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Flipkart to buy 7.8% stake in Indian fashion retailer for $204m

Walmart-owned platform to gain from Aditya Birla Retail's offline presence

A woman walks past an apparel store in Mumbai. Flipkart expects its technological expertise to enhance Aditya Birla Fashion's omnichannel capabilities.   © Reuters

MUMBAI -- Walmart-owned Flipkart will acquire a 7.8% stake in Aditya Birla Fashion and Retail, run by billionaire Kumar Mangalam Birla, for 15 billion rupees ($204 million) as it moves to tap the offline retail player's large bank of apparel outlets.

Flipkart needs to fend off billionaire Mukesh Ambani-run Reliance Industries, which is rapidly expanding its retail business via major acquisitions and funding from overseas investors, including Silver Lake and KKR.

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