The losses include more than 1,000 positions at a warehouse in Fort Worth
Walmart Foundation on Wednesday announced its plan to support an additional 1 million smallholder farmers in India, with at least 50 per cent women, in the next five years. The foundation also announced two new grants, which include USD 3 million to TechnoServe for reaching out to 30,000 farmers and 24 farmer producer organisations (FPOs) in Maharashtra and Andhra Pradesh, with 50 per cent of them expected to be women. Another grant of USD 533,876 (over Rs 4.41 crore) to NGO Trickle Up to reach out to 1,000 women smallholder farmers in Odisha, connecting them with two FPOs, she said, adding that the focus is to ensure the system works better for farmers. Addressing a conference here, Walmart Foundation President Kathleen McLaughlin said: "The foundation's latest commitment to expanding market access for smallholder farmers in India builds on our efforts to identify solutions that can systemically help create shared value for all stakeholders." The aim is to enhance farm inputs, ...
Ravish Sinha, senior VP at Flipkart, has resigned. He was the VP of engineering before taking up the role of SVP of supply chain
New funding is part of PhonePe's ongoing capital raise of up to $1 bn, following its domicile shift to India last year
PhonePe, one of India's largest fintech platforms, on Friday said it has raised an additional USD 200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of USD 12 billion. This new funding comes as a part of PhonePe's ongoing fundraise of up to USD 1 billion in capital, following its domicile shift to India last year. With this tranche, the company has raised USD 650 million (around Rs 5,360 crore) from several global investors, PhonePe said in a statement. The USD 12 billion pre-money valuation makes Walmart-owned PhonePe the most valuable fintech in the country, surpassing payment services provider, Razorpay which was last valued at USD 7.5 billion. PhonePe competes with Google Pay and Paytm. "The company expects further investments, which will be announced in due course," the statement said. "PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping an
Both Apple and Walmart have been quite a political hot potato in India cutting across governments
The new investment is likely to close in a few weeks and help the payments firm compete with Google Pay, Paytm, and Amazon Pay in the Indian fintech space
John David Rainey, CFO Walmart, said during an investor conference that Walmart-owned Flipkart and PhonePe have exciting opportunities and have large portions of market share in India
The deal may result in Flipkart gaining access to technologies of the platform, the people said on condition of anonymity
Weave revival story as knitwear exports rise 11.6% in rupee terms
Accel owns a little over 1 per cent of Flipkart, while Tiger Global holds about 4 per cent of the company
Joins decacorn club as most-valued fintech after topping $12-billion valuation in new funding
The cash infusion is expected to help Flipkart in competing with US-based Amazon for leadership in the Indian e-marketplace
The company said last month it had completed the separation of PhonePe from Flipkart, adding that it would remain a majority stakeholder in both the companies
Investors of Flipkart including Walmart will pay for the cash payout and it will benefit past and present employees of Flipkart, Myntra and PhonePe
PhonePe in talks with parent Walmart, General Atlantic, and other investors to raise about $700 mn
Reliance Retail on Wednesday announced acquiring a 100 per cent stake in German retailer Metro AG
The company is in talks with SoftBank Group Corp.'s Vision Fund, an investor in PhonePe's parent entity Flipkart, although Walmart will remain top investor, the people said
Walmart and Flipkart on Tuesday joined hands with the National Small Industries Corporation (NSIC) to accelerate capacity building for micro, small and medium enterprises (MSMEs) across India, help them unlock export potential and become part of retail supply chains locally and globally. The agreement was signed at a summit here to mark the milestone of 20,000 MSMEs completing their training under the Walmart Vriddhi Supplier Development Programme, of which Swasti is a programme partner. The Vriddhi programme also includes training, seminars and mentoring sessions conducted regularly for MSMEs. Tens of thousands of MSMEs have registered for the programme from metros and Tier II and III cities across India. The partnership will enhance access for participating MSMEs to schemes offered by the NSIC while making learning resources of Vriddhi available to MSMEs registered with the NSIC. "The Indian MSME sector currently comprises 6.3 crore MSMEs that employ more than 11 crore people. We
The three plan to support MSMEs in their quest to integrate with local and global retail supply chains