Reliance wants to create exclusivity for global as well as its own brands to attract consumers to its portal.
McMillon, accompanied by 15 top executives of Walmart, also told the employees that India is a “very big and crucial market” for Walmart, and Flipkart.
The deal, which may be a mix of primary and secondary sale of shares, is in the final stages of closure and will be Bansal’s first equity investment in the financial services space.
Flipkart has started a pilot project for digital KYC with almost 10,000 customers.
The news comes amid reports that the company was planning to scale down its online marketplace business and eventually exit it.
The investment shows that the company is keen to enter the food space in India with ARIPL, which sells groceries and home supplies.
Amazon’s lack of video content revealed a weakness in shopper engagement and product discovery other sites were doing better.
These moves reflect Flipkart’s intentions to enhance synergies between the three.
The draft states that cloud computing will be an economic activity in India, while data analytics will be a major job creator.
The change in e-commerce policy came into effect from February 1. It bars e-commerce companies from selling products through firms in which they have a stake.