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Both the companies have strong network and reputation globally, now Walmart will come up as a strong rival of Amazon in the Indian market also. However, Walmart will maintain a clear majority ownership in the company. It's a move that might have near-term losses but is part of a larger shift by Walmart to look toward the future.

In the last fiscal year, Flipkart recorded $4.6bn in sales - an increase of over 50 percent from the previous year.

At first blush, Walmart, a late entrant to the online retail frenzy, looks like an obvious victor.

After working for e-commerce giant Amazon, the two friends set up Flipkart. Walmart's Krish Iyer will be the CEO of the Bengaluru-based firm. The firm, which has specialized in venture capital investments in China and India, is selling about 75 percent of its shares in the deal, which will bring the fund about $3 billion.

Flipkart is, in some ways, an echo of Amazon.

Today, its worldwide business accounts for less than a quarter of Walmart's total revenue, down from nearly 30 per cent five years ago. It now allows for a variety of payments, from credit cards to gift cards to direct bank transfers.

For most employees, the larger question is how this acquisition is going to settle things down in Flipkart. It was the first major e-commerce company in India and owns well-known platforms such as Myntra, Jabong and PhonePe.

Flipkart's supply chain arm, eKart, serves more than 800 cities, making 500,000 deliveries daily.

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The Walmart-Flipkart deal may become a blessing in disguise as almost hundreds of current and former employees of Indian e-commerce giant are set to turn into dollar millionaires overnight.

Flipkart, the largest Indian unicorn today, was co-founded by Sachin Bansal and Binny Bansal in 2007.

If SoftBank decides to hold on to its stake a little longer, it will surely dent Walmart's announced plans to acquire a 77 per cent stake in Flipkart for $16 billion.

The deal hasn't gone down well with the tens of millions of small store owners who for years used political muscle to slow the arrival of worldwide retailers.

Doug McMillon, Walmart's president and CEO said, "Our investment will benefit India providing quality, affordable goods for customers, while creating new skilled jobs and fresh opportunities for small suppliers, farmers and women entrepreneurs". The online marketplace went on to say that it plans "to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant". Despite having a superior technology and operational set-up, Amazon is still second to Flipkart in terms of market share.

Asked specifically if an appointment with Prime Minister was indeed sought, he said Walmart is not new to the country.

He recalls the cherished relationships and "amazing experiences", saying Flipkart had truly upheld customer centricity and that he got to work with the best people, and reminisced "We took on some of the biggest challenges and solved many complex problems for India".