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
The term sheet with Flipkart could be signed within this week and the due diligence for the deal would commence immediately thereafter.
In an email to customers they say 'Big Billion Day' sale today to eclipse all other multi-day festive sales.
Flipkart's Big Billion Days festive sale started on Oct 13.
Tech titan Google on Wednesday launched the Google Wallet app for Android users in India, allowing them to securely store essentials like boarding passes, loyalty cards, event tickets, and public transport passes. The digital wallet, which becomes operational in India from Wednesday, comes as a complementary service to existing payment app Google Pay, a top official said.
In India, Amazon has taken an open cheque policy by sinking in over $2 bn to grow its business and tried to build local innovations to help it score over local players Flipkart and Snapdeal.
E-commerce major Flipkart has been ranked second among top book sellers of the world.
Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.
E-commerce major Flipkart on Monday said it aims to help over 10,000 sellers generate business worth Rs 10 lakh through its platform this year.
It has also filled a key gap in its payment systems team by hiring Ravi Byakod, a senior Google engineer.
The US-based firm has marked down the value of Flipkart for the sixth time, the latest at a time when it has been struggling to raise funds at a valuation higher than or equal to $15.2 billion.
Several firms are stepping up to help their workforce cope with soaring temperatures
Flipkart's current valuation is an estimated $12 billion.
This is the sixth mark down for the largest e-commerce marketplace of the country in as many months.
In two months, as many as 25 complaints have been sent to Enforcement Directorate, Competition Commission of India, Reserve Bank of India and income tax department, beside various state agencies, to thwart the deal.
Analysts and venture capitalists say Flipkart making considerable losses on book transactions.
Commerce and Industry Minister Piyush Goyal on Wednesday questioned Amazon's announcement of $1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. He said that their huge losses in India "smells of predatory pricing", which is not good for the country as it impacts crores of small retailers.
Most of Flipkart's business came from consumer electronics.
While only the Indian Institute of Management, Ahmedabad (IIM-A) has voiced its concerns so far, the company says it has done so due to the ongoing restructuring of its business
The Kerala commercial taxes department has slapped a fine of Rs 53.63 crore (Rs 536.3 million) on four online trading companies including Flipkart and Jabong for allegedly doing illegal business in the state.
Flipkart has described the event as 'rare' and 'isolated'.
The move comes after Flipkart decided to pass on shipping costs to its sellers, including charging them for reverse logistics.
Doubts over Flipkart's valuation will persist.
The e-commerce firm said 1.5 million people shopped at its portal on October 6.
CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.
Flipkart also faced criticism earlier this year after it deferred the joining dates for campus recruits from the Indian Institutes of Management and Indian Institutes of Technology
Kunal Shah has funded over 266 startups including Razorpay, Snapdeal, Zetwork, BlueSmart, Unacademy, Bliss Club, and Spinny, amongst others.
Flipkart has started working on it big day sale around six months ago.
Prominent print advertisements on Monday pitched Amazon's discount strategy against Flipkart's.
At that time, co-founders Sachin Bansal and Binny Bansal had made a public announcement at a Bengaluru hotel, about a $1-billion fund raising, largest so far in the Indian e-commerce sector. A day later, Amazon issued a statement that it was investing $2 billion in India.
With the festive season approaching, e-tailers are going all out to woo consumers.
Flipkart is in expansion mode, needs to infuse funds in the firm.
JLL had shortlisted over 10 developers and Embassy was selected after a long due and rigorous process of due diligence.
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Buyers complain about server errors, allege discounts were 'not real'.
Google will be able to co-relate data from the first click to the final delivery of product. This kind of knowledge is invaluable, something which even Amazon does not have.
The company has notched up a total of $540 million in funds over the last six years, $360 million of which has flowed in two tranches this year itself.
Flipkart might consider Singapore, too, as listing norms aren't very strict.
The management changes come amid talks that the company is preparing for an IPO in the United States.
The complaint has been received against these online trading entities weeks after an uproar over Flipkart's massive discount sale which had raised concerns of anti-competitive practices.
Sources said the fresh batch of profiles include students whose date of joining has been delayed by Flipkart.
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