Who is Walmart?
Walmart is a US retailer with revenue of $713.2 billion in the year to January 2026 1. In India it is best known as an investor: in 2018 it bought about 77% of Flipkart for nearly $16 billion, and it is the majority owner of PhonePe 4510. John Furner became chief executive on 1 February 2026 2.
| Fact | Detail |
|---|---|
| Type | Retailer and strategic investor |
| Headquarters | Bentonville, Arkansas 1 |
| Chief executive | John Furner, since 1 February 2026 2 |
| FY2026 revenue | $713.2 billion 1 |
| Flipkart stake | About 80% 615 |
| PhonePe stake | 71.77%, per 2026 IPO papers 10 |
Who controls Walmart?
Entities related to the Walton family hold about 44% of Walmart’s shares, according to its 2026 proxy statement 3. Doug McMillon retired as chief executive on 31 January 2026 and was succeeded by Furner 2.
Flipkart
Walmart completed its Flipkart purchase on 18 August 2018, taking about 77% including $2 billion of new equity 4. The price was nearly $16 billion 5. India’s competition regulator approved the deal, while trader groups protested and said they would go to court 27. In 2019 Walmart booked a $290 million impairment on the Jabong brand owned by Flipkart 16.
In 2023 Walmart paid about $3.5 billion to buy out Tiger Global, Accel and co-founder Binny Bansal, taking its stake to about 80% at an implied valuation of about $35 billion 6. Flipkart moved its holding company from Singapore to India in March 2026, so Walmart now holds its stake in the Indian entity directly 7. In May 2026 Walmart told Flipkart to defer its IPO until it reaches break-even on EBITDA, as reported by Moneycontrol 8.
PhonePe
When PhonePe separated from Flipkart in December 2022, shareholders led by Walmart bought shares directly in PhonePe, and Walmart remained its majority owner 9. PhonePe’s 2026 IPO papers show Walmart’s WM Digital Commerce Holdings with 71.77%, planning to sell about 9% in the offer 10. PhonePe paused the IPO in March 2026, citing geopolitical tensions, and called reports of valuation concerns baseless 11. Walmart recorded a $0.7 billion non-cash share-based pay charge related to PhonePe in its 2026 financial year 17.
Other India activity
| Date | Deal |
|---|---|
| 2018 | About 77% of Flipkart for nearly $16 billion 45 |
| 2019 and 2020 | Invested in Ninjacart with Flipkart 13 |
| July 2020 | Walmart India and its 28 Best Price wholesale stores sold to Flipkart 12 |
| December 2020 | Pledged to source $10 billion of Indian goods a year by 2027 14 |
| 2023 | About $3.5 billion to raise its Flipkart stake to about 80% 6 |
Walmart says it has sourced more than $40 billion of goods from India in total, and Furner reaffirmed its plans in India after meeting the prime minister in May 2026 15. We did not find an official figure for Walmart’s total investment in India.
Investments outside India
Walmart sold its entire stake in China’s JD.com for $3.6 billion in August 2024 18. It sold Asda in 2021 at an enterprise value of £6.8 billion, keeping a stake 19, and sold its remaining 15% of Japan’s Seiyu in 2025 20. In South Africa it bought out Massmart’s minority shareholders in 2022 21. In 2025 it sold its robotics business to Symbotic 22.
Controversies in India
E-commerce rules. When India tightened foreign investment rules for e-commerce in December 2018, Walmart reportedly lobbied US officials for a delay; publicly it said it was committed to complying with Indian law 23.
Competition probe. A Competition Commission investigation found in 2024 that Flipkart had given some sellers preferential treatment. The Supreme Court moved the companies’ challenges to the Karnataka High Court in January 2025 2526.
Foreign exchange notice. In 2021 the Enforcement Directorate issued a ₹10,600 crore notice to Flipkart over foreign investment between 2009 and 2015; Flipkart said it complies with Indian law 24.
See also all investors.