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Walmart Head Visited Flipkart Office to celebrate first Partnership Anniversary

4May By AdityaNo Comments

News

Walmart Head Visited Flipkart Office to celebrate first Partnership Anniversary

President and CEO Walmart International Judith McKenna visited Flipkart to celebrate the first anniversary of the partnership between the two companies, the city-headquartered e-commerce firm said Friday. Judith visited India for an internal business trip from April 30 to May 3, which was a chance for her to interact with Flipkart Group leadership and employees in celebrating the one-year anniversary of the partnership with Walmart, Flipkart said in a release. She was accompanied by Richard Mayfield, CFO Walmart International, and Leigh Hopkins, International Strategy & Business Development Head, it said. Walmart Inc in May last year had announced that it is buying 77 percent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), its biggest deal which will give the ...

Walmart to Purchase Flipkart ESOPs worth $800 Million

20Sep By Gauri SinghNo Comments

ACQUISITION

Walmart to Purchase Flipkart ESOPs worth $800 Million

After the Flipkart-Walmart deal, many steps have been taken by Walmart in favor of the merger. This time the company has planned to purchase from Flipkart employees ESOPs worth nearly $800 million. The worth of Flipkart’s total Esop is about $1.5 billion based on the per-share purchase price. Flipkart announced to its current employees that they will be allowed to liquidate their employee stock ownership plans (ESOPs) at $126-128 a unit, on the basis of the charges applicable. The retail giant Walmart is obligated to purchase 6,242,271 shares from Flipkart’s ESOP pool of 11,947,026 shares. “The ESOP repurchase programme, a yardstick for the industry, is part of our continuing efforts to thank and reward our employees for their service,” a spokesperson for Flipkart said. The employees...

Four Senior Walmart Officials Take Transfer to Flipkart

18Sep By Gauri SinghNo Comments

News

Four Senior Walmart Officials Take Transfer to Flipkart

Soon after the Walmart-Flipkart deal, four senior leaders from the US retail giant have been appointed at the Flipkart Group level. The four senior leaders will make the transfer by October. The executives that are supposed to make the transfer are Walmart's M&A head Emily McNeal, who will join the Flipkart Group as senior vice president and group chief financial officer. Another official that will take a transfer consist of Daniel De La Garza, who has come on board as vice president and chief ethics and compliance officer. Next will be Grant Coad as general counsel and Dawn Ptak as vice president and group controller. “Each of these leaders currently leads crucial charters at Walmart and will bring a wealth of experience to the Flipkart Group,” stated co-founder Binny Bansal. “The...

Soon after the Flipkart Acquisition, Walmart Paid Rs 7,439 Crore Tax

17Sep By Gauri SinghNo Comments

News

Soon after the Flipkart Acquisition, Walmart Paid Rs 7,439 Crore Tax

One of the largest retail player Walmart has reportedly paid Rs 7,439 crore tax on the payments the company made to acquire the shares of 10 major shareholders of Flipkart. Various shareholders of Flipkart including the major ones like SoftBank, Naspers, venture fund Accel Partners and eBay, had sold their holdings to Walmart. On the last date for depositing taxes with the Indian authorities that is on 7th September, Walmart paid Rs 7,439 crore withholding tax on payments made to 10 shareholders of Flipkart. "Of the 44 shareholders in Flipkart who have sold shares, Walmart has deposited taxes for only 10 funds and entities. We have asked Walmart to explain the rationale followed while deducting or not deducting taxes from the shareholders. They have been asked to give a case to case ex...

Paytm Mall Introduces No-cost EMI and Other Services to Expand E-commerce Penetration

21May By Lavina TolaniNo Comments

News

Paytm Mall Introduces No-cost EMI and Other Services to Expand E-commerce Penetration

Paytm Mall, The digital arm of e-commerce giant company Paytm has announced its plans to introduce an umbrella of new services such as no cost EMI, Extended Warranty on products, Device Insurance and Easy Exchange across its online platform as well as offline partner stores. Interestingly, the e-commerce arm of Paytm which received $450 million in funding from Alibaba and SoftBank is disbursing no-cost EMIs price Rs 1,000 crore throughout two million merchandise by the top of the subsequent quarter. In addition, it is partnering with 13 banks and monetary establishments for this transfer. Now with new additions to its portfolio, the company is looking forward to driving 25 % progress in gross income for its companion retail shops and achieve a dominating market share in smartphones a...