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In 2017, Flipkart sold 1.3 million phones in 20 hours on 21 September during its Big Billion Days promotion, doubling the number sold on the first day of the same event in 2016. [39] Flipkart held a 51% share of all Indian smartphone shipments in 2017, overtaking Amazon India (33%).
In 2017, he assumed the role of CEO of Flipkart Group and his previous position was handed to Kalyan Krishnamurthy. [17] In 2018, Walmart acquired a 77% stake in the Flipkart Group. After the acquisition, Binny Bansal assumed the role of chairman and continued as Group CEO. [18] His 5.5% stake in Flipkart was valued at $1 billion after the ...
In August 2023, the Qatar Investment Authority invested $1 billion in Reliance Retail for a 0.99% stake in the company at a $100 billion valuation. [6] In October 2023, the Abu Dhabi Investment Authority acquired a 0.59% stake in the company with an investment of nearly $600 million.
In December 2023, a Flipkart spokesperson confirmed that Walmart was set to infuse $600 mln in the company as part of a $1 billion round. Flipkart has been a source of IPO speculation since ...
In September 2022, the company launched Grand Shopsy Mela for direct customers and eventually introduced a vernacular search for addressing the non-English speaking demographic. [17] As of December 2022, the mobile app had 11 lakh sellers with 68% of its customers coming from Tier-2 Indian cities. [ 18 ]
In 2018, Bansal exited Flipkart following the Walmart deal. [6] In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion. [7] In 2018, Bansal held a 5.5 per cent stake in Flipkart, which he sold to Walmart and his net worth then was a little over $1 billion. [7]
He started initiatives such as ‘Flipkart Seller Campus’ and ‘Flipkart Helping Hands’ to empower and prepare small sellers during the peak festive demand season by creating a pool of trained manpower across the country who can be deployed under the plug-and-play model. [31] He also pioneered global brand licensing for Indian sellers. [32 ...
In September 2017, Myntra negotiated the rights to manage Esprit Holdings's 15 offline stores in India. [21] [22] Myntra reported a net loss of ₹151.20 crore in the financial year 2017–2018. [23] In January 2021, Myntra changed its logo, after a police complaint was registered that the logo resembles a naked woman.