In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
Sellers on platform listed products out-of-stock on Monday against increased commission, fees on returns.
According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
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.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Suveen Sinha finds out what the tribe of modern, internet entrepreneurs who no longer run their first start-ups are up to.
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