Flipkart, Asus enter strategic partnership, announce ZenFone Max Pro

Asus Zen Fone Max Pro India Launch Soon Will be Available via Flipkart From April 23

Flipkart, Asus enter strategic partnership, announce ZenFone Max Pro

Additionally, sources also said that Amazon, for which India is a critical market, has also thrown its hat into the ring for Flipkart and is believed to be in talks with several of its shareholders, including SoftBank.

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.

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, they said. Flipkart founders, Sachin Bansal and Binny Bansal, may sell a part of their stake in the company, they told ET. Currently, all the above shareholders together hold over 55% stake in Flipkart. Walmart would reportedly grab close to 50% ownership if it acquires the stakes of the investors it has reached agreement with. "In a deal like this, there are always ebbs and flows, but there is a time factor to consider as well", said the source, adding that the final contours of the transaction are still being worked on and could change on a short notice.

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In what could be the most insignificant and weird event to have been witnessed, the two companies only revealed that the Zenfone Max Pro will be launched on April 23rd in India, as part of a global launch.

Is eBay The Obstacle In Flipkart-Walmart Deal?

Analysts believed that SoftBank is expected to gain nearly $2 Bn from its last investment in the company if the Walmart deal goes through. 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.

According to the report, its push into e-commerce comes as Amazon has embraced offline retail, with an affiliate of the Seattle-based company picking up a $27.6 million stake in Indian retailer Shopper's Stop Ltd.

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Another major point in the deal is the agreement between eBay and Flipkart.

"Long-term partnerships have transformed the way India buys mobile phones". As such, the partnership between Walmart and Flipkart already seems like a match made in heaven. Despite selling shares worth over $500-600 million a year ago, its remaining stake of around 20 per cent is estimated to be worth around $4 billion now.

Also, beyond buying shares from existing investors, Walmart is also expected to infuse fresh funds in Flipkart, which may end up expanding the deal size to $10-12 Bn, from now reported $7 Bn. Inc42 earlier reported that if Walmart wants to do much business with Flipkart, it will have to first work out a deal with eBay, which had invested $500 Mn in Flipkart in October 2017.

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