Amazon offers to buy 60 percent in Flipkart

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Though sources report that Flipkart's management team favors the Walmart deal-in which Walmart would acquire a controlling stake of the company, but allow Flipkart to retain its current structure and management team-Amazon's formal offer to purchase 60 percent of the company and "merge the companies entirely" may be a tempting alternative. Sachin, 36 and Binny, 35, are not related.

Sachin Bansal & Binny Bansal started Flipkart in 2007 after leaving Amazon.

Flipkart Co-founder and Executive Chairman Sachin Bansal could leave the company after the online retailer is acquired by Walmart, said an Economic Times report. "Walmart has to make sure it buys off his shares, which is what is being worked out", the TOI report quoted a source as saying.

The buzz of the $12 billion deal between Walmart and Flipkart recently got louder with Softbank approaching Walmart's global CEO.

North, South Korea women's TT teams unite
South Korea's Suh Hyo-won (left) and North Korea's Kim Nam-hae play an exhibition game in Halmstad, Sweden on Thursday. The South Korean players are: Jeon Ji-hee, Kim Ji-ho, Suh Hyo-won, Yang Ha-eun and Yoo Eun-chong.

TOI first reported Walmart's interest in getting a route to majority at Flipkart in its February 8 edition. Walmart will likely announce the deal over the coming days.

Walmart is seen keen on bringing Binny and Krishnamurthy (an ex-Tiger Global executive) on the board, besides having at least three of their own nominees, the report said. The valuation is said to be what was making rounds on the internet, i.e. $20 Billion.

Led by Marc Lore, Jet's former CEO who now heads Walmart's e-commerce division, the retail giant bought e-commerce platform Shoebuy in January 2017, followed by outdoor apparel retailer Moosejaw in February, women's wear site Modcloth in March, direct-to-consumer premium menswear brand Bonobos in June, and last-mile delivery startup Parcel in September. Soft-Bank and Tiger Global are the two largest investors in Flipkart; Naspers, Accel Partners, DST Global are among the other key shareholders.