Walmart In Talks To Purchase E-Commerce Startup Jet.com
Walmart is looking to buy e-commerce startup Jet.com, valued at $3B. The deal would provide added ammunition for Walmart to give Amazon.com a run for its money. The brick-and-mortar leader has been working to build up its online presence, even boosting its distribution centers throughout the country.
Jet is barely a year old, but already the company has amassed $500M in capital from venture capitalist firm New Enterprise Associates and bank Goldman Sachs.
The possible Walmart takeover further illustrates how difficult it can be for the new kid on the block to navigate the challenges of e-commerce. Jet had hoped to take on Amazon by offering cheaper prices—but that goal would require billions in funding and strong relationships with suppliers, the Wall Street Journal reports.
It remains unclear how much Walmart would pay for the company, but it could be Walmart’s biggest acquisition since it purchased South African retailer Massmart Holdings in 2010 for $2.3B. [WSJ]
