The Flipkart Boost programme will shortlist brands based on a set of pre-decided objective criteria, which includes their growth potential, sustainable revenue run rate and focus on quality.
The top executive highlighted that India is one of the top three markets, along with the US and China. The Converge@Walmart event is the flagship event of Walmart Global Tech India.
The transaction - which may also see participation from Singapore's sovereign wealth fund GIC and Canadian pension fund CPPIB - could value Flipkart between USD 30-32 billion, they added.
The decision by Walmart came as India continues to witness a steep increase in the number of COVID-19 cases and deaths, crippling its health facilities, especially the supply of oxygen.
Walmart Inc today said it would acquire 77 per cent stake in Flipkart for about USD 16 billion in its biggest acquisition till date.
The biggest M&A deal in India however is the yet-to-be-completed merger of Vodafone India and Idea Cellular to create India's largest telecom operator, surpassing Bharti Airtel.
Walmart warned that it expects the deal to hit its fiscal 2019 earnings per share by 25 cents to 30 cents, if the deal closes as expected before the end of the second quarter.
The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.
It claimed that such a deal will ?encourage malpractices, loss funding and predatory pricing in e-commerce?
It is really unfortunate that in spite of having a clear FDI policy, foreign companies are finding an escape route, whether it is in retail or e-commerce, CAIT said in a statement.
Flipkart’s board has approved an agreement to sell around 75% of the company to a Walmart-led group for approximately $15 billion.
The deal with Walmart, involving primary and secondary shares, is expected to value Flipkart at about USD 20 billion.
It also began the process of converting Flipkart to a private limited company, changing its name to Flipkart Pte Ltd, the filings showed.
Sources said all major investors in Flipkart, including SoftBank of Japan, are more or less on board with Walmart's purchase and the deal could be announced in the coming days.
Amazon Chief Executive Jeff Bezos had earlier committed to invest a whopping USD 5 billion in India to cash-in on the rapid growth in e-commerce.