Following weeks of intense market speculation and a premature leak from SoftBank CEO, Walmart has finally confirmed it is forking out US$16 billion to acquire a 77 percent stake in Indian e-commerce giant, Flipkart. The remaining shares would be retained by the latter's existing shareholders, including Flipkart's co-founder and CEO Binny Bansal, Tencent Holdings, Tiger Global Management, and Microsoft, said Walmart in a statement late-Wednesday. The shares acquisition was subject to regulatory approval in India. The US online retailer finally introduces Amazon Prime in Singapore but the launch has been described as "piecemeal", which should give Alibaba even more room to expand its own footprint in the region. Walmart CEO and President Doug McMillon said: "India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market.