Insta
Post-Boost For Amazon, Flipkart Receives Rs 2,190.64 Crore From Singapore-Based Parent Company
Flipkart office in Bengaluru. (Photo by Hemant Mishra/Mint via Getty Images)
E-Commerce company Flipkart India’s Singapore-based parent has infused Rs 2,190.64 crore, reports the Financial Express, citing the filings made with the Registrar of Companies.
Founder of FabMart, K Vaitheeswaran, as reported by Hindu Business Line, said, "This is just the first of many such tranches that Walmart will infuse into Flipkart to run operations more efficiently as much of the $16 billion that it paid up for acquiring majority stake in Flipkart would have gone into buying up stakes of other stakeholders".
According to the documents from paper.vc, a data intelligence platform, at the premium of Rs 29,399 per share, Flipkart India was allotted 7.45 lakh equity shares on 4 December 2018.
Further, the regulatory filings revealed that the investment in Flipkart India’s wholesale arm came just after their e-commerce rival Amazon India received Rs 2,200-crore new funds boost from Singapore’s Amazon Corporate Holdings and Mauritius’ Amazon.com.inc.
Flipkart, which is backed by Walmart and Amazon, have been locked in an intense rivalry to outperform each other in the proliferating e-commerce market of India. The growing e-commerce market in India needs to be thankful for cheap data tariffs and the rise of internet consumption.
According to estimates by India Brand Equity Foundation (IBEF), India’s e-commerce market is on its way to touching 200 billion dollars by 2026 from 38.5 billion dollars in 2017.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
