Search results
Results from the WOW.Com Content Network
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%). [40]
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 acquisition. [19] [20] He resigned from Flipkart in November 2018 on allegations of personal misconduct. [21]
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 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]
Following the unsuccessful plan to merge with Flipkart, Snapdeal pursued a new strategy it called Snapdeal 2.0. The initiative saw the sale of non-core businesses, Freecharge and Vulcan Express, to dedicate more resources to Snapdeal's e-commerce marketplace, which is its core business. [13] [14] The strategy yielded strong results.
In October 2020, Singapore's sovereign wealth fund GIC bought a 1.22% stake for $752 million, while TPG acquired a 0.41% stake for $250 million, giving Reliance Retail a pre-money valuation of $58.5 billion. [66] In August 2023, the Qatar Investment Authority invested $1 billion in Reliance Retail for a 0.99% stake in the company at a $100 ...
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 ]
From February 2020 to June 2020 during the COVID-19 lock-down period, e-commerce increased by 117% with the delivery of only essential supplies that is now bigger than the pre-COVID-19 level. Flipkart surpassed 1.5 billion visits per month with 45% growth in monthly active user while 30% growth in transaction per consumer.