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Tag: Flipkart (page 1 of 2)

Flipkart Wholesale app clocks 75% MoM growth in customer base

Flipkart’s Wholesale app registered a 75% MoM growth in customer base and posted 90% MoM in transactions since September launch. The app currently offers fashion products including clothing, footwear and accessories to retailers across 23 cities. It recently added the grocery category in NCR. The e-commerce company added that 20% of customers on Flipkart Wholesale are from tier 2 or tier 3 cities.

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PhonePe raises Rs 150 cr from owner Flipkart

Digital payment platform PhonePe has raised Rs 150 cr from majority stake owner Flipkart, days after it was hived off as an independent company from the e-commerce marketplace, which had acquired it in 2016. This has come days after PhonePe raised $700 mn in a round led by Flipkart owner, Walmart, at a valuation of $5.5 bn. PhonePe currently has over 250 mn registered users in India and is a completion to Google Pay, Paytm, Facebook.

Walmart’s Asia CEO Dirk Van den Berghe quits

Walmart’s CEO for the Asia region – Dirk Van den Berghe has quit and likely to step down from the Flipkart’s board also. This has come at a time when Flipkart is planning to go public next year, at a valuation of $50 bn. Berghe joined Walmart in 2014 as CEO of the Canada region, and also served as the chief executive of Walmart China. In his latest stint, he led Walmart’s Asia region and was part of the team that led the $16 bn investment in Flipkart in 2018.

Flipkart, PhonePe have space for other investors, IPO: Walmart CEO

Flipkart and PhonePe have space for other investors and can even go for stock market listings, said Walmart CEO Doug McMillon. McMillon, however, did not share details but said both Flipkart and PhonePe could diversify in a number of ways, including IPOs. Walmart bought around 77% of Flipkart for roughly $16 bn in 2018. Bengaluru based Flipkart, was earlier reported, to preparing for an IPO overseas in the year 2021, which could value the firm at up to $50 bn.

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Flipkart co-founder Binny Bansal to join PhonePe board

Flipkart co-founder Binny Bansal will join PhonePe’s board of directors, as it separates from parent Flipkart to become independent. PhonePe co-founders Sameer Nigam, Rahul Chari, Rohit Bhagat and two other independent directors from Walmart will be also on the board. Bansal in Nov 2018 had resigned from Flipkart following an internal investigation into an allegation of “serious personal misconduct”. He has now co-founded startup consultancy xto10x Technologies.

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PhonePe raises $700 mn at $ 5.5 bn valuation, becomes a separate entity

PhonePe is “partially” spinning off to kick off a new journey after it has secured $700 mn in a new financing round. The partial spin-off means that Flipkart’s stake in PhonePe will reduce from 100% to 87%. However, the “two businesses will retain their close collaboration.” The round was led by Walmart with participation from some existing investors gave PhonePe a post-money valuation of $5.5 bn. PhonePe has amassed over 100 mn monthly active users.

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Flipkart acquires AR startup to enhance shopping experience

Flipkart will acquire 100% stake of Scapic to accelerate its efforts to enhance the visual experience, camera experiences and new opportunities for brand advertisements. Scapic is a cloud-based platform engaged in creating and publishing 3D contents for e-commerce and marketing. The deal will enhance the shopping experience on Flipkart, Myntra, and social commerce platform 2GUD by providing rich user experience and easy navigation to customers by better visuals.

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Lendingkart Group appoints senior Flipkart exec as CTO

Fintech start-up Lendingkart has appointed Giridhar Yasa as a CTO. Yasa has spent five years with Flipkart as a Principal Architect. Yasa, with over two decades of experience, has a deep understanding of cloud architectures, large scale distributed systems, networking, virtualisation, storage software, and security. His previous stints were in NetApp, Debian, UbiNetics India and Hughes Software. Lendingkart, founded in 2014, provides short term loans to SME borrowers.

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Flipkart to acquire a 7.8% stake in Aditya Birla Fashion

Flipkart will buy a 7.8% stake in Aditya Birla Fashion and Retail for Rs 1500 cr.  It will give the e-comm company a bigger foothold in its battle against rival Amazon.com and Reliance retail in the country’s fast-growing online market. The deal will help Flipkart and its subsidiary Myntra to add more merchandise from international brands — Forever 21, American Eagle Outfitters and Ralph Lauren, etc — which Birla group has a license to sell in India.

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