cent stake in India's online retail market leader for $16 billion, valuing the e-tailer at $21 billion. While Flipkart co-founder Sachin Bansal will sell his entire stake, Group CEO Binny Bansal along with Chinese investment giant Tencent Holdings, US hedge fund Tiger Global and Microsoft will continue to hold their stake in the new entity.

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close