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PhonePe Raises $700 million at $5.5 billion valuation

3Dec By PriyankaNo Comments

FUNDING

PhonePe Raises $700 million at $5.5 billion valuation

Bengaluru, 3rd Dec. 2020-- Walmart owned eCommerce platform Flipkart separated its payment unit PhonePe, as the digital payment firm raises $700 million in funding valued at USD 5.5 billion. The financing round was led by Walmart including existing Flipkart investors, a statement said. Flipkart will remain PhonePe's majority shareholder, and the two businesses will retain their close collaboration, it added. "Recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, Flipkart's Board determined that this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years," the statement said. PhonePe has crossed the 250 million registered user milestone, wi...

28Nov By AnkitaNo Comments

INDIA

Indian eCommerce platforms reported USD 8.3 bn GMV during festive Sales

New Delhi, 28th Nov 2020: India's e-commerce festive sale season from October 15-November 15 this year delivered USD 8.3 billion (about Rs 58,000 crore) worth of gross sales for brands and sellers, up 65 percent from USD 5 billion (Rs 35,000 crore) last year, research firm RedSeer said on Friday. This was also higher than the pre-festive forecast of USD 7 billion, RedSeer said in its report titled 'The Festival of Firsts'. About USD 3.2 billion (Rs 22,000 crore) worth of gross sales was registered in September this year, which zoomed to USD 8.3 billion in the festive period, the report said. Of the USD 8.3 billion, USD 4.2 billion (Rs 29,000 crore) was logged in the first event, USD 1.2 billion (Rs 8,700 crore) in the second event and USD 1.4 billion (Rs 9,700 crore) and USD 1.5 ...

Flipkart acquires 7.8% stake in Aditya Birla Fashion for $204 Million

24Oct By AdityaNo Comments

ACQUISITION

Flipkart acquires 7.8% stake in Aditya Birla Fashion for $204 Million

New Delhi, Oct 24, 2020: Walmart owned Flipkart acquires a 7.8 percent stake in Aditya Birla Fashion and Retail for $203.8 million (Rs 1,500 crore) as it taps into the offline retail player's large bank of apparel outlets to bolster its presence in the high-margin fashion business. Billionaire Kumar Mangalam Birla's retail business will issue preference shares to Flipkart, giving it a 7.8 percent stake, Aditya Birla Fashion said in a stock exchange filing on Friday. Aditya Birla Fashion's current owners will hold a 55.1 percent stake after the allotment. While Flipkart will gain from Aditya Birla Fashion's range of international and Indian brands, the deal will help the company cut down debt, which stood at Rs 2,776 crore as of March 31, 2020. The investment will give it a bigg...

23Jul By Press Trust of IndiaNo Comments

INDIA

Flipkart acquires Walmart India, to launch Flipkart Wholesale for B2B segment in August

Bengaluru, 23rd July 2020: Flipkart announced the acquisition of Walmart India for an undisclosed amount, and said it will launch ‘Flipkart Wholesale’ next month, as the homegrown e-commerce major looks to tap into the USD 650 billion B2B retail markets in India. Walmart India runs 28 Best Price wholesale stores in the country. The announcement comes a week after Flipkart had said it had raised USD 1.2 billion in funding from a Walmart-led investor group. In 2018, Walmart Inc had invested USD 16 billion for acquiring 77 percent stake in the group. Flipkart Wholesale is a new digital marketplace focusing on addressing the business-to-business (B2B) segment in India. “This marketplace is going to effectively link sellers and manufacturers on one end and kiranas and micro, small a...

E-commerce Firm Flipkart Invests $35 Million in Arvind Fashion

9Jul By NitishNo Comments

FUNDING

E-commerce Firm Flipkart Invests $35 Million in Arvind Fashion

Walmart owned Flipkart Group said that it has invested $35 million (₹260 crores) to acquire a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions Ltd (AFL). Walmart owned Flipkart group has subsidiaries including Flipkart, Myntra, and PhonePe ranging from eCommerce to digital payment space. Arvind Youth Brands which owns the clothing brand Flying Machine have a 40-year legacy and the group started selling its merchandise on Flipkart and Myntra for more than six years. Through this investment, Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the companies said in a joint statement. Kalyan Krishnamurthy, the...

Logistics Platform Shadowfax Raises $60 Million from Flipkart & Others

9Dec By NitishNo Comments

FUNDING

Logistics Platform Shadowfax Raises $60 Million from Flipkart & Others

Bengaluru, Dec 9, 2019: Flipkart, India's leading eCommerce platform now owned by US-based Walmart has led a $60 million Series D investment round in logistics platform Shadowfax. The investment come as a part of their strategy to expand hyperlocal delivery capabilities. Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and World Bank backed IFC investment group also participate in this round. Flipkart already partnered with Shadowfax to fulfil its logistics requirements across various categories in its e-commerce business. "At Flipkart, we are focused on redefining customer experience, and hyperlocal is a key element to enable this transformation," said Kalyan Krishnamurthy, Chief Executive Officer, Flipkart. "We have seen strong syner...

Flipkart Registered $540 Million Loss in 2018-19

29Oct By PriyankaNo Comments

BUSINESS

Flipkart Registered $540 Million Loss in 2018-19

Flipkart India, the B2B arm of Walmart-owned Flipkart, has registered a higher loss of Rs 3,836.8 crore ($540 Million) during 2018-19 as compared to the previous financial year, according to regulatory documents. The unit had posted a loss of Rs 2,063.8 crore for the financial year ended March 31, 2018, documents filed by Flipkart India to the corporate affairs ministry showed. "...company incurred a net loss of Rs 38,368 million during the financial year under review as against the net loss of Rs 20,638 million in the previous financial year. There has been an increase in the net loss by 85.91 percent," the documents sourced by Paper.vc said. Flipkart India's revenue from operations, however, saw a 42.82 percent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the pre...

Flipkart Launched offline Furniture Store in Bengaluru

30Jul By PriyankaNo Comments

News

Flipkart Launched offline Furniture Store in Bengaluru

Flipkart announced its foray into the offline space with its decision to set up first Furniture Experience Centre in Bengaluru. Spread across nearly 1,800 square feet, Flipkart would offer a touch and feel experience to customers in the fast-evolving online furniture market, the e-commerce major said in a statement. According to the company, this is a step towards helping customers understand the vast selection of furniture offered by Flipkart and increase awareness around the seamless buying and installation experience it offers. Flipkart Vice-President (Furniture, Electronics and Private Label) Adarsh Menon said, "As a customer-focused organisation, we understand the requirements of customers and hence 'FurniSure'. The idea behind the FurniSure Experience Zone is to allow custom...

How Reliance will beat Amazon and Flipkart in E-commerce race

22May By AnkitaNo Comments

Story

How Reliance will beat Amazon and Flipkart in E-commerce race

Reliance Retail upcoming entry into the Indian online space is the biggest challenge for already established e-commerce companies like Amazon and Walmart owned Flipkart. As per the latest report, Mukesh Ambani-led Reliance Retail is set to create massive disruption in the market. About Reliance Retail Reliance Retail, which operates massive 10,415 stores in more than 6,600 Indian cities having an annual footfall of 500 million. Reliance Retail (which have a store like Reliance Trend) had $81 billion in revenue and $9.4 billion in profit during 2019. Reliance Retail is the largest retailer in India, with $18.7 billion in revenue during the financial year 2019, and it grew at a CAGR of 55 percent in the last five years. Reliance Retail also has a portfolio of over 4...

Amazon and Flipkart pull down 400k products after a new Indian Law

1Feb By AnkitaNo Comments

News

Amazon and Flipkart pull down 400k products after a new Indian Law

After a new e-commerce regulation implemented by the Indian government to protect its domestic retail stores, the US-based leading e-commerce companies Amazon and Flipkart pull down an estimated 400,000 products in India. The new regulation for e-commerce businesses which was first announced at the end of 2018 imposes a ban on exclusive sales, prevents retailers from selling products on platforms they count as investors and applies restrictions on discounts and cashback promotions. Flipkart, owned by Walmart following a $16 billion investment pull as many as one-quarter of its products in order to comply with the rule. Amazon estimated to have pulled as many as 400,000 products from sale in India. Initially, Flipkart and Amazon have applied for three-month relaxation to the ne...

Asia’s Richest Man Mukesh Ambani Entry in E-commerce Space Will Reduce the Digital Space: Infosys Former CFO

19Jan By PriyankaNo Comments

Entrepreneurs Talk

Asia’s Richest Man Mukesh Ambani Entry in E-commerce Space Will Reduce the Digital Space: Infosys Former CFO

After news broke of Asia's richest man Mukesh Ambani entry into Indian e-commerce space against giants like Amazon and Flipkart, Infosys former CFO T V Mohandas Pai Saturday said the foray of Mukesh Ambani's Reliance into India's e-commerce space would allay fears of digital colonisation and dramatically lower costs, immensely benefiting the consumers. "One thing is certain that consumers and India will be a winner, and in online retail, the fear of becoming a digital colony will recede with the entry of a formidable Indian entity, Reliance," he told Pixr8 in an interview. Reliance seems to be creating next generation retailnetwork which has the potential to radically change the dynamics of retail in a fast growing economy, Pai said, adding that "it would dramatically lower costs, r...

7Jan By Press Trust of IndiaNo Comments

FUNDING

Indian Startups raise $38.3 bn Funding in 2018: Report

New Delhi: Indian startups are estimated to have raised $38.3 billion in funding in 2018, behind only the US and China, a report by Yostartups said Thursday. Flipkart’s $16 billion deal with American retailer Walmart accounted for the biggest piece of the pie, followed by Swiggy raising about $1.3 billion over three deals, and OYO picking up $1 billion in 2018, the report said. Other big funding deals included those by Paytm Mall ($895 million), ReNew Power ($495 million), Byju’s ($422 million) and Zomato ($410 million). Around 1,000 deals were signed by Indian startups in 2018 with areas like e-commerce, fintech, sustainability and renewable energy, transportation and logistics, health and wellness, and travel and tourism attracting the highest investments, it adde...