Flipkart partially spins off PhonePe, Binny Bansal to join board of fintech co
4 years ago

Flipkart partially spins off PhonePe, Binny Bansal to join board of fintech co

India TV News  

E-commerce major Flipkart on Thursday announced a "partial spin-off" of PhonePe as the digital payment firm raises USD 700 million in funding, valuing it at USD 5.5 billion. In this financing round, PhonePe is raising USD 700 million in primary capital at a post-money valuation of USD 5.5 billion from existing Flipkart investors, led by Walmart, a statement said. Flipkart, in its statement, said recognising the momentum that has been achieved, as well as PhonePe's significant growth potential, its board had determined that "this was the right time to partially spin-off PhonePe so it can access dedicated capital to fund its long-term ambitions over the next three to four years". It attributed this growth to various factors including strong results of Flipkart and PhonePe that saw "all-time high" monthly active users.

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History of this topic

Flipkart Mafia-backed quick commerce startup FirstClub eyes top 10% Indians, gets $8 mn funding boost
1 week, 4 days ago

Flipkart Mafia-backed quick commerce startup FirstClub eyes top 10% Indians, gets $8 mn funding boost

Live Mint  

Former Flipkart executives-run e-commerce omnichannel retailer FirstClub aims to tap into the top 10 per cent of India's population, people with annual household income above ₹15 lakh, amid the e-commerce industry boom, Moneycontrol reported on Thursday, December 12. The company's founder, Ayyappan R, told the news portal that the platform will be for people who do not mind paying more …

Flipkart's co-founder Binny Bansal steps down from board of PhonePe
1 month ago

Flipkart's co-founder Binny Bansal steps down from board of PhonePe

India TV News  

New Delhi: Flipkart's co-founder Binny Bansal has stepped down from the board of PhonePe, the fintech company said on Friday. "PhonePe also announced that Flipkart's co-founder, Binny Bansal has stepped down from its Board of Directors. Commenting on the board rejig, Sameer Nigam, CEO and Founder of PhonePe said, "I would like to express my heartfelt gratitude to Binny Bansal …

Quick Battle: Flipkart Rivals BlinkIt And Zepto With 10-Minute Delivery Of Grocery And Smartphones
4 months, 2 weeks ago

Quick Battle: Flipkart Rivals BlinkIt And Zepto With 10-Minute Delivery Of Grocery And Smartphones

News 18  

The quick commerce battle in India is getting a big player in the form of Flipkart which is ready to compete with Swiggy’s Instamart, BlinkIt and Zepto in the market. Reports this week claim that Flipkart Minutes is being piloted in select parts of Bengaluru, its home region, before it gets a wider roll out in the coming months. However, …

PhonePe and Flipkart IPO may come in two years, Walmart executive says
6 months, 2 weeks ago

PhonePe and Flipkart IPO may come in two years, Walmart executive says

Hindustan Times  

PhonePe and Flipkart IPOs may come in two years, with PhonePe’s IPO likely coming before that of Flipkart, according to a Reuters report. PhonePe has a market share of 51% in India's digital payments ecosystem "This is something we're looking at over the next couple of years,” Walmart’s executive vice president for corporate affairs, Dan Bartlett, told Reuters on the …

Paytm's former employees are now running 22 startups worth over ₹10,000 crore: Report
9 months ago

Paytm's former employees are now running 22 startups worth over ₹10,000 crore: Report

Hindustan Times  

Paytm employees, who quit the fintech major to launch 22 startups over the years, have hit a collective valuation of ₹10,668 crore, according to a report from Private Circle. The group includes Pocket FM, co-founded by Rohan Nayak, former product manager at Paytm; Park+, founded by Amit Lakhotia, former business head of Paytm wallet and gold loan platform Indiagold, founded …

Flipkart valuation declines over ₹41,000 crore in two years: Major reasons why
9 months ago

Flipkart valuation declines over ₹41,000 crore in two years: Major reasons why

Hindustan Times  

Flipkart's valuation has declined by $5 billion or around ₹41,000 crore as of January 2024 compared to January 2022, as per equity transactions carried out by its US-based parent firm Walmart. The company's ownership of Flipkart increased from approximately 75 per cent as of January 31, 2023, to approximately 85 per cent as of January 31, 2024.” Flipkart valuation: A …

Flipkart valuation declines by over Rs 41,000 cr in two years
9 months, 1 week ago

Flipkart valuation declines by over Rs 41,000 cr in two years

New Indian Express  

NEW DELHI: E-commerce firm Flipkart's valuation has declined by USD 5 billion or around Rs 41,000 crore as of January 2024 compared to that in January 2022, according to equity transactions carried out by its US-based parent firm Walmart. The valuation of the e-commerce firm declined to USD 35 billion as of January 31, 2024, from USD 40 billion in …

‘Company in capable hands’: Binny Bansal steps down from Flipkart board
10 months, 3 weeks ago

‘Company in capable hands’: Binny Bansal steps down from Flipkart board

Hindustan Times  

Binny Bansal is exiting the board of Flipkart, the e-commerce firm founded by him and Sachin Bansal in 2007, he announced on Saturday, ending his association with the Bengaluru-headquartered company, which was acquired by Walmart in May 2018 for $16 billion. Binny Bansal "I am proud of the Flipkart Group's achievements over the past 16 years. Flipkart on Binny Bansal's …

Binny Bansal resigns from Flipkart board, to start new e-commerce venture: Report
10 months, 3 weeks ago

Binny Bansal resigns from Flipkart board, to start new e-commerce venture: Report

India TV News  

Binny Bansal, the co-founder of Flipkart, has officially resigned from the board of the e-commerce giant after recently selling his remaining stake in the startup. His departure follows earlier reports indicating his intention to re-enter the e-commerce space, following in the footsteps of his co-founder, Sachin Bansal, who left Flipkart a few years ago to pursue a fintech venture called …

Flipkart, Swiggy to cut jobs as part of restructuring
10 months, 4 weeks ago

Flipkart, Swiggy to cut jobs as part of restructuring

New Indian Express  

BENGALURU: Both Flipkart and Swiggy are reportedly letting go of 1,000 and 400 employees, respectively, as part of their restructuring exercise. Though mails to both the companies did not elicit any response, sources said Flipkart will let go of a few employees as part of its annual restructuring and that the number is not yet fixed. Flipkart had previously imposed …

Swiggy, Flipkart to trim workforce ahead of IPOs
10 months, 4 weeks ago

Swiggy, Flipkart to trim workforce ahead of IPOs

Live Mint  

The move is likely to impact around 1,400 executives across both the companies Benguluru: IPO-bound startups Swiggy and Flipkart are expected to lay off employees over the next few months, a move likely to impact around 1,400 executives across both the companies, two people aware of the matter told Mint, asking to remain anonymous. {{^adFree}} {{/adFree}} Walmart-owned ecommerce platform Flipkart …

Flipkart’s ‘Pay Later’ doubles customer base to over 6 million in 7 months
2 years, 7 months ago

Flipkart’s ‘Pay Later’ doubles customer base to over 6 million in 7 months

The Hindu  

Flipkart, a homegrown e-commerce marketplace, said it has witnessed a strong customer adoption of its 'Pay Later' facility with a user base doubling to over six million in the last seven months. Dheeraj Aneja, SVP & Head – Fintech and Payments Group, Flipkart, said, “As per research, the Buy Now Pay Later market will grow 10x over the next five …

Flipkart forays into healthcare sector with Flipkart Health+, to acquire majority share in Sastasundar
3 years, 1 month ago

Flipkart forays into healthcare sector with Flipkart Health+, to acquire majority share in Sastasundar

India TV News  

Domestic e-commerce platform Flipkart on Friday announced its foray into the healthcare sector through the launch of Flipkart Health+, to provide consumers access to affordable and convenient healthcare. As part of this development, the Flipkart Group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace, which owns and operates SastaSundar.com, an online pharmacy and digital healthcare platform, …

Flipkart launches ‘Flipkart Xtra’ to onboard part-time job seekers, aims to create over 4,000 jobs
3 years, 3 months ago

Flipkart launches ‘Flipkart Xtra’ to onboard part-time job seekers, aims to create over 4,000 jobs

India TV News  

Walmart-owned Flipkart on Wednesday said it is introducing a separate marketplace model 'Flipkart Xtra' to offer flexible earning opportunities to individuals, service agencies and technicians. The new platform will help bolster Flipkart's supply chain to ensure seamless and faster delivery of shipments and service to consumers across India while creating part-time opportunities for individuals, it added. The launch, which comes …

'Flipkart Boost' Programme Launched To Help Digital-First Consumer Brands Grow
3 years, 3 months ago

'Flipkart Boost' Programme Launched To Help Digital-First Consumer Brands Grow

News 18  

Walmart-owned Flipkart on Tuesday launched ‘Flipkart Boost’, a new programme aimed at helping digital-first consumer brands to grow their business. Through a service fee model, Flipkart Boost will provide end-to-end support covering planning, advertising, cataloguing, logistics, quality control and mentoring to emerging ‘Made in India’ brands, a statement said. The Flipkart Boost programme will shortlist brands based on a set …

Flipkart Wholesale brings in credit programme for kiranas, retailers to boost business
3 years, 3 months ago

Flipkart Wholesale brings in credit programme for kiranas, retailers to boost business

India TV News  

Flipkart Wholesale, the digital B2B marketplace of the Walmart-owned company, on Tuesday announced a new credit programme to help kiranas manage their working capital requirements and grow their business. Flipkart Wholesale's credit offerings, including 'Easy Credit' in partnership with IDFC FIRST Bank, are in line with a series of initiatives undertaken to solve local pain points of kiranas in the …

Flipkart’s B2B arm aims to triple reach by year-end
3 years, 4 months ago

Flipkart’s B2B arm aims to triple reach by year-end

Live Mint  

E-commerce major Flipkart group’s business-to-business marketplace Flipkart Wholesale said on Thursday it will triple its reach by July-December 2021, following which the marketplace will serve kirana stores in 2,700 cities across the country. The company said it will be grow its supplier base by 58% in 2021, having seen its kirana customer base rise 17% year-on-year during January-June 2021, it …

Walmart-Owned Flipkart Raises USD 3.6 Billion In Funding, Now Values At 37.6 Billion
3 years, 5 months ago

Walmart-Owned Flipkart Raises USD 3.6 Billion In Funding, Now Values At 37.6 Billion

ABP News  

Mumbai: Walmart-owned Flipkart has raised $3.6 billion in the new caption from its promoters and investors, SoftBank Group Corp, valuing the e-commerce firm at $37.6 billion, more than double the amount, for which US retail giant bought a 77 percent stake in 2018. The investors in the latest funding include financial investors GIC, Canada Pension Plan Investment Board, SoftBank Vision …

Flipkart raises USD 3.6 billion from GIC, SoftBank, Walmart, others; valuation hits USD 37.6 billion
3 years, 5 months ago

Flipkart raises USD 3.6 billion from GIC, SoftBank, Walmart, others; valuation hits USD 37.6 billion

India TV News  

Flipkart Group on Monday said it has raised USD 3.6 billion in funding led by GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at USD 37.6 billion. The current funding round has The investment values the Group at USD 37.6 billion post-money, Flipkart said in a statement. As we serve our consumers, …

SoftBank looks to invest $700 million in Flipkart
3 years, 6 months ago

SoftBank looks to invest $700 million in Flipkart

Hindustan Times  

SoftBank Group Corp. is in talks with Flipkart to invest $700 million in the internet retailer, three years after it sold its entire stake in the company to Walmart Inc., two people aware of the development said. The proposed investment in Flipkart from SoftBank’s Vision Fund 2 is part of a $1.2-1.5 billion funding round, the people said on condition …

PhonePe raises Rs 150 crore from majority stakeholder Flipkart bringing its valuation to $5.5 billion
4 years ago

PhonePe raises Rs 150 crore from majority stakeholder Flipkart bringing its valuation to $5.5 billion

Firstpost  

PhonePe currently has over 250 million registered users and competes with the likes of Paytm, GooglePay and WhatsApp Payments. PhonePe Private Limited has received Rs 150 crore fund infusion from Singapore parent PhonePe Private Limited, according to documents sourced from business information platform Tofler. According to regulatory filings on Accounting and Corporate Regulatory Authority, Singapore, accessed by livemint, this is …

PhonePe raises $700 million in a new funding round led by Walmart, becomes a separate entity
4 years ago

PhonePe raises $700 million in a new funding round led by Walmart, becomes a separate entity

Firstpost  

PhonePe, owned by Walmart-backed Flipkart, is “partially” spinning off, the Bangalore-based financial services firm said on 3 December 2020. The new round gave PhonePe, which was founded by three former Flipkart employees, a post-money valuation of $5.5 billion. This partial spin-off gives PhonePe access to dedicated long-term capital to pursue our vision of providing financial inclusion to a billion Indians.‘’ …

Flipkart Big Billion Days Sale 2020 achieves 10 times growth as compared to last year
4 years, 2 months ago

Flipkart Big Billion Days Sale 2020 achieves 10 times growth as compared to last year

India TV News  

Flipkart, on Wednesday, said that it delivered 1 crore shipments in the first five days of its Big Billion Day sale which is a massive 10 times growth compared to the last BBD when only 10 lakh deliveries were made by the e-commerce marketplace in the same period. In cheer for MSMEs, over 66.6 crore visits were recorded during the …

Flipkart partners Paytm for The Big Billion Days sale
4 years, 2 months ago

Flipkart partners Paytm for The Big Billion Days sale

Live Mint  

Walmart-owned Flipkart on Monday said it has partnered with fintech major Paytm to provide customers a slew of offers and benefits during its festive season sale. "This partnership will enable millions of Paytm users to conveniently pay through their Paytm Wallet and Paytm UPI while shopping on Flipkart during The Big Billion Days. Flipkart will host its annual 'The Big …

Flipkart Wholesale joins B2B battlefield
4 years, 3 months ago

Flipkart Wholesale joins B2B battlefield

Live Mint  

BENGALURU: Homegrown e-tailer Flipkart has launched its digital business-to business marketplace as e-commerce firms boost such operations, digitising kiranas and leveraging online sales to take advantage of India’s large consumer base. Ltd, which operates the Best Price cash-and-carry wholesale stores, digital marketplace Flipkart Wholesale will help the e-commerce firm grow its B2B vertical. “Flipkart Wholesale is built on the core …

Flipkart Raises $1.2Bn in Walmart-led Funding, Valued at $24.9Bn
4 years, 5 months ago

Flipkart Raises $1.2Bn in Walmart-led Funding, Valued at $24.9Bn

The Quint  

Indian e-commerce giant Flipkart has raised $1.2 billion in a funding round led by its majority stakeholder Walmart along with other existing shareholders. This is the largest fund raising for Flipkart since Walmart acquired the retail platform two years ago for $16 billion. Flipkart CEO Kalyan Krishnamurthy, in a statement, said, “Since Walmart’s initial investment in Flipkart, we have greatly …

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