This will be the biggest Esop buyback in tech industry. Flipkart owns over 80% stake in PhonePe and is looking to exit the company. Walmart owns 10% in the Bengaluru-based fintech firm
The round will readjust Flipkart's valuation from $37.6 billion to $33 billion and PhonePe will have a separate shareholding structure
Deal expected to be closed in two-four weeks, says source
The case increase, which has escalated from under 100 infections a day a fortnight ago, is leading to stepped-up controls in Beijing, a city of 22 million
Multiple people were killed and injured in a shooting incident reported from the US state of Virginia, officials said adding the shooter is believed to be dead too
Retail giant Walmart on Tuesday become the latest major player in the drug industry to announce a plan to settle lawsuits filed by state and local governments over the toll of powerful prescription opioids sold at its pharmacies with state and local governments across the US. The USD 3.1 billion proposal follows similar announcements November 2 from the two largest US pharmacy chains, CVS Health and Walgreen Co., which each said they would pay about USD 5 billion. The deals are the product of negotiations with a group of state attorneys general, but they are not final. The CVS and Walgreens deals would have to be accepted first by a critical mass of state and local governments before they are completed. Walmart's plan would have to be approved by 43 states. The formal process has not yet begun. The national pharmacies join some of the biggest drugmakers and drug distributors in settling complex lawsuits over their alleged roles in an opioid overdose epidemic that has been linked to
Walmart management says early timing of Big Billion Sale, from Q4 last year to Q3 this year, benefited the company
E-commerce major Flipkart has burnt cash of USD 3.7 billion (about Rs 30,000 crore) in about a year ending September 2022, according to regulatory filings. Flipkart had USD 1 billion in cash in July 2021, which came down to USD 887 million by September 2022. The company, in July 2021, raised USD 3.6 billion (about Rs 29,000 crore), which has been completely exhausted, according to regulatory filings of Flipkart and Walmart. It is the biggest cash burn in a year by any new-age company in the country, according to industry estimates. A Walmart regulatory filing shows that the company had approximately USD 1.1 billion as of July 31, 2022. "As of July 31, 2022, and January 31, 2022, cash and cash equivalents of USD 3.5 billion and USD 4.3 billion, respectively, may not be freely transferable to the US due to local laws or other restrictions. "Of the USD 3.5 billion on July 31, 2022, approximately USD 1.1 billion can only be accessed through dividends or intercompany financing arrange
The Walmart-owned firm said this will now enable several millions of Indians to become a part of the UPI ecosystem seamlessly
The middle-mile segment, unlike long-haul transport or last-mile delivery to an end consumer, involves business-to-business (B2B) operations, mostly from a warehousing location to a retail centre
This resolves thousands of US state, local and tribal govt lawsuits accusing them of mishandling opioid painkillers
The B2B arm of Walmart-owned e-commerce firm Flipkart reported expenses of Rs 54,580 crore, up about 19% over the previous year
Wal-Mart India Pvt Ltd, which operates Best Price Flipkart wholesale stores, has witnessed its loss widening to Rs 299.01 crore in FY22 despite its revenue from operations going up, according to financial data accessed by business intelligence platform Tofler. Wal-Mart India, in which Flipkart acquired 100 per cent interest in July 2020, had reported a net loss of Rs 200.80 crore in FY21. The company's revenue in FY22 grew 6.9 per cent to Rs 5,349.98 crore as compared to Rs 5,004.88 crore for the financial year ended on March 31, 2021. Its total income also went up 6.40 per cent to Rs 5,361.72 crore for the financial year that ended on March 31, 2022. It was Rs 5,038.75 crore in FY21. Wal-Mart India's revenue from other income was at Rs 11.73 crore in FY22. Its total expenses in FY22 were at Rs 5,660.74 crore, up 8.03 per cent in comparison to the previous year. Flipkart Wholesale stores sell personal care products, home care appliances and laundry utilities besides staples, spic
Flipkart's operating loss or EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss stood at Rs 3,925 crore, which was up from Rs 2,267 crore in the previous fiscal
Retail giant Walmart is reportedly raising up to $3 billion for its e-commerce giant Flipkart to further expand its operations in the country
Walmart Inc-backed Flipkart is considering raising $2 billion to $3 billion at a valuation of more than $40 billion to expand its product range in India
Online marketplaces Amazon.com Inc., and Walmart Inc.-owned Flipkart saw sales jump 27% from a year ago to $5.7 billion during the festival season's first sale between Sept. 22-30
Indian digital payments firm PhonePe is in talks to raise funds in a round led by General Atlantic at a valuation of $12 billion
The Bengaluru-based firm is setting up data centres in India at a time when it has completed three steps to move its domicile to India
The firm has also has been an active investor in the ecosystem and has a portfolio of investments in many companies