Japan's SoftBank will exit the company by selling its entire 20 per cent stake in Flipkart.
US retailer Walmart Inc on Wednesday acquired 77 per cent stake in Flipkart for about $16 billion.
This is the biggest acquisition by a company in India this year.
This is also Walmart's biggest acquisition which will help it compete with its US-based rival Amazon.
The deal values the 11-year old Indian e-commerce firm Flipkart at $20.8 billion.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company after the deal.
Japan's SoftBank, an investor, will also exit the company by selling its entire 20 per cent stake in Flipkart.