Reports: Amazon to Acquire Reliance Retail and Walmart to Invest in NinjaCart
INDIA - As the retail space heats up in one of the largest potential markets on the planet, companies are climbing over each other to get a piece of the India pie. Walmart recently beat out Amazon and nabbed a 77 percent interest in Indian e-commerce company Flipkart—a whopping $16 billion transaction. Now, it looks like the Bentonville-based retailer has once again gotten the upper hand on Amazon, recently committing to a $50 million investment into Indian fruit and veg supply chain startup, NinjaCart. But Amazon isn’t ready to give up the fight just yet.
According to ETtech, Walmart has not officially finalized the deal with NinjaCart, but is expected to close in the next three weeks. The retailer will reportedly get a seat on the board of NinjaCart as part of the transaction, though Walmart has not released any comments on the speculative deal.
According to Entrackr, Amazon is taking its own major steps into the Indian retail space, entering into talks with one of the country’s biggest brick-and-mortar retailers, Reliance Retail. The e-tailer is purportedly looking to acquire a 26 percent stake in the company, as marketplace firms are not allowed to own more than 26 percent stake in sellers under Foreign Direct Investment, the news source reports. Reuters reports that Reliance Retail, valued at $5.53 billion, will help expand Amazon's retail footprint in the country.
With these two retail giants continue to duke it out in one of the fastest growing markets in the world? What will be the next strategic partnership? AndNowUKnow will continue to report.