Walmart Inc.-owned Flipkart Online Services Pvt. Ltd. is planning to take on rival Amazon.com Inc. by launching its own video-streaming service in India in coming months, Bloomberg News reported Aug. 5, citing people with knowledge of the matter.
The Indian retailer plans to launch video streaming for members of its Flipkart Plus loyalty program by September ahead of the Diwali shopping season. Flipkart will initially stay away from producing its own shows and will instead rely on licensing content from the likes of Walt Disney Co. and Balaji Telefilms Ltd., according to the report.
Walmart acquired Flipkart in August 2018 for $16 billion. The U.S. retail giant owns 77% of the Indian online retailer's share capital.
As of Aug. 5, US$1 was equivalent to 70.84 Indian rupees.