Walmart is paying $16 billion for a controlling stake in India's giant online retailer Flipkart, breaking into a fast-growing economy where it has struggled to establish a foothold. Online sales have exploded in India.
Walmart and Amazon have been fighting hard to catch up to Flipkart. Its delivery drivers, with their motorcycles and oversized backpacks, have become ubiquitous across the nation of 1.3 billion people.
Walmart said Wednesday that it will own approximately 77 percent of Flipkart.