Bentonville, Arkansas-based Walmart will acquire about 77 per cent stake in Flipkart, Walmart said in a statement.

Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal.

Sachin and Binny, who are not related and formerly worked for Amazon.com Inc, like their US rival began by selling books when they founded Flipkart.

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