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Finally Walmart Completed $16 Billion Flipkart Deal

19Aug By AnkitaNo Comments

News

Finally Walmart Completed $16 Billion Flipkart Deal

US-based retail giant Walmart has now completed the deal with Flipkart to hold its 77 percent stake. After the closure, Flipkart's future financial activities will be reported by Walmart International Business. Besides the acquisition part, Walmart also infused USD 2 billion of equity funding in Flipkart business. In the press release company said, "With the completion of the investment, Walmart now holds approximately 77 per cent of Flipkart. The remainder of the business is held by other shareholders, including Flipkart co-founder Binny Bansal, Tencent, Tiger Global and Microsoft Corp,". It added that Flipkart's existing management team will continue to lead the business. "Our investment will benefit India by providing quality, affordable goods for customers, while creating new...

Walmart Plans on Hiring 1,000 Employees for Technology in India

6Aug By Gauri SinghNo Comments

News

Walmart Plans on Hiring 1,000 Employees for Technology in India

The multinational retail corporation Walmart has planned to hire around 1,000 employees for the technology space in India. The world’s largest retail company is lately focusing on technology to give a tough competition to the other predominant e-commerce players including Amazon. At present, the company has its technology operations in Bengaluru and Gurgaon where it has about 1,800 employees. Now, Walmart is looking to expand the headcount and drive more product ownership out of India. “One of things: we are doing a lot different. We have Walmart Labs, which is e-commerce. You have My Group which is global business services. We are trying to be more product-oriented. We have taken whole projects and moved them over to drive the Indian ownership of the product. We think that is helping ...

Walmart Plans to Offer 30,000 Jobs in Uttar Pradesh

28Jul By Gauri SinghNo Comments

News

Walmart Plans to Offer 30,000 Jobs in Uttar Pradesh

The multinational retail corporation Walmart is seeing Uttar Pradesh as a major source of recruitment. The company is seeking to offer at least 30,000 local jobs by setting up 15 stores in the state. Walmart India at present operates four Cash and Carry stores in UP and had recently launched a fulfillment center (FC) in Lucknow, which offered 1,500 fresh skilled jobs. "Each store is likely to create 2,000 direct and indirect jobs, thereby generating at least 30,000 local jobs in the state," said Rajneesh Kumar, Chief Corporate Affairs Officer who represented Walmart India in the Investment Summit. Earlier this year, during the UP Investment Summit, Walmart India signed a memorandum of understanding (MoU) with the state government to launch 15 wholesale Cash and Carry stores. According...

Walmart to Launch 30 Stores In Next 3 Years In India

23Jul By AnkitaNo Comments

News

Walmart to Launch 30 Stores In Next 3 Years In India

US-based multinational retailing corporation Walmart is planning to open nearly 30 new wholesale cash-and-carry stores in the next three years in India, basically in Uttar Pradesh (UP) and Uttarakhand, mentioned by the top company official. Walmart India, the wholly owned subsidiary of Walmart Inc, has inaugurated its second B2B fulfilment centre (FC) in Lucknow. It is set to accelerate the growth of its store network in the country. Walmart India President and CEO Krish Iyer mentioned that “We would launch two stores this year, eight stores next year and 10 stores a year after that, Walmart has plans to add 50 stores in the next five to seven years." Besides, the company has a signed memorandum of understanding (MoU) with the government of UP to have 15 stores in the next few yea...

Amazon India Offers Cashback to Customers Celebrating Wallet Success

7Jun By Lavina TolaniNo Comments

News

Amazon India Offers Cashback to Customers Celebrating Wallet Success

E-commerce giant Amazon is loading cash to its digital wallet for customers in India as it is actively pushing to deepen its footprint in the country battling competition from rivals-Alibaba and Walmart. A letter dated June 5 issued to customers, which also marked the fifth anniversary of launch in India, Jeff Bezos, Amazon founder offered a cashback of Rs 250 to be paid into Amazon pay wallets for customers who shopped online for goods worth Rs 1000 on Wednesday. It is interesting to note that the US retail giant has reported a 126% growth in transactions and 68% growth in unique users in its Indian business operations. Amazon has invested Rs. 700 crore in its Indian digital payment business since 2016 as it is looking forward to boosting its e-wallet and bring in new innovations...

Ajim Premji to Invest $250 Mn in Future Group, Amazon in talks with Biyani

6Jun By Lavina TolaniNo Comments

BUSINESS

Ajim Premji to Invest $250 Mn in Future Group, Amazon in talks with Biyani

Premji Invest, the family office of Wipro Head Ajim Premji is eyeing to invest $250 million in the holding company of Kishore Biyani's Future Group. According to a report published in leading daily, Premji invest can pick up 6 percent stake sale in Future Retail at a time when the market is already buzzing discussions over Amazon to pick up a 10% stake in brick and mortar retailer. Kishore Biyani's move to shore up funds has come at a time when US giant Walmart has taken a huge bet on India by investing $16 billion in homegrown e-commerce startup Flipkart valued at $21 billion. It is crucial to note that PremjiInvest had earlier bought 8 per cent stake the group's branded apparel chain in Future Lifestyle Fashions, however, it had half of its stake to private equity fund L Catterton ...

Walmart Sells 80% Stake in its Brazilian Business

5Jun By Gauri SinghNo Comments

USA

Walmart Sells 80% Stake in its Brazilian Business

The American Multinational Retail Corporation Walmart Inc. has announced to sell the majority of its stake that is 80% stake in its Brazilian business operations to a private equity company Advent International Corp. decreasing its existence in countries where it is battling and struggling for profitability. Walmart is a US-based retail company which is the world’s largest firm in terms of revenue generation. The company is now on the tracks of exploring and expanding overseas by selling assets in lower-growth markets and investing in high-profit opportunities like India and China. Walmart expects to keep a 20% stake but, the terms and financial details of the deal have not been revealed as of now. The retail company, however, has expressed an expectation of recording a non-cash net ...

4Jun By Lavina TolaniNo Comments

BUSINESS

Walmart India To Scale up Kirana Store Business post Flipkart Deal

US-based giant, Walmart is gearing up to scale its "Mera Kirana Programme" and make it part of its main business in India while opening up new fulfilment centre to expand its foothold in the country. Notably, the e-retailer has been piloting the Mera Kirana Programme from last four years and now wants to include it in its mainstream business. The programme helps small grocery stores modernise. Moreover, as per the sources, the company is also looking forward to opening a "dark store" or warehouse, in Lucknow over the next month or so. Mera Kirana is focused on creating zones in the Best Price Wholesale stores which resemble a modern kirana store. It is a kind of model for mom-and-pop (kirana) store owners to replicate when it comes to assortment and placement. Rajneesh Kumar, Chie...

1Jun By Gauri SinghNo Comments

BUSINESS

Amazon India Unit Suffers Heavy Losses

Amazon Seller Services, the Indian unit of US e-commerce retailer Amazon has witnessed a growth in their losses by 31% in the financial year 2016-17 reaching up to Rs. 4,830.6 crore. This is because of the exaggerated investments in the country in order to fight against its competitor, Flipkart. The Amazon Seller Services handles and operates a marketplace that assists the sellers to sell their products online in India and globally as well. Though due to investments, the company suffered losses, the revenue from the sales saw a rise of 43%, from Rs 2,276 crore in 2016 to Rs 3,256.6 crore in the year ended March 2017. In 2015-16, the Bengaluru-based unit suffered a net loss of Rs 3,679.9 crore. Where the competitor company Flipkart succeeded in lowering its losses to Rs 1,638.6 crore ...

Income Tax Department Begins Flipkart-Walmart Deal Audit

31May By Lavina TolaniNo Comments

News

Income Tax Department Begins Flipkart-Walmart Deal Audit

The biggest acquisition in e-commerce that shook up the world-the Flipkart-Walmart is now being examined by the Income Tax departments in India where the tax body has sent queries to Flipkart-Walmart regarding the $16 Bn worth deal. While Flipkart has responded to the details of the acquisition, Walmart's explanation is still awaited. The acquisition deal was sealed earlier on 9 May where Walmart bought 77% stake in Flipkart for a whopping $16 billion. Prior to the official deal announcement, Income tax authorities had asked Flipkart to furnish the details of the transaction to examine the tax implications of the transaction for the government. It is important to note that transaction details are crucial for the income tax department to ascertain tax liability since many investors...

Softbank Finally Agrees to Pay $600 Million to Indian Government, Sold Flipkart Stakes to Walmart

22May By Sheldan RungasamyNo Comments

BUSINESS

Softbank Finally Agrees to Pay $600 Million to Indian Government, Sold Flipkart Stakes to Walmart

Softbank is finally putting an end to the months of speculations over his future with Flipkart post the Walmart acquisition deal. The Japanese conglomerate has now agreed to sell its 23.6% stake in Indian e-commerce major Flipkart to its new owners, Walmart for around $4 Bn. Several reports varied over the future of Masayoshi Son’s investment firm in the e-commerce giant despite the billionaire CEO unintentionally confirming the acquisition deal on May 9. In fact, the Japan-based company was still analyzing and examining the option of whether or not staying in Flipkart. The reason for this indecision was mainly motivated by the large amount of tax that Softbank would be subject to for leaving a company in such a short term. Softbank acquired 23.6% stakes in Flipkart last year for an ...

Walmart Approaches CCI For Approval Over Flipkart Acquisition

20May By Lavina TolaniNo Comments

News

Walmart Approaches CCI For Approval Over Flipkart Acquisition

After acquiring Indian e-commerce unicorn Flipkart, US giant Walmart Inc. has finally sought approval of India's Anti-Trust Regulator for its mega $16 billion acquisition. According to a Regulatory Filing sent to Competition Commission of India (CCI), Walmart has said that its buyout of Flipkart does not result in competition concerns as the broader retail market in India remains unaffected by the deal. Walmart has reported CCI that Flipkart is a Singapore based entity and the deal has been done through its subsidiary Walmart International Holdings. Moreover, Since Flipkart India is primarily engaged in the business of wholesale cash and carry goods, its acquisition will only affect B2B markets, Walmart added. Notably, Walmart has been facing resistance by tough regulations that p...