Walmart Leads $1.2 Billion Funding Round of Flipkart in India
Walmart (NYSE: WMT) stock is getting a lift in Tuesday-afternoon trading, up more than 1% (the Dow Jones Industrial Average as a whole is up less than 1%) on news that the retail giant is expanding its influence in India. Two years ago, Walmart bought its way into the Indian e-commerce market with a $16 billion purchase of a 77% stake in local company Flipkart, India's No. 1 e-commerce company, ahead of No. 2 Amazon.com (NASDAQ: AMZN). Walmart and other, unnamed investors are investing a further $1.2 billion in Flipkart.
