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Walmart takes up the fight with Amazon – What’s new?
News you want to use week 20.
Amazon is facing a powerful new challenger on the world stage: Its biggest retail rival in the United States is joining forces with its biggest e-commerce competitor in India. Walmart said this week it would spend $16 billion to buy 77% of Flipkart, the most valuable startup in India that has managed to hold its own against Amazon in one of its largest overseas markets.
Amazon has plenty of firepower for a clash of titans. CEO Jeff Bezos, currently the world’s richest man, has made his commitment to India clear, pledging to invest at least $5 billion in Amazon’s business in the country. The company has already funneled more than $3 billion into its main Indian subsidiary, according to Indian government data. The latest infusion of nearly $400 million took place in late April.