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>> Walmart might be about to get a victory over Amazon in India. Sources exclusively tell Reuters that the company may be buying a major share of Indian e-commerce giant, Flipkart. In a deal that could be finalized by the end of June. It comes after reports last week that Walmart proposed buying out over 50% of the company.
They're hoping to cash in on the rapidly expanding market there. Which some experts say could be worth more than $200 billion a year a decade from now. But Reuters' India tech correspondent Sankalp Phartiyal says Amazon won't make it easy for its rival.>> In the home US market, Walmart and Amazon are engaged in a high stakes retail battle.
Investing in Flipkart gives Walmart the opportunity to take on Amazon in another big market. Amazon, we hear, is also considering a rival bid for Flipkart.>> Amazon currently trails Flipkart in its share of the Indian e-commerce market. It's a region Walmart's tried to break into for years. But tough restrictions on foreign investment have forced it to set limits.
Flipkart investors worry that an Amazon deal would bring problems of its own.>> Our sources say that a merger between Flipkart and Amazon could potentially create a giant. That would monopolize the Indian online retail market, and this would run into regulatory hurdles.>> Walmart's attempt to enter e-commerce comes as Amazon embraces the offline world.
An affiliate of the company recently picked up a $28 million stake in Indian retailer, Shopper's Stop. Meanwhile, back in the states, Amazon also bought high end grocer, Whole Foods for $13.7 billion last year. Walmart's potential buyout in India, though, could help Flipkart defend its home turf. By using the added funds and experience offered by the world's largest retailer.