Walmart has acquired a 77% stake in Flipkart for approximately $16bn.

Based in the US, Walmart is a retail giant that operates hypermarkets, discount department stores and grocery stores, while Flipkart is an online retailer based in India.

Flipkart’s remaining stake is held by its co-founder Binny Bansal, Tencent Holdings, Tiger Global Management, and Microsoft.

Both the companies will continue to operate under their existing brand names and retain existing operating structures in India.

The transaction enables Walmart to constantly grow across agriculture, food and retail segments through partnerships.

Movado Group has inked an agreement for the acquisition of MVMT Watches for approximately $100m.

The acquisition will be funded by Movado through a combination of cash and borrowings under its revolving credit facility.

Based in Switzerland, Movado Group is a manufacturer of Swiss watches, while MVMT Watches is the owner of lifestyle brand MVMT, which offers watches, sunglasses and other accessories in more than 160 countries.

“The transaction enables Walmart to constantly grow across agriculture, food and retail segments through partnerships.”

MVMT reported revenue of approximately $71m for the fiscal year ended 31 December 2017.

The transaction will enable Movado to improve its digital strategy and global portfolio. Movado will also be introduced to new customers with MVMT’s watches, sunglasses and accessories.

The deal is expected to be closed on or before 1 October.

Flipkart has completed the acquisition of speech recognition platform for an undisclosed sum.

Flipkart is an e-commerce retailer based in India, while is a platform that converts speech-to-text using artificial intelligence (AI).

The AI platform converts speech to text in Indian regional languages, including Hindi, Bengali, Punjabi, Marathi, Gujarati, Kannada, Tamil, Telugu, and Malayalam. will be integrated into the business of Flipkart, upon completion of the transaction.

The acquisition enables Flipkart to introduce a new conversational shopping experience for its customers by using’s technology.