M&A Deal Summary

Walmart Acquires Flipkart Internet Pvt.

On May 9, 2018, Walmart acquired e-commerce company Flipkart Internet Pvt. from Vulcan Capital, ICONIQ Capital and Naspers for 16.0B USD

Acquisition Highlights
  • This is Walmart’s 4th transaction in the E-Commerce sector.
  • This is Walmart’s largest (disclosed) transaction.
  • This is Walmart’s 1st transaction in India.

M&A Deal Summary

Date 2018-05-09
Target Flipkart Internet Pvt.
Sector E-Commerce
Buyer(s) Walmart
Sellers(s) Vulcan Capital
ICONIQ Capital
Naspers
Deal Type Add-on Acquisition
Deal Value 16.0B USD
Advisor(s) Goldman Sachs (Financial)
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
Dentons (Legal)

Target

Flipkart Internet Pvt.

Bangalore, India
website
Flipkart is an e-commerce destination and offers a wide range of product categories including electronics, household items, and apparel to customers across India. Flipkart was established in 2007 and is headquartered in Bangalore.

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Buyer(S) 1

Buyer

Walmart

Bentonville, Arkansas, United States

website


Category Company
Founded 1945
Sector Retail
Employees2,100,000
Revenue 611.3B USD (2023)
DESCRIPTION
Entrance to Walmart's corporate campus in Bentonville, Arkansas.
Entrance to Walmart's corporate campus in Bentonville, Arkansas.

Walmart is a discount retailer with operations across the globe. Walmart operates Wal-Mart Stores, Supercenters, Neighborhood Markets and SAM?S CLUBS in the US. Internationally, the company operates in Puerto Rico, Canada, China, Mexico, Germany, United Kingdom, Argentina, and South Korea. Walmart was formed in 1945 and is based in Bentonville, Arkansas.


DEAL STATS #
Overall 14 of 22
Sector (E-Commerce) 4 of 5
Type (Add-on Acquisition) 10 of 17
Country (India) 1 of 1
Year (2018) 1 of 3
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-03 Parcel

Brooklyn, New York, United States

Parcel, Inc. is a provider of last mile delivery services for online retailers. Parcel, Inc. was established in 2013 and is based in Brooklyn, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-04 Grupo BIG

Barueri, Brazil

Grupo BIG is a discount retailer operating throughout Brazil. It operates more then 400 stores in 18 states with more then 50,000 employees. Grupo BIG was formed in 1995 and is headquartered in Sao Paulo.

Sell -

Seller(S) 3

SELLER

Vulcan Capital

Seattle, Washington, United States

Investor

website


Category Family Office
Founded 1986
Size Mega
Type Sector Agnostic
DESCRIPTION

Vulcan Capital is the private investment group of Vulcan Inc., the organization founded by Paul G. Allen to manage his personal and professional endeavors. Vulcan Capital looks to invest at all company stages and will consider opportunities across an array of industries. Sectors of interest include business services, consumer products, distribution and logistics, energy and natural resources, financial services and insurance, healthcare, manufacturing, media, technology, and telecom. The Firm's target investment size is $10 to $100 million. In addition to direct investing, Vulcan Capital also makes fund investments as well as invests in public securities. Vulcan Inc. was formed in 1986 and has offices in Seattle, Washington and Palo Alto, California.


DEAL STATS #
Overall 27 of 29
Sector (E-Commerce) 2 of 2
Type (Add-on Acquisition) 13 of 14
Country (India) 1 of 1
Year (2018) 3 of 4
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-12 Zuora

Redwood City, California, United States

Zuora is a global SaaS platform powering subscription-based business models. Zuora's applications are designed to automate billing, commerce, and finance operations for companies providing subscription-based services. Zuora was founded in 2006 and is based in Redwood City, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-26 Epic Games

Cary, North Carolina, United States

Epic Games is a publisher of interactive games and developer of the software platforms used for game development and high-end graphics rendering. Epic Games was founded in 1991 and is based in Cary, North Carolina.

Buy -
SELLER

ICONIQ Capital

website


Category Growth Capital Firm
Founded 2011
PE ASSETS 80.0B USD
Size Mega
Type Sector Focused
DESCRIPTION


DEAL STATS #
Overall 3 of 15
Sector (E-Commerce) 1 of 1
Type (Add-on Acquisition) 1 of 3
Country (India) 1 of 1
Year (2018) 1 of 4
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-14 Conexiom

Vancouver, British Columbia, Canada

Conexiom is an operator of a platform that delivers touchless AP and Sales Order processing capabilities to manufacturers and distributors and is the only vendor that automates these key processes with 100 percent data accuracy. Conexiom eliminates expensive and error-prone manual processing, enabling customers to deliver a superior customer experience. Clients use Conexiom to redeploy resources to activities that deliver greater profitability, expedite order cycle time, and deliver orders on time and in full. Conexiom is based in Vancouver, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-10 Robinhood

Menlo Park, California, United States

Robinhood operates as an institutional brokerage company. Robinhood offers commission-free trading in one, user-friendly platform. Robinhood is based in Menlo Park, California.

Buy -
SELLER

Naspers

Cape Town, South Africa

website


Category Company
Founded 1915
Sector Media
Employees35,276
Revenue 7.9B USD (2022)
DESCRIPTION

Naspers is a multinational media company with principal operations in electronic and print media. The group holds interests in leading Internet and media properties in China, Russia, Eastern Europe and Brazil, including Tencent Holdings, Mail.ru, Allegro and Abril. Naspers was founded in 1915 and is based in Cape Town, South Africa.


DEAL STATS #
Overall 6 of 8
Sector (E-Commerce) 2 of 2
Type (Add-on Acquisition) 1 of 1
Country (India) 3 of 4
Year (2018) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-18 ibiboGroup

Gurgaon, India

The ibibo Group operates integrated travel properties such as Goibibo.com (leading hotels and air aggregator), redBus.in (leading online bus ticketing platform), YourBus (Vehicle tracking application), and recently launched car sharing app, ibibo Ryde. The company's mission is to organize the transportation and accommodation industry and connect it with travellers. At 7.65mn unique transactions a quarter, ibibo is one of the leading travel companies in India.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-18 Travel Boutique Online

Gurgaon, India

Travel Boutique Online is an online B2B travel distribution company. Travel Boutique Online was founded in 2006 and is based in Gurgaon, India.

Sell -