WALMART AND FLIPKART MERGER

A PROJECT REPORT
Submitted by

AJAY
In partial fulfillment for the award
the degree
of

Master of Business Administration

In
FINANCE AND BUSINESS ANALTYICS
(SESSION 2019-2021)

UNIVERSITY SCHOOL OF
MANAGEMENT

KURUKSHETRA UNIVERSITY,
KURUKSHETRA

(Established by State Legislation Act XII of 1956)

(“A+ Grade”, NAAC Accredited)

 CERTIFICATE

This is to certify that Mr. Ajay has worked under my guidance on the topic
“WALLMART AND FLIPKART MERGER”. The project is original work to the best of
my knowledge and beliefs. This work has not been submitted for any degree /
diploma exam elsewhere. The project work is up to the standard expected from a
MBA student and I recommend this for evaluation.

Dr. Ramesh Chander Dalal

(Professor)
 DECLERATION

I, Ajay, Class MBA (Budgeted) final year, hereby declare that project entitled
“Wallmart and Flipkart Mergers” submitted in the partial fulfillment of the degree
for Master of Business Administration to “Kurukshetra University, Kurukshetra” is
of my own accurate work.

I further declare that all the facts and figures furnished in this research report are
the outcomes of my own intensive research and findings. They are first hand and
original in nature, all the information gather by me during the course of my
research report will be kept strictly confident. The information has been used for
purely academic purpose.

Date:

Place :

Name: Ajay
Roll no: 8068053
Class : MBA ( final)
 SEMINAR PRESENTATION WRITE-UP
TABLE OF CONTENTS

Sr. No. Title Page No.

1. Introduction 4-5
1.1. About Merger and Acquisition
6-9
1.2. About Walmart Inc
1.3. About Flipkart 10-14

1.4. Product Range 14

2. The Deal of Walmart and Flipkart 13

2.1. Reason for the Deal 16-19
2.2. Working of Flipkart After Acquisition
20

3. Impact on Indian Customers 21

4. Impact on Indian Economy 22-24

5. Conclusion 25
6. References 26
 Abstract:
Merger and Acquisition are strategic tools used time to time by companies to get
the cutting edge over competitors and capturing the market. In recent past, the deal
of Walmart and Flipkart was the biggest deal in the startup E-com market. The
77% shares of Flipkart was taken by Walmart by paying $16 billion. In this right
up, we have covered basic information about Walmart and Flipkart, The deal its
important points, Advantages and disadvantages of deal and deals impact on the
flipkart, Indian economy and Indian customers.
1. Introduction:
Merger and Acquisition are strategic tools used time to time by companies to
get the cutting edge over competitors and capturing the market. In the world of
competition big fish eats small fish and so on. The concept of acquisition and
merger is always backed up by the concept of strategy thinking and growth of
the market size.

1.1 Reason for Merger and Acquisition:

Mergers and acquisitions take place for many strategic business reasons, but
the most common reasons for any business combination are economic at
their core. Following are some of the various economic reasons:
 Increasing capabilities: Increased capabilities may come from expanded
research and development opportunities or more robust manufacturing
operations. For example, biopharmaceutical companies.

 Gaining a competitive advantage or larger market share: Companies

may decide to merge into order to gain a better distribution or marketing
network. A company may want to expand into different markets where a
similar company is already operating rather than start from ground zero, and
so the company may just merge with the other company.

 Diversifying products or services: Another reason for merging companies

is to complement a current product or service. Two firms may be able to
combine their products or services to gain a competitive edge over others in
the marketplace. For example, in 2008, HP bought EDS to strengthen the
services side of their technology offerings.

 Replacing leadership: In a private company, the company may need to

merge or be acquired if the current owners can’t identify someone within the
company to succeed them. The owners may also wish to cash out to invest
their money in something else, such as retirement!
  Cutting costs: When two companies have similar products or services,
combining can create a large opportunity to reduce costs. When companies
merge, frequently they have an opportunity to combine locations or reduce
operating costs by integrating and streamlining support functions.

 Surviving: It’s never easy for a company to willingly give up its identity to

another company, but sometimes it is the only option in order for the
company to survive.

Mergers & Acquisitions in Indian E-commerce Market

Date Merger/Acquisitio Companies Involved Cost

n

May 2014 Acquisition Flipkart acquires Myntra US$300 million

April Acquisition Snapdeal acquires FreeCharge US$400 million

2015

June 2016 Acquisition Myntra acquires Jabong US$70 million

July 2017 Acquisition Axis Bank acquires FreeCharge US$60 million

April Acquisition Flipkart acquires PhonePe Undisclosed

2016

May 2018 Acquisition Infibeam buys Unicommerce ₹120

crore (US$17 million)

May 2018 Acquisition Walmart acquires Flipkart US$16 billion

*source:http://dsim.in/blog/2018/01/19/44-biggest-startupacquisitions-2017-india/
1.2 About Walmart Inc:
Walmart Inc. is an American multinational retail corporation that operates
a chain of hypermarkets, discount department stores, and grocery
stores. Headquartered in Bentonville, Arkansas, the company was founded
by Sam Waltonin 1962 and incorporated on October 31, 1969.

As on January 31, 2019:

 Walmart has 11348 stores.

 In 27 country’s

 Operating under 55 different names, some of these are-

 Walmart – in united states and Canada

o Walmart de México y Centroamérica – in Mexico and central America
o Asda – in United Kingdom
o Seiyu Group - in Japan
o Best Price - in India.
 World’s largest company by revenue – over US$500 billion
 Largest private employer in the world – 2.3 million employees
 It is a publicly traded family-owned company
Past acquisition by Walmart

Sr.n Year Price Company

o
1. July 2016 $500 M JD.com partnership
2. Aug 2016 $3.3 B Jet acquisition
 3. Jan 2017 $70 M Shoes.com
acquisition
4. Feb 2017 $51 M Moosejaw
acquisition
5. June 2017 $310 M Bonobos acquisition
6. Oct 2017 Parcel acquisition
7. April 2018 - Asda sale
8. May 2018 $16 B Flipkart acquisition
*source: https://officechai.com/startups/startups-acquired-bywalamrt/

Walmart Journey:

*Source: http://corporate.walmart.com/our-story/our-history/

Rivals of Walmart:
 Amazon: Amazon was founded in the USA in 1994 to operate on Internet
and catalog retail industry. The company employs close to 342,000 people
 and had a sales value of $136 billion in 2017. The market capitalization for
the same year was around $430 billion

 Alibaba: Alibaba is an e-commerce company that operates in retail and

wholesale on mobile and online platforms. Founded in China by Yun Ma
and Chung Tsai the year 1999, the company employs approximately 40,000
people. By the end of 2017, its market Cap was $265 billion and sales $21.5
billion.
 
 Home Depot: been founded in June 1978, the company targets general
contractors, remodelers, tradesmen, small and medium-sized businesses and
homeowners. The total number of people employed by Home
Depot exceeds 400,000. By the end of 2017, it’s Market Cap and sales were
$176 billion and $95 billion respectively.

 eBay: eBay operates in Internet and Catalogue Retail Industry having been

founded in the year 1995 by Pierre M. Omidyar. The company employs
around 13,000 people and has its headquarters in San Jose, California. With
a Market Cap of 40 billion and sales of close to 10 billion, eBay operates
StubHub, Marketplace and other online and mobile e-commerce platforms.

 JD.com: JD.com is a company that sells general merchandise products and

electronics. Some of the products include; home appliances, apparel,
computers, food, books, audio products and baby items among others. As of
May 2017, JD.com had a market Capitalization of $46 billion and a sells
value of around 40 billion. 

FDI Rules in India and Walmart:

 Before flipkart, In November 2006, the company announced a joint venture
with Bharti Enterprises to operate in India.
 As foreign corporations were not allowed to enter the retail sector directly,
Walmart operated through franchises and handled the wholesale end of the
business.

  The partnership involved two joint ventures—Bharti manages the front end,
involving opening of retail outlets while Walmart takes care of the back end,
such as cold chains and logistics.

 Walmart operates stores in India under the name Best Price Modern
Wholesale.

 The first store opened in Amritsar on May 30, 2009.

 On September 14, 2012, the Government of India approved 51 percent FDI

in multi-brand retails, subject to approval by individual states, effective
September 20, 2012. 

 Expansion into India faced some significant problems.

 In November 2012, Walmart admitted to spending US$25 million lobbying
the Indian National Congress, lobbying is conventionally considered bribery
in India.

 Walmart is conducting an internal investigation into potential violations of

the Foreign Corrupt Practices Act.

  Bharti Walmart suspended a number of employees, rumored to include its

CFO and legal team, to ensure "a complete and thorough investigation". As
of January 31, 2019, there are 22 Best Price locations.

 In October 2013, Bharti and Walmart separated to pursue business

independently.
1.1. About Flipkart:
Flipkart Pvt Ltd. is an Indian electronic commerce company based
in Bengaluru, India. On Sept. 15, 2007, Sachin Bansal and Binny Bansal
(not related) started Flipkart as an online bookstore. The two had known
each other since 2005 when they attended the Indian Institute of Technology
Delhi (IIT-Delhi) together and were colleagues at Amazon briefly .The
company later expanding into other product categories such as consumer
electronics, fashion, and lifestyle products.
Flipkart Journey:
*source: https://officechai.com/startups/startups-acquired-byflipkart/

 Launched in 2007 and envisioned as the ‘Amazon of India’ before the latter
came to India, Flipkart has raised over $6 billion so far and is valued at about
$14 billion.
 Flipkart owns India’s largest online fashion retailers -- Myntra and Jabong -
both of which it acquired.
 Together, Flipkart-Myntra, Jabong has a 70 percent market share of the online
fashion business in India.
 It also owns eBay’s India business as well as popular mobile payments app,
PhonePe.
 With over 100 million users and these popular properties, Flipkart is a
valuable asset in the global internet economy for its long-term potential.
Acquisition by Flipkart:

*source: https://officechai.com/startups/startups-acquired-byflipkart/

Sr.No Year Company

1. 2010 Weread
2. 2012 Letbuy
3. 2014 Myntra
4. 2015 MapMyIndia
5. 2015 Appiterate
6. 2015 Adiauity
7 2015 FX Mart
8. 2016 Jabong.com
9. 2016 PhonePe
10. 2017 EBay
Shareholder before Merger:
 Flipkart Shareholders

Accel India Venture

0.1

Tiger Global International II Holding 7.97

Binny Bansal 45.95

Sachin Bansal 45.97

0 5 10 15 20 25 30 35 40 45 50

Shareholding

*source: https://officechai.com/startups/startups-acquired-byflipkart/

Shareholders after Merger:

Flipkart Shareholders
UBS
0.19
Temasek
0.29
0.96
Inq
Accel
1.38
Microsoft
1.53
Binni Bansal 4.2
Tlger Globel 4.77
Tencent 5.37
Walmart 81.28
0 10 20 30 40 50 60 70 80 90

Shareholding

*source: https://officechai.com/startups/startups-acquired-byflipkart/

Rivals of Flipkart:
 Amazon: Amazon is arguably the world’s largest online shopping
store. It offers a wide array of services including online retail,
consumer electronics, multimedia content and computing services
among others. It is ranked as the leading online retailer in the US
generating an estimated net sale of close to $140 billion in 2016.

 Snapdeal: Snapdeal is another Indian based e-commerce company

that offers online retail services. It was founded in 2010 but has risen
to become one of the biggest e-retailers in India. It has a broader
assortment of products estimated to be over 35 million obtained from
more than 125,000 retailers and brands, both local and international.

 Alibaba: Alibaba is another giant company that offers online

commerce services. It was founded in 1999 as a simple B2B online
shopping portal but later grew to become the biggest e-commerce
portal in Asia offering B2B, C2C, and B2C online services. The total
revenue that this company generated in 2017 financial is estimated to
be around 158.3 bn RMB, an equivalent of over $24 billion.

 Paytm: Paytm is an Indian-based online payment and e-commerce

Company that offers allows the users to make payments upon
purchase of a wide range of products including fashion items,
electronics, home appliances and digital products among many more.
Paytm is an abbreviation for Payment through mobile has over 13,000
employees working in different divisions hence making the user
experience fast, secure and efficient.

 Shopclues: Shopclues is an online platform that offers consumers

with the opportunity to shop and make payments for different types of
products. It was founded in 2011, but it has improved its services
and brand visibility to become among the highly regarded online
marketplaces in India. It deals explicitly with home appliances,
 kitchen wares, electronics and fashion products that are owned by
local and regional brands.

 Myntra: Myntra is a part of Flipkart but is a competitor of the online

portal where fashion is concerned. Myntra is an Indian-based online
marketplace for a wide range of fashion items. It was founded in 2007
with the primary aim of customizing different types of gift items,
especially that are related to fashion.

 Jabong: Jabong too was purchased by Flipkart and is an online

competitor to the fashion segment of Flipkart. Jabong provides
fashion products for children, men, and women thus making it easy
for shoppers to do family shopping all at once.

1.2. Walmart Flipkart

 Walmart offer’s wider  Aims most segments excepts
range of products than automobiles and groceries.
any other retailer.  The online store has spread to
 It sales Grocery, multiple categories namely
Entertainment, Health and books, music, mobiles,
Home related products computers, cameras, home and
among many other kitchen applications, TV and
categories and offer both home theater system, personal
branded and own labeled and healthcare products and
goods. stationery items.

Product Range of Walmart and Flipkart

*Source: http://economictimes.com
2. The Deal of Walmart and Flipkart:
 On 9th May 2018, Walmart, the largest brick-and-mortar retailer in the world
acquired Flipkart, marking the beginning of its first real battle with Amazon
in an emerging market.
 Walmart acquire 77% stake in Flipkart.

Stake in fl ipkart

23%;
23%

77%;
77%

Flipkart Walmart

 Investment: $16 billion by Walmart.

 This is single largest transaction in the history of e-commerce sector.
 Flipkart was valued $12 billion, but now after this agreement its valuation
has become $20 billion.
 Out of total investment, $2 billion will be new equity, while the other is to
acquire stakes from existing investors like SoftBank, Naspers and co-
founder Sachin Bansal.
 Walmart is said to be finalizing a $15 billion controlling investment in e-
commerce startup Flipkart there.
 Neither company has converted into other or changed name in the
acquisition.
Process of Deal:
Date Working
4th May 2018 Walmart won a bidding war with
Amazon to Acquire majority stake in
Flipkart
9th May 2018 Walmart officially announced to
acquire 77% controlling stake in
flipkart for $16 billion.
11th May 2018 Walmart stated condition of the deal to
flipkart.
18th August 2018 Acquisition was completed.
*source:http://m.economictimes.com/smallbiz/startups/newsbuzz/Walmartacquiresflipkar
t.cms/

2.1. Reasons for the Deal:

Walmart operates 5295 retail stores in the U.S. and 11718 stores worldwide,
and is still the world’s largest retailer. Walmart sales increased have been in
the 25% range. in 2018, Walmart recorded sales worth $500 billion and
earned a profit of $15 billion, according to Forbes.

Walmart Net sales 2006-18

600

500

400
Billions in $

300

200

100

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Axis Title

Fiscal years Linear (Fiscal years)

 *source: https://officechai.com/startups/startups-acquired-bywalamrt/

 Since 2006 to 2018 Walmart’s Net sales are reaching to Saturation or

Maturity level.
 Walmart want to expand its online business worldwide now and it choose
Flipkart in India

I. Population Attraction of Indian Market:

 India a is largest populated country after china, and demographics of this

population is having maximum number or people between age of (18-45)
 India’s online retail is set to grow by 1,200% to $200 billion (30% CAGR)
by 2026 from $15 billion in 2016. Average wages are rising by 2% annually
and internet penetration is also growing as data costs are becoming more
competitive. This makes Indian e-commerce space lucrative.
 Flipkart has the largest market share in e-commerce, so with this acquisition
Walmart can achieve next leg of growth in India with Flipkart’s 175 million
registered user base.

II. Walmart’s Amazon Problem:

 Walmart’s total revenue for the last fiscal was over $500 billion, while
Amazon’s net sales were $177.9 billion.
 Walmart showed net income of over $20 billion, while Amazon’s net
income was $3 billion.
 Yet, Amazon today is among the top five companies in the world in terms of
market capitalization at over $680 billion market cap.
 Walmart’s market cap on the other hand is at just over $250 billion, not
small change at all, but smaller than Amazon’s.
  The reason for the stock markets in the US putting greater value in Amazon
than Walmart is because the former is seen as the company with a more
robust future and growth potential. 

Market Capitalization Comparison:

Market Capitalization

250

650

Amazon Walmart

*source: https://yourstory.com/2016/12/why-startups-chooseacquisition/

Net Income Comparison:

 Net income *source:

25

20

15

10

0 Sales
wa fi
https://yourstory.com/2016/12/why-startups-chooseacquisition/

III. Walmart India Problem:

 Walmart is an iconic brand, have the cash and the market cap, but have
let others to dominate the market especially markets other than the us
.they have been trying to enter the Indian market for 10 years now and
have realized that it is difficult for any government to allow Walmart in
India .
 Their experience with offline partners in India wasn’t great. That’s why
they are looking at a controlling stake in Flipkart. Their experience as
minority partner hasn’t been good.
 Despite the potential for growth in online retail within US, Amazon has
already made big strides in international markets. This is because the
expectation is that emerging markets of today will become growth drivers
of the future. China’s Alibaba, for instance, is valued at over $520
billion, and most US tech and ecommerce companies either missed the
China bus or were kicked out.
 India is the only big ecommerce market still up for grabs. India’s online
retail market grew at 23 percent in 2017. While India’s overall retail
market is over $670 billion in size, online sales is just at $20 billion. The
 headroom for growth is immense, with 60 percent growth expected this
year.
 Amazon is already in a strong position in India with a market share of
around 35 percent, compared to Flipkart Group’s 45 percent. If Amazon
extends this lead in India or builds an unassailable position, the company
will be able to extend its overall lead over Walmart dramatically.

IV. Going Offline:

There is a clear need for Flipkart to start having an offline presence. For
Walmart too, while a strong online presence in India would be a good start it
will want to start building up an offline retail play.

2.2. Working of Flipkart After Acquisition:

 Flipkart’s existing management team will continue to lead the business

as before.
 Existing stakeholders Tencent Holdings Limited and Tiger Global
Management LLC will remain represented on the Flipkart board, in addition
to independent board members, and will be joined by new members from
Walmart.
 The board will work to maintain the company’s core values and
entrepreneurial spirit while ensuring it has strategic and competitive
advantages.
 Also, going forward, Flipkart’s financials will be reported as part of
Walmart’s ‘international business’ segment.
 Walmart has also invested $2 Bn as equity funding to help accelerate
the growth of the Flipkart business.
 both companies will retain their unique brands and operating structures in
India.
  future investments by Walmart in India will support national initiatives and
will bring sustainable benefits in jobs creation, supporting small businesses,
supporting farmers, and supply chain development and reducing food waste.
3. Impact on Indian Customers:

 The intense competition between the 3 big players will be an investment in

newer categories like grocery, furniture among others. This will give the
Indian consumer availability of new product types which otherwise were not
available online.
 these 3 big players, to outdo each other, will bring in global stocks and
sellers to the local marketplace – this will solve a long-standing complaint of
the Indian consumer of the unavailability of some of the world’s best
products
 Another key outcome for the consumers will be better managed deliveries
given the increase in investment in supply chain and infrastructure
 This will also translate to the availability of products in Kirana stores which
implies better pricing, quicker deliveries and overall better service levels
 Walmart and others are putting their money in Indian market this will
generate competition and customer benefits in terms of price and Varity of
goods available on online stores. Increased in employment, better logistics
etc.

4. Impact on Indian Economy:

4.1. Positive Impact:

 Low prices, more variety: With the e-commerce giants competing for
the top spot, product differentiation and localization will bring more
variety and create a diverse product basket at low prices, this shall benefit
the Indian consumers.

 R&D: For greater market penetration across the country, efficiency is the

key which comes with more R&D. Walmart is known for its culture of
innovation and service. This can help in scaling up Walmart’s business
scale in India which can generate more revenue and create technological
spill overs and learning effect for domestic firms as well. The improved
sophisticated nature of the products will create external demand for
Indian goods.

 Collateral Benefits: As the world’s largest retail giant pours funds, it

will lead to more such investments in e-commerce. The Indian e-
commerce market space was drying up as funding ebbed following
liquidity issues due to Demonetization and GST bottlenecks. Walmart’s
entry will usher fresh funds and rejuvenate e-commerce ecosystem as
more foreign firms and venture capitalists enter India.

 Indian e-commerce growth: With e-commerce giants revamping their

business models, Indian e-commerce market is expected to see broad
based growth with better productivity.

 Economic Growth: Walmart will expand across their verticals which

will boost output growth and increase employment opportunities.  With
positive business sentiments, it will be an impetus to economic growth
and capitalism. The deal will be subject to tax in India so revenue gains
shall add to domestic revenue receipts
 Efficient Supply Chain: Expansion of e-commerce requires efficient
supply chain and logistics which require infrastructural development.
This will give a fillip to Indian agriculture and infrastructure and benefit
farmers as they would be able to cater to more demand as Walmart shares
its extensive experience in retailing, logistics and inventory and supply
chain management. This can especially help the perishable goods
industry which is Walmart’s forte.

 Job creation:  With more investment flowing in Indian economy

especially in retail space, capacity utilization shall improve. Output and
productivity growth can create new employment opportunities for both
skilled and unskilled labour.

 Employee stock options (ESOPS): Many existing employees will make

windfall gains through this deal from their stock options. This will
incentivize the entry of more workers in e-commerce who had earlier fled
the sector due to the downturn in the sector and can also absorb workers
from old brick-and-mortar and traditional industries which can help in
formalization of more of Indian labour force.

 Premji invest is expected to gain up to 4 times from this deal as its share
in Myntra (bought by Flipkart in 2014) is also being acquired by
Walmart. The gains are expected to be more than $130 million on the $25
million investment. This will lead to inflow of more funds pouring in
Indian economy as gains attract more investors from India and abroad.

 Mom and Pop stores:  Walmart is looking to extend its supply chain

arm through partnerships with around 60 lakhs kiranas. This can increase
the market presence of small stores.
4.2. Negative Impact:
 Brick and Mortar Stores may shut down: Walmart is known for
scrapping small businesses which are selling at ultra-low prices through
Flipkart. Walmart may bring in its own labels with hyper-competitive
prices and replace the domestic MSMEs which can be a threat to brick
and mortar stores as they fear shut down due to competitive pressures.

 Small Players (Mom and Pop stores) will be hurt by this as market
spaces shrink due to cut throat competition which force small firms to
exit. In an attempt to survive in the market, firms practice excessive price
cutting at the cost of viability and profitability which leads to
inefficiency.

 Threat of Pan India Protests: Tamil Nadu Vanigar Sangankalin

Peramaippu federation of traders has already warned the government of
pan India protests. Many more trade unions may call for such protests
which can hurt our economy, create social chaos and cause infrastructural
damages.  

 Backdoor entry for Walmart: FDI in India allows 100% FDI in single

brand retail. Walmart is a multi-brand retail chain where 100% FDI is not
allowed, so it focused only on cash and carry business.  Flipkart has
already circumvented such restrictions in direct selling which will be
used by Walmart.

 Big Data Mining: Large data of Indian shoppers will be shared with the
US retail giant which may give large controls to a foreign firm can use it
to control our domestic value chain in consumer goods space and buying
patterns. Real time data analysis can help in identifying the consumers &
their needs better than domestic players. Therefore, there is a need to
keep a system of checks and balances to avoid any instance of data
breach of Indian customers.
5. Conclusion:
Acquisition and mergers are strategic tools to get a competitive edge over
competitors and get the maximum market share and win. Acquisition is the
strategy for Indirect entry to the market in which there are some business legal
restriction. Flipkart Walmart deal is the biggest M&A deal in startup history,
globally. In one swoop, the $16 billion deal has wiped out all the losses of
investors in the Indian startup ecosystem.
Amazon is on a golden run of sorts challenging Flipkart’s leadership position in
India and threatening Walmart’s supremacy in the U.S. An Amazon-Flipkart
alliance would lead to a monopolistic entity which is neither good for the
customers, nor the merchants and the industry ecosystem.
If the deal goes through, Flipkart will not only add significant financial heft but
also be able to leverage Walmart’s famed global supply chain and enhance
efficiency in procurement and product assortment
Overall, the coming scenario in Indian market, e-com as well as brick n mortar
both if we look at the brighter side feel good expectation is there and it has
many stronger reasons like increased population with better internet
connectivity, payment options like COD, e-wallet, net banking people are
slowly moving towards cashless payments.
6. References:
 https://officechai.com/startups/startups-acquired-byflipkart/
 https://www.firstpost.com/business/walmart-flipkartdeal-will-demoralise-e-
commerce-space-create-unevenplaying-field-say-traders-4463159.html
 https://www.business-standard.com/article/newsani/walmart-flipkart-deal-
here-s-how-india-will-benefit118050901292_1.html
 https://techcrunch.com/2018/04/23/the-future-of-ecommerce-in-india-
increasingly-looks-like-an-all-americanaffair/
 https://yourstory.com/2016/12/why-startups-chooseacquisition/
 http://dsim.in/blog/2018/01/19/44-biggest-startupacquisitions-2017-india/
 http://corporate.walmart.com/our-story/our-history/
 http://economictimes.com
 http://m.economictimes.com/smallbiz/startups/newsbuzz/Walmartacquiresfli
pkart.cms/
Class : MBA ( final)