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Jet.com has landed at Walmart.
Jet.comWalmart is hoping its acquisition of startup Jet.com takes its own online presence to new heights.
The retail giant said Monday it has acquired Jet.com in a stock and cash deal worth $3 billion.
The deal underscores the competitive nature of the online retail business, where Amazon dominates and Walmart, the largest brick-and-mortar retail in the US, plays second fiddle. Walmart is apparently expecting that Jet.com, which saw early hype as a possible "Amazon-killer," can even the playing field.
"Walmart.com will grow faster, the seamless shopping experience we're pursuing will happen quicker, and we'll enable the Jet brand to be even more successful in a shorter period of time," Walmart CEO Doug McMillon said in a statement.
"The combination of Walmart's retail expertise, purchasing scale, sourcing capabilities, distribution footprint, and digital assets -- together with the team, technology and business we have built here at Jet -- will allow us to deliver more value to customers," Jet.com CEO Marc Lore said in a statement.
Walmart and Jet.com disclosed that the retail startup adds 400,000 new shoppers every month and processes an average of 25,000 orders each day.
A bulk of the deal is in cash, with Walmart paying $300 million in stock over time.
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