Walmart outfoxes Amazon to buy Indian e-commerce giant

Illustration: Lazaro Gamio/Axios

Walmart made it official this morning, announcing that it will pay $16 billion for a 77% stake in Indian e-commerce leader Flipkart. Included in that total is a reported $3 billion investment from Google's parent company, Alphabet.

Why it matters: Amazon just suffered the sort of defeat that is usually reserved for physical retailers.