US-based retail giant Walmart is increasing its already sizable stake in Indian leading e-commerce giant, Flipkart, as it doubles down on its bet in the rapidly growing Indian consumer market.

With a staggering $1.4 billion, the e-commerce behemoth is buying out Tiger Global's remaining holding of Flipkart shares, driving up its ownership in Flipkart to around 77%, up from its previous 72%, as reported by The Economic Times.