Page 6 - Flipkart

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

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 the financial year ended on January 31, 2022, as per Walmart's change in equity structure in Flipkart. Flipkart attributed the decline in valuation to the demerger of fintech firm PhonePe into a separate company. Sources, however, peg the current valuation of Flipkart in the range of USD 38-40 billion. Walmart diluted 8 per cent equity in Flipkart for USD 3.2 billion in fiscal year (FY) 2022 reflecting the enterprise value of the e-commerce at USD 40 billion. The US retail giant in FY2024 increased its shareholding by 10 per cent to approximately 85 per cent by paying USD 3.5 billion, reflecting the enterprise valuation of Flipkart at USD 35 ...

Flipkart to pay Rs 10k for mental harassment after cancelling iPhone order

A consumer disputes redressal commission here found Flipkart guilty of adopting unfair trade practices and ordered it to pay a customer Rs 10,000 for the mental harassment he suffered after it cancelled his iPhone order. The cancellation was intentional to make extra profit, which amounts to a deficiency in service and unfair and restrictive trade practice adopted by the online platform, said the District Consumer Disputes Redressal Commission, Central Mumbai, in the order passed last month. The detailed order was available on Sunday. The commission noted that though the customer had received a refund, he needed to be compensated for the mental harassment and agony he suffered because of the unilateral cancellation of his order. As per the complainant, a Dadar resident, he ordered an iPhone from Flipkart on July, 10 2022 and paid Rs 39,628 using his credit card. The phone was supposed to be delivered on July 12, but six days later he received an SMS from the e-commerce company tha

Apple MacBook Air with M1 available at Rs 69,990 on Amazon India, Flipkart

Launched in 2020, the MacBook Air with M1 is Apple's first-generation laptop powered by its in-house silicon with unified memory system. At Rs 69,990, it is available at its lowest price

Flipkart's dark-store dash for quick commerce takes the fast lane

Walmart-owned firm may set up thousands of them across major cities in next few months

The Digital Competition Law: Big Tech firms opposed to ex-ante norms

Proposed Bill requires digital companies to notify Competition Commission of India that it fulfills criteria to qualify as a Systemically Significant Digital Enterprises based on criteria set in Bill

Flipkart planning to unveil quick commerce service in a couple of months

According to industry sources, 15-20 minute deliveries provided by players such as Zepto, Instamart and Blinkit are taking a major portion of the sales of products away from Flipkart and Amazon

Flipkart Internet receives Rs 924 cr infusion from its Singapore entities

Flipkart is also currently in discussions to raise up to $1 billion, with parent company Walmart committing to inject $600 million

Flipkart unveils its UPI handle to boost India's digital evolution

The service would be available to all users including Flipkart's over 500 million customers

Shadowfax raises $100 million from TPG NewQuest, Flipkart and others

It would use the funds to reinforce its middle-mile network and extend its last-mile delivery services to cover all 20,000 pincodes across India

Flipkart launches fourth grocery fulfilment centre in West Bengal

E-commerce major Flipkart on Monday announced the launch of its fourth grocery fulfilment centre in West Bengal. The fulfilment centre in Malda, around 340 km from Kolkata, is spread over 1.13 lakh square feet with a dispatch capacity of over 1 lakh units per day. It will cater to more than 7,000 orders per day across Berhampore, Malda, Siliguri and the north Bengal belt, and parts of Jharkhand and Bihar, including Bhagalpur, Deoghar, Munger, Purnea, Rampurhat and Saharsa. The company claimed that the centre will generate more than 700 direct and indirect local job opportunities, while providing nationwide market entry for thousands of local sellers, MSMEs, and small-scale farmers in the region. West Bengal Agriculture Minister Sobhandeb Chattopadhyay welcomed the decision of Flipkart to launch its fourth grocery fulfilment centre. "We are proud to welcome Flipkart's another grocery fulfilment centre in the state and foresee greater participation in the digital commerce space in t

Flipkart in talks to potentially acquire Reliance-backed startup Dunzo

Despite having raised approximately $500 million to date, Dunzo has faced increased competition in the hyperlocal delivery segment

Look forward to seeing our leaders steer us to new heights: Flipkart CEO

Krishnamurthy said that Flipkart's growth in the past decade would have been impossible without their contribution

Flipkart looking to buy Reliance-backed on-demand delivery co Dunzo: Report

The retail arm of Reliance Industries, which picked up a 26% stake in Dunzo in 2022 for $200 million, has not approved the deal yet, the report added

Walmart's International Q4 sales growth driven by Flipkart, Mexico, China

Walmart International comprises the retail giant's operations outside the US, including retail websites

Jeff Bezos unloads another $2 billion of Amazon stock in latest sale

The move to Florida has now likely saved Bezos about $430 million in taxes. Washington state recently implemented a 7% levy on capital gains, while Florida has no such tax

American retail major Walmart sourcing from India hits $30 bn in 20 years

India is the first country, outside the US, where the retail major has announced an export target

Logistics' cost structure biggest challenge for e-commerce: Flipkart CEO

E-commerce in India is at a nascent stage and cost structure of logistics is the biggest challenge for the segment, a top official of Flipkart said on Tuesday. Speaking at Walmart Growth Summit, Flipkart CEO Kalyan Krishnamurthy said the government has simplified taxation and adopted ease of doing business as a strategy, which is one of the factors driving growth of the e-commerce segment. "One of the biggest challenges for e-commerce alone to solve is the cost structure of logistics. India, in general is a low ticket price market. Whenever we are able to get to further (lower logistics) cost structure, is when we will be able to further increase the penetration in commerce," Krishnamurthy said. The e-commerce company has plans to transition its delivery fleet to electric vehicles by 2030. Krishnamurthy said the e-commerce penetration in India is around 7-8 per cent compared to retail but in some product categories like electronics, it is high. "Tax simplification used to be one o

CAIT approaches CCI against Flipkart, Amazon for anti-competitive practices

CAIT writes to CCI seeking the urgent resolution of the longstanding Delhi Vyapar Mahasangh case involving alleged anti-competitive practices of Flipkart and Amazon

Walmart-owned Flipkart to roll out same-day delivery across India

Customers will receive their products before midnight if they place their orders by 1 pm. Order fulfilment will take place from Flipkart's warehouses located in various parts of the country

Lava, Qubo lead in customer ratings among Indian brands, says Techarc

Domestic smart electronics companies like Lava and Qubo are getting high ratings and are competing neck and neck with their global peers in terms of brand acceptance, market analysis firm Techarc said on Sunday. The firm conducted a study based on ratings received by 25 brands across 35 different product categories on e-commerce platforms Amazon and Flipkart in December. "In our analysis, we found that of the global counterparts of Lava including brands like Realme and Redmi, the average weighted rating of consumers on ecommerce platforms was 4.3. Against this Lava scored 4.2 which is just touching the industry benchmark," the report said. Techarc said that Lava scored a higher proportion of high ratings (4 and 5) at 90.2 per cent compared to the global brands which had 75.8 per cent of its consumer ratings scoring 4 or 5. The firm picked up Hero group firm Qubo for study in the Internet of Things category. Its 4.1 ratings surpassed the industry average of 4, however, the global ..