After months of speculation, Walmart finally clinched the deal paying $16 billion for a 77% stake in Flipkart valuing the e-commerce major at $21 billion. While it gives Walmart a strong foothold in one of the fastest growing retail markets, the alliance will give Flipkart enough ammunition to take on Amazon in a market where both are fighting for supremacy. Having Walmart on its side will also help Flipkart reduce its overarching dependence on electronics and smart phones and increase its presence in under-penetrated areas such as food and grocery, which is fast catching everyone’s attention — for a good reason.