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eBay to Relaunch its Operations in India Without Flipkart

10May By Sheldan RungasamyNo Comments

News

eBay to Relaunch its Operations in India Without Flipkart

eBay, the California-based online marketplace announced its decision to terminate its strategic partnership with Indian e-commerce Flipkart in an effort to relaunch eBay India with a differentiated offer to focus on cross-border trade, the company said in a statement released on Wednesday. The announcement comes few hours after reports of the confirmation of the acquisition deal between Flipkart and US-based brick-and-mortar giant Walmart as eBay India sold its shares it bought last year during a funding round of $1.4 billion in partnership with Microsoft and Tencent where the online marketplace poured $500 million in the Indian e-commerce in return for shares. Yesterday, eBay sold all its remaining shares in Flipkart to the deep pocketed Walmart for $1.1 billion. "Following the clos...

Now Its Official! Walmart Acquires 77% of Flipkart for $16 Billion

9May By Sheldan RungasamyNo Comments

ACQUISITION

Now Its Official! Walmart Acquires 77% of Flipkart for $16 Billion

Walmart. Inc has officially acquired Flipkart for $16 billion in a deal that soared the valuation of Indian e-commerce platform to over $20 billion, making it the biggest e-commerce acquisition ever globally. The brick-and-mortar company acquired 77% of the Indian e-tail business. The news was also confirmed by previous Flipkart investor, Softbank CEO, Masayoshi Son who also stated that the Japanese conglomerate sold out the 20% stakes it bought last year for $2.6 Bn at $4 Bn, therefore making a 60% profit on its initial investment. Out of the 50 existing investors in Flipkart, only Tiger Global Management and Tencent are expected to prolong their association with the e-commerce giant. This is also the first time that a US company bought out an entire online platform in India, driven...

How the World Reacts to the Flipkart-Walmart Acquisition Deal

9May By Sheldan RungasamyNo Comments

News

How the World Reacts to the Flipkart-Walmart Acquisition Deal

The Flipkart-Walmart acquisition deal is almost completed and only details are left to be finalized. Walmart CEO Doug Macmillan and other Walmart top executives are reportedly set to reach Indian soil shortly to officially announce the completion of the deal between the brick-and-mortar giant and the Indian e-commerce company. However, while the deal met with some optimistic reaction from users and sellers, it does not make unanimous satisfaction in the country and has hit a few hurdles already with some people looking at the deal with skepticism. Here, we have compiled the best tweets related to the acquisition deal : 1. Selling a business for $15 Bn is quite an achievement though... Walmart to acquire Flipkart for $15b. Most Indian #startups end up bein...

Amazon.in Raises $385.7 Mn Ahead of Price War Against Flipkart-Walmart

9May By Sheldan RungasamyNo Comments

FUNDING

Amazon.in Raises $385.7 Mn Ahead of Price War Against Flipkart-Walmart

Amazon is gearing up for a price war in the wake of confirmations about the Flipkart-Walmart acquisition deal. The American e-commerce giant is set to infuse its funds with fresh capital worth an eye-dropping $385.7 Mn (INR 2,600 Cr) into its Indian unit, Amazon Seller Services to rival Indian arch-enemy Flipkart, according to a Livemint report. Amazon Corporate Holdings and Amazon.com inc. have distributed $385.7 Mn worth of funds in its Indian operations, confirmed by fillings to the corporate affairs ministry. The entry of deep-pocketed Walmart in the Indian e-commerce market is alarming the US digital marketplace giant who bids to expand and strengthen its capital to rival dropping prices that will probably follow the acquisition of Bengaluru-based Flipkart. The report also st...

BigBasket Seeks $500 Mn Funding to Battle American Giants

8May By Sheldan RungasamyNo Comments

News

BigBasket Seeks $500 Mn Funding to Battle American Giants

BigBasket, India’s leading startup in the online grocery market segment is holding talks with its existing investors to raise capital worth $500 million to compete with e-commerce market leaders Amazon and Flipkart (post-Walmart acquisition). BigBasket already raised a colossal $300 million funding led Alibaba Group Holding Ltd and others in February and are now beginning negotiations to raise between $300 to $500 million from the Chinese conglomerate and new investors, according to three anonymous sources close to the company. Although BigBasket is also holding talks with new investors, the sources believe that most of funds will be raised entirely from existing investors and majorly Alibaba. BigBasket is not in need of any additional funds right now, but it wants to be prepared ...

Sachin Bansal, Co-Founder of Flipkart Will Leave Post Walmart Acquisition

8May By Sheldan RungasamyNo Comments

News

Sachin Bansal, Co-Founder of Flipkart Will Leave Post Walmart Acquisition

Sachin Bansal, Executive Chairman and co-founder of Flipkart is set to sell his entire 5.5% stake of his company to American brick-and-mortar giant Walmart as the acquisition of India’s largest tech company seems imminent. Three people close to the company reported the news which was subsequently shared on various platform. Indeed, Sachin Bansal might be living his last days at the company he co-founder and grew to reach the homes of almost every Indian as Walmart prepares its $12-15 billion bid to acquire the e-commerce business valued to be worth $20 billion. The 5.5% stake he stills owns in the company will be sold for a reported $1 billion, making him an instant billionaire. Sources close to the company suggested that Sachin was “not aligned with the strategy and operating struct...

5May By Sheldan RungasamyNo Comments

News

Flipkart to Provide ‘Complete Mobile Protection’ For Rs 49 per year

Flipkart is launching its very own servicing subscription programme along with the sale launch of the Asus Zenfone Max Pro M1, which went on sale at noon on Thursday and was sold out within minutes. The servicing subscription programme is currently available for the Asus smartphone currently but the leading e-commerce platform intends expand this service to all smartphones it sells on its platform in the next three months. Despite growing reports of Walmart set to acquire the Bengaluru-headquartered Flipkart, the company is not letting the deal blind it from its other priorities. Especially since the company’s big sale season, beginning with the Big Billion Day Sale, starting 1 October is only five months away and preparations seem to have already begun with what Flipkart is calling a ‘...

Flipkart Sell 75% stake to Walmart for $15 Billion

4May By Sheldan RungasamyNo Comments

ACQUISITION

Flipkart Sell 75% stake to Walmart for $15 Billion

Flipkart, the Indian e-commerce giant came to terms with American brick-and-mortar mammoth, Walmart, to sell an equity stake of about 75% for $15 billion, according to a report from Bloomberg which cited anonymous sources. SoftBank, the Japanese multinational conglomerate holding company that holds 20% stake in the e-commerce business agreed to sell its shares of the company to the American firm. Bloomberg added that Google’s parent company Alphabet Inc is also participating alongside Walmart in this deal. Terms are still being negotiated and the deal can even fall apart at any moment, Bloomberg reported. However, the deal is expected to close within the next 10 days. None of the companies agreed to comment on the matter. Earlier this week, Indian TV channel CNBC-TV18 reported ...

$20 Billion Indian E-commerce Acquisition Deal Reaches Final Stage

13Apr By Sheldan RungasamyNo Comments

News

$20 Billion Indian E-commerce Acquisition Deal Reaches Final Stage

Walmart, the American retail guru is keen to buy stakes in Indian e-commerce company, Flipkart and the rumors circulating suggest that the Indian firm would boast a valuation of $20 billion once the deal is completed. Anonymous sources close to the company suggested that Walmart is set to buy out the shares of Flipkart and the stakes of its investors as well. The deal is yet to reach a conclusion and the details are still in negotiations. The deal will most probably be paid in tranches and will include the purchase of primary and secondary shares, said one of the sources. Flipkart’s early investors such as Tiger Global look will most likely leave the company following the deal. Flipkart raised several funds last year, notably from eBay, Tencent Holdings and Microsoft Corp but the ...

15Mar By Sheldan RungasamyNo Comments

News

Walmart Planning Flipkart Takeover

Walmart Stores Inc. is set to become Flipkart’s largest shareholder as negotiations are being finalized. Walmart could buy around 20-26% stakes in the Indian company and improve its shareholding rights to 51% in tranches, according to reports. India’s biggest online retail company, Flipkart is luring the world’s largest brick-and-mortar retailer in its ranks before yet another face-off against American retailer Amazon in the India e-commerce market. The American retail giant might invest $10-12 billion for the entire stake purchase in a deal that will include the acquisition of shares owned by existing investors with the likes of Softbank, the Japanese telecom and internet giant, according to two anonymous sources close to the company. “The primary investment will be between $1-2 Bn,...

Walmart Interested In Investing in Indian E-commerce Giant Flipkart

9Feb By PriyankaNo Comments

News

Walmart Interested In Investing in Indian E-commerce Giant Flipkart

American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores- Walmart is actively looking to invest in Indian e-commerce giant Flipkart and is willing to pay billions for as much as 20 percent stake. Walmart is the world's biggest retailer and if it invested in the Indian unicorn, it is expected that it may increase Flipkart's valuation to as much as $20 billion, which as per the researcher CB Insights is currently $12 billion. It is also mentioned by the source Bloomberg that the talks are in advanced stage, but the terms could still change and the deal may not be finalized. “Walmart will make Flipkart a stronger rival to Amazon,” said Arvind Singhal, chairman of the New Delhi-based retail consultancy Technopak Advi...

Walmart Looking to Buy Stakes in Flipkart

31Jan By NitishNo Comments

News

Walmart Looking to Buy Stakes in Flipkart

Walmart may acquire a 15-20% stake in Flipkart, allowing them to combine synergies to compete with Amazon in India. US leading retail store chain WalMart is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, Indian financial daily the Economic Times reported on Tuesday. Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc's main competitor in India, the newspaper said, citing two anonymous sources. A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added. “We don’t comment on rumours and speculation,” Walmart spokesman Randy Hargrove told Reuters via email. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours...