Wal-Mart's acquisition of Jet.com was in some ways a return to basics for the world's largest retailer.
"If Wal-Mart were starting today and we were building an e-commerce business some of the things that Jet designed into their approach would have been things we would have thought of and we would have wanted to do, and they've just done it from scratch," Wal-Mart CEO Doug McMillon told CNBC's "Squawk Box."
McMillon said when he met Jet founder Marc Lore in the spring, he quickly realized the two were like-minded in many ways. By the time the meeting was over, they had already begun sketching out on a white board how a combination of the two companies could work.
"I think we hit it off the first day," Lore told CNBC. "We just started talking about these amazing plans we had."
Yet this isn't the first time Lore has caught the attention of a retail giant. He's best known for co-founding Quidsi, the parent of Diapers.com. That company was sold to Amazon in 2010, which led to a fallout between Lore and Amazon CEO Jeff Bezos. Though Lore told CNBC he has no relationship with Bezos, he said it's different with McMillon and Wal-Mart.
"[This partnership is] built from day one on the back of trust, which is one of our core values here," he said. "I'm committed for the long haul here," he added. "This is a very different experience for me."
For the Jet founder, who had already raised $565 million to fund the money-losing company, a deal with Wal-Mart was more attractive than seeking out additional financing. That's because it allowed the company to quickly accelerate its growth and leverage Wal-Mart's financials and relationships, he said.
"E-commerce is a scale game and you want to get as much leverage as you can," he said. "It just gives us scale almost overnight."