Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
Indian-origin billionaire brothers Mohsin and Zuber Issa are set to acquire a majority stake in the leading UK supermarket chain Asda from its US owner Walmart after a $ 8.8-billion deal was struck as part of a consortium involving private equity firm TDR Capital.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
Ten people, including the gunman were killed in in Dayton's Oregon district, while another 20 were shot dead at a crowded Walmart store in the southern border town of El Paso in Texas.
Billionaire Mukesh Ambani's oil-to-telecom conglomerate Reliance Industries Ltd slipped 59 places to rank 155th on the 2021 Fortune Global 500 list released on Monday. Reliance took a beating on the rankings as revenues dropped owing to the COVID-19 pandemic. This is its lowest ranking since 2017. Walmart continues to top the Fortune list with a revenue of $524 billion, followed by China's State Grid at $384 billion.
Reliance Industries Ltd will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, signed definitive agreements to acquire a 100 per cent equity stake in Metro Cash & Carry India for a total cash consideration of Rs 2,850 crore, subject to closing adjustments," said a joint statement. Through this acquisition, Reliance Retail will get access to a network of Metro India stores located in prime locations across key cities, along with a large base of registered kiranas and other institutional customers, and a strong supplier network.
SoftBank-backed mobility firm Ola, announced expansion of its employee stock options (ESOP) pool to Rs 3000 crore. Ola is also allocating an additional Rs 400 crore worth of stocks to employees in the run up to its IPO. The allocation rewards Ola's high impact employees and will lead to long term wealth creation for them.
Having grown swiftly since the acquisition of Flipkart by Walmart in 2018, it was looking at a valuation of $10 billion. However, factors such as lack of diversification, new e-commerce and data policies, as well as the overall investment environment, have slowed the process.
His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. Bansal, however, denies the allegations.
'In investing, you have to first make sure you don't make big mistakes.' 'I would advise small investors to be systematic, don't be arbitrary; don't be on either end of the risk spectrum.' 'Don't go from fixed deposit to option trading or crypto trading.'
The Reserve Bank has rejected applications of Flipkart co-founder Sachin Bansal-backed company Chaitanya India Fin Credit Private Limited, and five others for setting up banks as these were "not found" suitable, an official statement said on Tuesday. The RBI in a statement said the examination of six applications has now been completed as per the procedure laid down under the guidelines. "Based on the assessment of the applications, (six) applicants were not found suitable for granting of in-principle approval to set up banks," it said.
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 company's decision may impact new projects, which are likely to get delayed, said sources in the know. Among the IT players that work with Macy's are Accenture, Cognizant, Tata Consultancy Services (TCS), and Infosys. Macy's is among the top 5-10 clients of these companies.
Where Binny slipped up badly was in gauging the level of transparency and governance that is expected by a global strategic investor, says Indrajit Gupta.
Authorities didn't immediately say what may have prompted the incident in Amarillo, a city in the Texas Panhandle.
Ajit Balakrishnan offers a thinking man's guide to the state of ecom in a nation of shopkeepers.
This is the highest any Indian company has been ranked on the Fortune Global 500 list.
Many industry executives have said the draft e-commerce policy is being perceived as nationalistic but not overly protectionist and it is providing preference to Indian players against foreign companies. This might have an impact on investment by large players such as Walmart and Amazon in the country, said the executives. They said e-commerce was a very small portion of the retail industry and at a nascent stage and did not require heavy hammer regulations. Though the policy talks about being equally applicable to foreign and domestic players, it mentions that foreign direct investment (FDI) takes precedence over the e-commerce policy in any area of overlap.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
FDi helps a tiny minority in our country, says Hema Swaminathan, Assistant Professor, Centre for Public Policy, Indian Institute of Management-Bangalore.
31-year-old Douglas Hatchett was buying shoes when the rattler bit him. He was later released after treatment.
'For all of us at Amazon, it is 'Bharat first'.' 'We are keeping the Indian customer at the centre of what we are doing.'
Siva Prasad Nanduri, chief business officer, TeamLease Digital, outlines the skills that will help you get a job in 2023.
The much-talked-about sale of Ambuja Cement and ACC by Holcim Group will see the single-biggest outflow of foreign capital from the country if the two cement firms are acquired by Indian investors. The deal, valued at nearly $10.35 billion, will put in the shade Cairn Energy Plc's exit from India in 2010, when it sold Cairn India to Vedanta Group for $4.48 billion. According to various reports, big business groups such as AV Birla, JSW Group, and Adani Group are in the fray to acquire Holcim's assets in India.
Ajit Balakrishnan on keeping an eye on democratising finance in India.
The Tata group on Thursday launched its super app, Tata Neu, bringing all its brands in one platform as it seeks to play a major role in the Indian ecommerce space currently dominated by the likes of Amazon and Flipkart.
Flipkart will acquire 100 per cent of Cleartrip's shareholding as the company further enhances its investments to strengthen its digital commerce offerings for customers, a statement said.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
From almost a thousand employees, 300 have exited the firm.
Congressman Elijah Cummings of Maryland and Henry Waxman from California, who are investigating bribery charges at Wal-Mart's Mexico unit, announced on Thursday they had documents which confirmed that Wal-Mart CEO Michael Duke and other high-ranking personnel were personally informed about the bribery allegations as early as October 2005, according to a CNN report.
'This is a race where every technology can be used by the bad guys and good guys.'
Jack Ma who had five years ago said he was inspired and excited by "Make in India" possibly understood the essence of the signature campaign better than some others and decided to stay away from India other than as an investor, says Nivedita Mookerji.
The fire at the Bangladesh garment factory once again brings to light the substandard and unsafe methods resorted by factories working for multinationals.
FMCG distributors on Thursday said it has suspended their boycott of certain products of oral care maker Colgate after talks with the company representatives over the issue of the price disparity between the traditional distributors and organised business-to-business channel. A day after a virtual meeting with Colgate-Palmolive (India) Ltd (CPIL) representatives, the All India Consumer Products Distributors Federation (AICPDF) called off its stir to boycott certain products of the company starting from January 1, 2022. "From today, the movement against Colgate is postponed till further notice," the AICPDF said in a statement.
Three business houses are likely to be in the final race to strike a deal with Germany's Metro AG for investing in its India unit -- Metro Cash & Carry. Industry sources in the know named Reliance, Adani Group, and Thailand's conglomerate Charoen Pokphand (CP) as potential frontrunners to acquire a partial or full stake in the Gurugram-headquartered Metro Cash & Carry, which has 31 stores and 5,000 direct employees. Around 20 companies, including strategic and private equity investors, were approached by the German chain, inviting them to bid for the Indian wholesale business, according to a source aware of the M&A developments.
The possible acquisition of Holcim India business will be one of the biggest inbound corporate deals in the country. Currently, Walmart Inc.'s $16-billion acquisition of Flipkart Online Services in 2018 remains the biggest acquisition of an Indian asset by any acquirer, followed by BP plc acquisition of 30 per cent stake in Reliance Industries' 23 oil and gas production blocks in 2011 for $7.2 billion. Bloomberg reported late on Wednesday night that Holcim - the world's biggest cement maker - is considering a potential sale of its India business and gauging interest in its controlling stake in Ambuja Cement.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
The purpose, behind slashing property tax on small commercial establishments by 70%, was to allow growth of small shops in residential areas, so that people do not have to travel long distances for their daily needs.
The competition which BigBasket faces now is with the big three - Amazon, Walmart, and Reliance.
Ronnie Screwvala-led edtech unicorn upGrad, has filed a suit for trademark infringement against another EdTech company called Scaler. The suit has been filed in the Delhi high court for violation of intellectual property relating to upGrad's trademark. It has also sought damages of more than Rs 3 crore. upGrad accused Scaler of using its brand name 'upGrad' through Google Ads to appear on top of search results on Google Search Engine and in turn gaining illicit benefit.
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