Amazon, according to reports from CNBC, has made a formal offer to buy 60% of Flipkart, its biggest ecommerce rival in India.
Amazon continuously investing in India
Amazon has been investing in India to expand its product ranges and to ship goods to shoppers faster. It also reportedly offered to buy a 51% to 55% stake in Flipkart two years ago.
A new battle with Walmart
It was reported last month that Walmart was close to buying a majority stake in Flipkart. Amazon’s offer could start a new battle between it and Walmart, which is also trying to gain a greater foothold in India.
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