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Tag: Flipkart (page 1 of 4)

Flipkart creates upto 1.15L seasonal jobs, adds 66 warehouses, sortation centres

Flipkart, gearing up for the festival season, said it had added up to 66 warehouses and sortation centers, creating 1.15L seasonal jobs in the process during the last few months. The company has also strengthened its delivery routes, adding over 100 delivery hubs, in its preparation for the upcoming Big Billion Days event. Flipkart now has over 100 full-scale facilities across the country, with over 2600 delivery hubs.

Catamaran, Amazon joint venture to end

Prione Business Services, in which Catamaran has a 76% stake, and Amazon will not continue their seven-year-long JV after it comes to an end in May next year. The two partners, in a statement, announced they have mutually decided to not continue their JV beyond the end of this current term. The announcement comes hours after the Supreme Court refused to halt the Antitrust probes against Amazon and Flipkart.

Supreme Court of India says Amazon, Walmart’s Flipkart must face antitrust probe

In a blow to the e-comm giants, SC on Monday ruled that Amazon and Flipkart must face antitrust probes against them. The Competition Commission of India ordered the probes last year for allegedly promoting select sellers on their platforms. The companies deny any wrongdoing and said the CCI did not have enough evidence to pursue the matter. However, both the companies agreed to comply with the CCI investigation after SC’s ruling.

Flipkart raises $3.6 bn at a valuation of $37.6 bn

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.

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PhonePe and Flipkart join hands to digitise COD payments

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.

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Abu Dhabi’s ADQ may invest $500 mn in India’s Flipkart: Reports 

ADQ, the sovereign wealth fund of Abu Dhabi, is in talks to invest $500 mn in India’s e-commerce platform Flipkart. The fundraising, according to insiders, will happen ahead of the Walmart-owned platform’s mega IPO in 2022. Flipkart is looking to raise at least $3 bn from SoftBank Group, Singapore’s GIC, and Canada Pension Plan Investment Board and may decide to raise as much as $3.75 bn due to strong investors demand, according to the news reports.

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Cybersecurity experts ask Flipkart users to change password to avoid frauds

Independent cybersecurity expert Rajashekhar Rajaharia has asked users to change their Flipkart account passwords. This is after an unauthorised transaction from a Flipkart user account, which had kept similar login and password on BigBasket, which was leaked online. Hackers are selling email and password combinations of Flipkart data. Rajaharia has urged users to make 2FA mandatory to prevent anyone from accessing their account.

Flipkart to raise over $1bn before IPO

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.

Flipkart to exempt traders from storage fee, cover insurance

Flipkart said it will waive off the money paid by sellers that use Flipkart warehouses and cancelation fee. It will also cover the hospitalisation and consultation fees for traders between INR 50,00 to INR 300,000. To maintain relationships with almost 300,000 traders, Flipkart will also increase the window for seller protection funds to 30 days. Flipkart is making efforts to make capital easily available to traders during these challenging times.

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