Walmart increases stake in Flipkart, pays Rs 28,953 crore to acquire further shares

US retail giant Walmart has increased its stake in Indian e-commerce subsidiary Flipkart as it paid $3.5 billion (around Rs 28,953 crore) to acquire shares from its non-controlling interest holders in six months to July 31, 2023.

Additionally, during the six months ended July 31, 2023, the company received $700 million related to new rounds of equity funding for the company’s majority-owned PhonePe subsidiary, said the Bentonville-based retailer in a US Securities & Exchange Commission (US SEC) filing.

“During the six months ended July 31, 2023, the company paid $3.5 billion to acquire shares from certain Flipkart noncontrolling interest holders and settle the liability to former noncontrolling interest holders of PhonePe,” said Walmart filing.