US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
Bengaluru-based Sunny Gupta had been searching for a laptop for months. In August, while sitting at a coffee shop, he decided to order an Acer Predator laptop - typically priced between Rs 95,000 and Rs 2.5 lakh - through the quick-commerce (q-com) platform Flipkart Minutes. "It took exactly 13 minutes from payment to receiving it at the Starbucks I ordered it to," he wrote in a now-viral post on social media platform X.
'Credit card debt comes with high interest cost and stringent penalties.' 'If you do not repay on time, the costs balloon.'
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding
These top level changes have come soon after Flipkart co-founder and Group CEO Binny Bansal resigned over allegations of serious personal misconduct in November.
Ecommerce firm Amazon has infused ~1,600 crore into its India entity Amazon Seller Services, according to its regulatory filings. The funding comes at a time when the company is seeing opportunities in emerging geographies, including India. The regulatory filings are dated April 15. This is the second time in five months that Amazon invested in its India arm Amazon Seller Services. Before this, Amazon had infused over ~1,000 crore into its Indian entity this year.
No financial details were disclosed.
It took Flipkart a little over 24 hours to complete due diligence and come up with a final offer that was $20 million higher than what Snapdeal was ready to forfeit.
The tide of startup-funding is turning in India, with a rising trend of overall funding while the deal sizes grow bigger. However, the spotlight now is on late-stage startups, many of which are seen to be headed for initial public offerings (IPOs). Record surge in stock markets and consistently improving performances of listed startups are understood to have turned the sentiment for the better, especially for those that exhibit a clear path to an IPO.
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
US mutual funds Valic Co 1 and Fidelity Rutland Square Trust II, which have minority stake in Flipkart, have marked down the value of their stocks in the company
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
American chip behemoth Nvidia Corp and India's retail-to-refining giant Reliance Industries on Thursday unveiled their goal to build a formidable AI computing infrastructure in the country. Highlighting the tie-up, Jensen Huang, founder and CEO of Nvidia, made a broader appeal: India should focus on "manufacturing" AI, rather than racing to build semiconductor fabs. As part of this collaboration, Nvidia will reportedly supply its Blackwell AI processors to power Reliance's one-gigawatt data center in Jamnagar, Gujarat.
The filing of Swiggy's DRHP has led to direct comparisons with Zomato, which is a direct competitor in food delivery and the fast-growing quick-commerce segment where Blinkit (owned by Zomato) faces off against Instamart (and Zepto). In Q-commerce, Flipkart, Amazon, Reliance and Big Basket are all entering the space. All of them have deep pockets, hence competitive intensity will rise going forward.
Sellers on platform listed products out-of-stock on Monday against increased commission, fees on returns.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
Amazon has increased the commission on non-core segments by 2-9 per cent.
India's largest online retailer Flipkart on Wednesday announced the addition of two new members to its leadership positions, Vice President of Fashion (Retail) and the Vice President of HR (Supply-Chain).
Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.
The company has also issued a ban on all non-essential domestic and international business travel, and is encouraging employees who may have returned from international travel to work from home for 14 days.
JLL had shortlisted over 10 developers and Embassy was selected after a long due and rigorous process of due diligence.
Quick commerce major Zepto has raised $340 million in a follow-on financing round at a valuation of $5 billion as it gears up for an initial public offering (IPO). This is Zepto's third big-ticket fundraise within a year. With this, the company has raised more than $1 billion in 12 months.
The strategy these online marketplace companies follow in the next few months will determine whether Amazon gets to be the leader in 2017.
Flipkart has not been able to process with its plans of getting into the grocery vertical and is stuck on running pilots in select cities.
The aim is to replace nearly 40 per cent of its existing last mile fleet of delivery vans with EVs by March 2020. o start with, the company is looking at deploying nearly 160 e-vans by the end of 2019.
Who invested how much into Flipkart in its latest round of $1 billion funding? Vicky Nanjappa/Rediff.com finds out.
It has also filled a key gap in its payment systems team by hiring Ravi Byakod, a senior Google engineer.
Dabbawalas have been in the profession of transporting lunch boxes.
Flipkart claims to have more than 90,000 sellers on its platform.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Flipkart, India's largest e-tailer, raised $210 million in a fresh round of funding from a group of four investors led by internet-focussed investment group DST Global, it said in a statement on Monday.
The term sheet with Flipkart could be signed within this week and the due diligence for the deal would commence immediately thereafter.
The community has taken offence to being wrongly stereotyped as watchmen in the ad which also plays on an exaggerated Hindi accent to seem funny
A board position requires one to hold at least 3 per cent of the outstanding shares. Binny holds around 5 per cent stake in Flipkart
Kunal Shah has funded over 266 startups including Razorpay, Snapdeal, Zetwork, BlueSmart, Unacademy, Bliss Club, and Spinny, amongst others.
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