Flipkart partners with Asus to announce Zenfone Max Pro in India

Flipkart Asus partnership Zenfone Max Pro

Walmart has reached an agreement on buying the stakes of New York-based investment firm Tiger Global Management, South African media conglomerate Naspers, venture capital firm Accel and China's Tencent Holdings.

According to the daily, Walmart is believed to have offered a $10-12 billion valuation to purchase the shares held by the Tokyo-headquartered investor.

Earlier, Inc42 had reported that SoftBank was preparing to sell a part of its share in the company.

Besides, the usage of eBay's brand name by Walmart can also be an issue, because eBay had made it clear that if Flipkart gets acquired, the new buyer won't be able to use their brand name. Analysts believed that SoftBank is expected to gain nearly $2 Bn from its last investment in the company if the Walmart deal goes through. According to reports, United States giant Walmart had made an offer of somewhere around $10-12 billion, which is clearly less than what SoftBank is apparently expecting. People familiar with the development are quoted as saying, "Discussions with SoftBank are still ongoing..."

The final contours of the transaction are still being worked on and could change at short notice, the sources said. If Walmart's deal with other stakeholders goes fine, the company will have close to 50 percent ownership in Flipkart. He says Flipkart is providing phones across all price points.

Asus Zenfone 5 design review
Asus Zenfone 5 comes with dual-camera setup 12MP and 8MP KVN Rohit IBTimes India

As per incoming reports, key investors in Flipkart have provided their green signal for a merger with Walmart, ditching Amazon.

Last week, reported that Walmart Inc was likely to reach a deal to buy a majority stake in Flipkart by the end of June in what could be the United States retail giant's biggest acquisition of an online business.

This comes at a time when Flipkart has partnered with Xiaomi to sell Xiaomi Mi TV 4A, Mi TV 4 on their platform. It has reportedly tried to enter India for years but has remained confined to a "cash-and-carry" wholesale business - it now operates 21 such stores - amid tough restrictions on foreign investment.

In addition to the offers on a wide range of laptops, Flipkart Laptop Bonanza Sale also offers exchange offers and no cost EMI payment options to the buyers.

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