Walmart Inc. looks likely to take the next round of battle for buying a controlling stake in Flipkart Online Services Pvt. Ltd. The US-based retailer giant has proposed to acquire 51% stake in Flipkart, as per the media reports. Additionally, it has also completed its due diligence process on the Indian e-commerce player Flipkart.
It is also reported that in the event of the Flipkart-Walmart deal, the latter will retain Kalyan Krishnamurthy as CEO and may give Sachin Bansal a higher role in the firm.
Krishnamurthy is the former executive at Tiger Global Management and is close to Tiger Global managing director Lee Fixel. As Tiger Global is expected to sell much of its 20% stake as part of the proposed Flipkart-Walmart deal, some analysts had expected Krishnamurthy to leave the company. But Walmart is keen on retaining Krishnamurthy as the CEO.
The American retailer is planning retention strategy for key executives at Flipkart as well as senior leaders at Myntra-Jabong and PhonePe.
The list of executive also includes Myntra CEO Ananth Narayanan and PhonePe co-founders Sameer Nigam, and Rahul Chari. Under the proposed plan, compensation for some key executives will be paid out over several years to assure they stay with the company after the deal.