Flipkart said it has raised $3.6 bn in capital from few global investors, sovereign funds, PE, and parent Walmart. The current financing will raise its valuation to $37.6 bn, providing it the much financial muscle to battle in India against the giants including Amazon, Tata Digital, Reliance, and Myntra. In the coming year, Flipkart plans to go public in the US. The e-com platform has over 300,000 sellers are on the marketplace of which 60 % are tier 2 cities and beyond.
Digital payment app PhonePe announced partnering up with e-commerce giant Flipkart to enable a pay-on-delivery service. Customers who opt for the COD option will be able to pay digitally through any UPI app. PhonePe’s dynamic QR code solution will enable customers to do so. In December 2020, Flipkart announced a spin-off with PhonePe. The payments app had raised $700 mn funding valuing it at $5.5bn. This project aims to reduce contact and increase digitisation of the country.
The Commerce Ministry of Pakistan has announced that local traders can now sell products on the e-commerce site Amazon. It said this was a milestone of the national e-commerce policy and the result of their consistent engagement with Amazon since Q4 of 2019. This will enable manufacturers to access new market domains. As of now only the names of 38 exporters have been suggested by the ministry of commerce.
Flipkart, the Bengaluru-based e-commerce giant, to raise $1bn at up to $30bn valuation in a pre-IPO financing round. Last year Flipkart’s GMV was impacted due to the nationwide lockdown but still finished Q4 with double the GMV of the full year. As many as 250 mn people shopped in India on the platform during last year’s festival season sales. Flipkart is planning on increasing its grocery delivery services.
Amazon has acquired Perpule, a four-year-old Indian startup helping offline stores to go online. The e-comm firm paid $14.7 mn to acquire the startup in an all-cash deal. Amazon will spend an additional around $5 mn to compensate the employees of Perpule. The startup, which had raised $6.36 mn, provides a mobile payments device to offline retailers for accepting digital payments and help them to have a presence on various mini-app stores — Paytm, PhonePe and Google Pay.
West Bengal based start-up Magitronix EComm is targetting small-town buyers and providing a platform to local electronics shops not able to get into the network of big e-com players. The startup has, recently, received approval from the commerce ministry and will soon start transactions on its portal ‘Ononya.com.’ “We do not have any warehousing facility. Neighbourhood electronics shops will act as sellers,” Magitronix CEO Indrajit Ghosh said.
Amazon India’s Head of Engineering Saurabh Chandra has joined a Nepal-based E-com company Sastodeal as a Board Member. As a board member he will mainly focus on helping the company enable tech strategy and reach a 10 times higher position from its current position. He has 20+ years of experience in companies like Flipkart, Amazon, Myntra and Visa. He has also been a board member for two internet firms, has authored two books and four research papers.
Twitter is coming up with a new way to showcase links to e-com platforms along with tweets. The redesigned tweet card now displays a Shop button, with the description of the product. The firm said the new format could be used for advertisements. The new features have come after Twitter said, it has planned to double its revenue and user base to 315 mn by 2023. Super follow is another new feature that allows users to charge followers for access to additional content.
Cloud computing is a vital cog in every firm’s digital transformation journey. Narsimha Rao, Head of Cloud & Infrastructure Solutions, Infosys said that the benefits of the cloud migration can range from cost, agility, expansion, building, launching new products and solutions. Cloud has enabled the retail sector to move or introduce an e-com omnichannel model. Cloud-based systems helped BFSI to pivot to WFH and quickly upgrade customer-facing software.