Walmart confirms it will buy 77% stake in Flipkart for $16 billion

US-based retail giant Walmart has confirmed that it will buy 77% stake in India's largest e-commerce startup Flipkart for $16 billion. The acquisition, which is the largest e-commerce deal in the world, will value the homegrown startup at a reported amount of $20.8 billion. Notably, SoftBank CEO Masayoshi Son had announced the deal by mistake earlier in the day.