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>> Walmart taking its battle with Amazon to a new level dishing out $16 billion Wednesday to buy a majority state in Indian e-commerce giant Flipkart. Amazon had expressed interest in Flipkart But Walmart swooped in with it's massive offer, desperate to grab a piece of India's growing retail market.
Reuters correspondent, Nanthada Bose.>> So Walmart has been waiting on the sidelines for over a decade to enter India.>> And what happened in the meantime was Amazon kinda swooped in. Started this e-commerce business and now they have 27% of the market. This was very critical, the market's a fast growing one.
They've identified it as a growth market. There's a fast growing middle class, GDP growth is much higher than other emerging markets.>> But Walmart's investors aren't too thrilled about its largest deal ever, with shares dropping nearly 4% Wednesday.>> There are a bunch of concerns. Firstly, around the valuation of the deal, driven up by Amazon and Google's interest in the deal, as well.
So I was talking to a bunch of investment managers, and they seem to suggest that, you know when it comes to sort of the market dynamics. They don't expect a significant change because of Walmart kind of moving in. So they still expect Flipkart and Amazon to sort of be the bigger players.
And so if you're not necessarily able to sirt of change those dynamics by paying this kind of premium, then why are you doing it?>> Thank you Flipkart.>> Launched in 2007 by two former Amazon employees. Flipkart also started off as an online book seller. But soon turned into a much bigger player with physical stores as well.
>> Now they sell everything from electronics to apparel. They even have payments business, they have a big logistics business. They're very popular with kinda the Indian millenial. A young, sort of urban demographic.>> But Booth says Indian consumers aren't flipping out about Wednesday's deal. Some taking to Twitter to share their disappointment over an Indian company selling out to a large American corporation.