Walmart has announced that it completed the agreement to make a $16 billion investment in Flipkart, the largest e-commerce company in India.

The retail giant now owns approximately 77 percent of Flipkart while the rest of the company is held by other shareholders, including Flipkart co-founder Binny Bansal, Microsoft Corp., Tencent and Tiger Global. The latter two companies will both keep their positions on Flipkart's board.

Walmart said funding for the deal would come from a combination of cash and newly issued debt, according to Reuters.

"Walmart and Flipkart will achieve more together than each of us could accomplish separately to contribute to the economic growth of India, creating a strong local business powered by Walmart," said Judith McKenna, President and CEO of Walmart International.

"Our investment will benefit India by providing quality, affordable goods for customers while creating new skilled jobs and opportunities for suppliers. As a company, we are transforming globally to make life even easier for customers, and we are delighted to learn from, contribute to and work with Flipkart to grow in India, one of the fastest-growing and most attractive retail markets in world."

According to Walmart, the deal includes $2 billion of new equity funding toward growing Flipkart’s business. The deal, announced in May, closed after it received necessary approval. During that time, Walmart said that earnings per share for 2019's fiscal year would be impacted by $0.25-$0.30.

News of Walmart’s investment comes almost a week after Kroger Co., the largest grocery chain in the U.S., announced it will start selling its products to Chinese customers via e-commerce site Alibaba.

Founded in 2007, the Flipkart Group is India’s top e-commerce marketplace offering over 80 million products with more than 80 different categories.

Walmart Walmart has reportedly completed its acquisition of Indian e-commerce site Flipkart. Shoppers are pictured entering a Wal-Mart on Nov. 20, 2007 in Secaucus, New Jersey. Photo: Jeff Zelevansky/Getty Images