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.
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, 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 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.
Flipkart and Adani Group join hands to build a Tier 4 data centre and 534,000 sq. ft. fulfilment centre. The centre will be set up at the Adani Logistics hub in Mumbai and will be operational in the Q3 of 2022. It will house 10 mn units of sellers’ inventory and offer direct employment to about 2,500 people. The data centre will be built at AdaniConnecX’s facility in Chennai. AdaniConnecX is a 50:50 joint venture of Adani Enterprises and EdgeConneX.
Godrej & Boyce has appointed Ambarish Singh as a CISO. Singh, in his new role, Singh will head the cybersecurity and risk management of the manufacturing firm. He had served Flipkart for over five years as a Senior Manager-Information Security. In the past, he served the Indian Navy for over two decades and retired as an Associate Director. Singh holds a Master’s degree in Cyber Security & Cyber Law and an MBA in IT.
Flipkart had extended the Voice Search feature from grocery service to its e-com platform in both English and Hindi languages. The company said the objective was to help new users understand who are mostly from non-metro/tier 1 cities. For sellers, the functionality will allow them to make in-roads to a larger market. It has deployed multiple capabilities such as Automatic Speech Recognition, NLP, and Text-to-Speech for Indian languages etc.
Flipkart changed top management ahead of IPO planed at end of 2021. Hemant Badri has been appointed as senior VP, Supply Chain Ops while Amitesh Jha, who previously headed supply chains of Flipkart and Myntra will look after category design operations and Marketing, Merchandising & Monetization. Ranjith Boyanapalli, Head of the fintech group, will take up the additional charge of customer experience, marketplace and Liquidation Team.
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.