Walmart Triples Amazon’s Budget in India Contest
Walmart (WMT) took its competition with Amazon (AMZN) to a whole new level earlier this month, forking out $16 billion to buy the majority stake in India’s e-commerce giant Flipkart. Amazon had budgeted around $5.0 billion to grow its business in India as it looks to drive more growth in its international division and make the division profitable. Beyond e-commerce, Amazon is also aiming to grow its cloud computing and entertainment businesses in India.