The Walmart deal made them billionaires.
Right now, Walmart is running 21 wholesale shops in India.
Forrester's Satish Meena, senior forecast analyst said the deal was about more than just cash but ties into offline opportunity and new categories.
Flipkart's co-founder was equally upbeat on the deal.
The takeover of Flipkart wasn't Walmart's only big deal, however.
In January this year, Amazon Seller Services had received a fund infusion of Rs 1,950 crore from the parent company. Notably, Walmart is going ahead with this in spite of the reported efforts of Amazon to interrupt this deal.
"Flipkart will leverage Walmart's omni-channel retail expertise, grocery and general merchandise supply-chain knowledge and financial strength, while Flipkart's talent, technology, customer insights and agile and innovative culture will benefit Walmart in India and across the globe", Walmart said.
With a huge user base, India looms as an attractive market for retailers. The VC ecosystem has also received a tremendous boost from this deal and this exit is expected to power the venture-capital business in India for another decade at least.
"While the immediate focus will be on serving customers and growing the business, Walmart supports Flipkarts ambition to transition into a publicly-listed, majority-owned subsidiary in the future", it said. Moreover, from Amazon's perspective, its domination as the global online retailer has forced its biggest American rival, Walmart, to fork out $16 billion for what is easily one of the most expensive acquisitions ever-a clear acknowledgement that Walmart is trying hard to make up for lost time by not investing more aggressively on e-commerce earlier.
In its news release, Walmart also cast the acquisition as creating jobs within India's economy and supporting small business, even giving a nod to Prime Minister Narendra Modi's "Make in India" campaign. The discounts will be largely subsidised by Walmart's shareholders.
In an interesting twist, this time Walmart is snapping up a company started by none other than two former Amazon employees. There was little doubt that this was a hail Mary pass for Walmart in India - it needed to find a growth engine and tapping into the world's fastest growing middle class is as good as it gets.
Walmart and Flipkart will remain separate brands and the Indian e-commerce company will have an independent Board, which will be revamped to give representation to the United States firm. With the integration of Jet in the USA well under way, Walmart has gotten better at rolling out new changes and incorporating these lessons into the core business. Walmart once envisioned operating hundreds of locations across India but it has been unable to open traditional units because of long-standing governmental rules for so-called multibrand worldwide retailers.