Yoshita Singh

Boston, Apr 19 (PTI) The world's largest retailer Walmart has announced acquisition of social media site Kosmix, a Silicon Valley firm founded by two IIT Chennai alumni, as the global retail giant aims to strengthen its position in social and mobile commerce offerings.

"We are expanding our capabilities in today's rapidly growing social commerce environment.

Social networking and mobile applications are increasingly becoming a part of our customers' day-to-day lives globally, influencing how they think about shopping, both online and in retail stores," Walmart's vice chairman Eduardo Castro-Wright said in a statement on Monday.

Founded by Venky Harinarayan and Anand Rajaraman in 2005, Kosmix has developed a social media technology platform that filters and organises content in social networks to connect people with real-time information that interests them.

Walmart has signed a definitive agreement to acquire Kosmix.