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Walmart's Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer's chief financial officer said on Wednesday at an ...
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%).
Binny Bansal resigned from the executive team on 28 January 2024, and has completely divested his stake. In the last year, Binny, along with Excel and Tiger Global Management, sold their entire stake to Walmart, resulting in Binny earning $1.5 billion. Walmart acquired a 77% stake in Flipkart for $16 billion in May 2018. [23]
[38] [39] [40] Similar to US-style shopping events such as Black Friday, online retailers adopted the practice of holding multi-day promotions during this period, such as Amazon's "Great Indian Festival" and Flipkart's "Big Billion Days". India's Independence Day (August 15) had also recently attracted similar events. [40] [41]
The e-commerce in India was $147.3 billion in 2024, with 18.7% CAGR through to 2028 which will be further fueled by the technology innovations (5G & 6G based higher internet speed, AI and ML based hyper-personalized shopping experience, immersive AR and VR virtual try-ons and virtual stores, blockchain based enhanced supply chain transparency and increased trust among consumers), cheaper data ...
Alphabet's Google will pick up a minority stake worth $350 million in Walmart-backed Flipkart, valuing the Indian e-commerce firm at $37 billion, a source with direct knowledge of the matter told ...
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 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]