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<ul><li>Smartphone makers and e-commerce players have come under the scanner of CCI.</li><li>Smartphone makers have been accused of colluding with <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> and <keyword id="19896939" type="General" weightage="20" keywordseo="Flipkart" source="keywords" meta.keywordsubtype="org" meta.entityname="Flipkart" meta.hostid="261" meta.entityid="Flipkart">Flipkart</keyword>.</li><li><keyword id="23184977" type="General" weightage="20" keywordseo="exclusive-launches" source="keywords">Exclusive launches</keyword> and steep discounting are among the practices being investigated.</li></ul>The <keyword id="19895221" type="General" weightage="20" keywordseo="Competition-Commission-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Competition Commission of India" meta.hostid="261" meta.entityid="Competition Commission of India">Competition Commission of India</keyword> (CCI), the antitrust watchdog in the country has reportedly accused smartphone makers such as <keyword id="19901379" type="General" weightage="100" keywordseo="Xiaomi" source="keywords" meta.keywordsubtype="org" meta.entityname="Xiaomi" meta.hostid="261" meta.entityid="Xiaomi">Xiaomi</keyword> and <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword> of colluding with e-commerce players Amazon and Flipkart. According to a <a href="https://www.reuters.com/world/india/india-accuses-samsung-xiaomi-colluding-with-amazon-flipkart-2024-09-14/">report </a>by Reuters, smartphone makers have been accused of colluding with e-commerce players to launch products on their platforms exclusively. The smartphone makers have also been accused of violating competition laws by giving preference to select sellers, prioritising listings, steeply discounting products and more. <h2>CCI submits report on Amazon and Flipkart</h2>The CCI has reportedly submitted a 1,027-page report on Amazon which has accused Samsung, Xiaomi, OnePlus, Motorola and Realme of being “involved in the practise of exclusive phone launches” and “colluding” with Amazon, breaking competition law. Similarly, the watchdog has submitted a 1,696-page report on Flipkart that has accused Samsung, Xiaomi, Lenovo, Motorola and Vivo of “colluding”. "Exclusivity in business is anathema” CCI's additional director general G.V. Siva Prasad said, as per the report. “Not only is it against free and fair competition but also against the interest of consumers," Prasad added. While the e-commerce giants Amazon and Flipkart reportedly downplayed the practice of launching “exclusive” smartphones, the practice was found to be “rampant” during the investigation. India’s e-commerce market is expected to grow from $57 billion in 2023 to over $160 billion in 2028. Smartphone maker Vivo currently has a market share of 19% in smartphone shipments, followed by Samsung and Xiaomi, which have a combined market share of over 35%. As per a recent <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-records-7-2-growth-in-the-first-half-of-2024-vivo-leads-the-market-in-q2/articleshow/112629172.cms">report</a> by the International Data Corporation, the shipments to online channels grew by 8% year-on-year to reach 50% in Q2 2024, up from 47% in Q2 2023. As per the report, the exclusive launches pushed customers towards these online platforms and harmed small retailers. The investigation stems from a complaint lodged by the Confederation of All India Traders (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords">CAIT</keyword>) in 2020. The traders body, which has over 80 million members had accused the smartphone makers and e-commerce players of disadvantaging offline retailers and favouring online exclusive launches. We should know more about the investigation and its impact on smartphone makers, e-commerce players and the future of exclusive launches in the coming weeks. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ford-is-returning-to-india-expresses-intent-to-restart-its-tamil-nadu-plant-for-exports/articleshow/113317956.cms">Ford is returning to India, expresses intent to restart its Tamil Nadu plant for exports</a> <a href="https://www.businessinsider.in/stock-market/webstories/western-carriers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113312196.cms">Western Carriers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-is-already-cheaper-than-the-iphone-15-pro-in-india-but-you-can-get-it-for-up-to-30000-cheaper/articleshow/113220789.cms">iPhone 16 Pro is already cheaper than the iPhone 15 Pro in India, but you can get it for up to ₹30,000 cheaper</a>

Xiaomi and Samsung accused of colluding with Amazon and Flipkart

<ul><li><keyword id="19938729" type="General" weightage="20" keywordseo="ather-energy" source="keywords">Ather Energy</keyword> has filed draft papers for a ₹3,100 crore IPO with SEBI.</li><li>Ola Electric had raised ₹5,500 crore in its IPO in August.</li><li>Ather Energy plans to set up a new manufacturing facility in Maharashtra.</li></ul>Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors. <keyword id="20253467" type="General" weightage="20" keywordseo="tarun-mehta" source="keywords">Tarun Mehta</keyword> and <keyword id="19993824" type="General" weightage="20" keywordseo="swapnil-jain" source="keywords">Swapnil Jain</keyword> will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares. <div type="Article" hostid="261" msid="109128809" title="Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment" mstype="2" mssubtype="0"></div> Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms">IPO</a> last month. This will make Ather Energy the second electric two-wheeler maker in India to go public. Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy. The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu. Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Rizta</a>, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a> <a href="https://www.businessinsider.in/stock-market/news/shree-tirupati-balajee-agro-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113196203.cms">Shree Tirupati Balajee Agro IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

<ul><li>E-commerce companies are expected to clock up to ₹1.2 lakh crore in sales this <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>.</li><li>Mobile, electronics and fashion categories are expected to dominate during the sale.</li><li>The <keyword id="20253122" type="General" weightage="20" keywordseo="gross-merchandise-value" source="keywords">gross merchandise value</keyword> is expected to record a 20% <keyword id="21396882" type="General" weightage="20" keywordseo="year-on-year-growth" source="keywords">year-on-year growth</keyword>.</li></ul>The festive season is here and e-commerce giants Amazon, Flipkart and other companies have started their festive sales. Driven by high pent-up demand and a premiumisation wave in the country, <keyword id="21687870" type="General" weightage="20" keywordseo="E-commerce-sales" source="keywords">e-commerce sales</keyword> are estimated to reach up to ₹1.2 lakh crore in gross merchandise value (GMV). The GMV of ₹1.2 lakh crore will be a 20% year-on-year (YoY) growth for the e-commerce sector, according to a report by Redseer Strategy Consultants. Mobiles, electronics and fashion categories are set to gain momentum while other categories such as beauty and personal care, home and more will see an incremental upside, “taking their festive growth above 25%,” as per the report. According to Kushal Bhatnagar, Associate Partner at Redseer, mobiles and electronics remain key value and growth drivers this festive season, especially as consumers respond to affordability options that make premium products more accessible. “Moreover, sellers and platforms have the potential to unlock the pent-up demand in the category by optimising for pricing and selection,” Bhatnagar added. As brands look to capitalise on the festive demand, many are strategically leveraging e-commerce platforms to cater to the aspirational customers’ needs and reach the relatively less accessible customers in tier 2 cities and beyond. “As a result, they look to partner deeply with the leading platforms to attract customers via lucrative discounts and offers available in the large-scale festive events,” he said. This festive season, brands are looking to push premium stock keeping units (SKUs) at a discounted price, to encourage aspirational buying. Quick commerce, which saw significant traction in 2023, is set to contribute approximately 8% to overall e-commerce growth, up from the 5% growth recorded last year. Newer categories such as home and kitchen appliances are likely to get pushed aggressively on quick commerce platforms and could also help the platforms to boost their average order values and profitability as per the report. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms">Upcoming cars launching in India in October 2024</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms">Upcoming smartphones launching in India in October 2024</a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

E-commerce sales expected to reach ₹1.2 lakh crore this festive season

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

<ul><li><keyword id="6354742" type="General" weightage="80" keywordseo="flipkart" source="Orion">Flipkart</keyword> and <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> have announced that they are fully separated now, six years after the e-commerce giant acquired the latter. </li><li>The separation comes at a time when PhonePe is reportedly in talks to raise funds at a valuation of close to $13 billion. </li><li><keyword id="80487" type="General" weightage="20" keywordseo="Walmart" source="Orion">Walmart</keyword> will continue to be the largest shareholder of PhonePe and Flipkart, according to a joint statement by the companies. </li></ul>Flipkart and PhonePe have announced that they are fully separated now, six years after the e-commerce giant acquired the latter, the companies said in a joint statement on Friday. Post the completion of the separation, PhonePe is now a fully India-domiciled company. To recall, PhonePe moved its registered office from Singapore to India in October. “Setting up these businesses as separate entities will also provide value and create new opportunities for investors to participate in the Indian tech ecosystem – helping unlock and maximize enterprise value for shareholders of the two companies,” the companies said. The separation comes at a time when PhonePe is in talks to raise funds at a valuation of close to $13 billion, according to a <a href="https://www.bloomberg.com/news/articles/2022-12-08/walmart-s-payments-startup-phonepe-seeks-to-raise-1-billion">Bloomberg report</a>. If it succeeds, it would become the most-valued fintech startup in India. The company had raised $700 million in 2020, led by Walmart and existing investors, including Tiger Global, at a valuation of $5.5 billion. While media reports earlier suggested that PhonePe was planning an IPO, the company’s founder and CEO Sameer Nigam in June 2022 dismissed the reports, saying, “PhonePe is not planning an IPO right now. We are focusing on building our business, and will go public once our core businesses turn profitable and our new initiatives have achieved a good product-market fit and scale,” according to a PTI report. As part of the separation of the two companies, the existing shareholders of Flipkart Singapore and PhonePe Singapore, led by Walmart, have taken up equity directly in PhonePe India. Walmart will continue to be the largest shareholder of PhonePe and Flipkart, according to the statement. “We are looking forward to the next phase of our growth as we invest in new businesses – like insurance, wealth management and lending, while also enabling the next wave of growth for UPI payments in India. This will help propel our vision to provide billions of Indians with financial inclusion,” said Nigam in the statement. The separation of Flipkart and PhonePe could also have an impact on the former’s valuation – while the e-commerce giant is currently valued at $37.6 billion after a fundraise of $3.6 billion in 2021, it was <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">reportedly</a> seeking a $60-70 billion valuation for its planned IPO in the US in 2023. <cmsannotation type="cmsannotation" annotationid="PhonePe is the current market leader in UPI payments in the country" comment="subhead" text="PhonePe is the current market leader in UPI payments in the country">PhonePe is the current market leader in UPI payments in the country</cmsannotation> PhonePe currently has over 400 million UPI users in the country, with a 46% market share in terms of payment volumes and a 49% share in terms of payment values, as of November, according to data from the National Payments Corporation of India (NPCI). Apart from this, the company also has 35 million merchants covering 99% of the pincodes in the country. It also has 1.1 million sellers on its platform, including small and medium businesses, artisans and craftsmen. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indias-hiring-intent-rises-in-q4-led-by-positive-sentiment-in-ecommerce-telecom-and-educational-services-industries/articleshow/96424123.cms">India’s hiring intent rises in Q4 led by positive sentiment in ecommerce, telecom and educational services industries</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-retail-to-acquire-wholesaler-metro-cash-carry-for-2850-crore/articleshow/96415905.cms">Reliance Retail to acquire B2B wholesaler Metro Cash &amp; Carry for ₹2,850 crore</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-load-up-on-realty-stocks-in-the-first-half-of-december-total-inflows-edge-up-to-9017-crore/articleshow/96393580.cms">FPIs load up on realty stocks in the first half of December, total inflows edge up to ₹9,017 crore</a>

Flipkart and PhonePe complete separation six years after acquisition

<ul><li><keyword id="80487" type="General" weightage="20" keywordseo="walmart" source="Orion">Walmart</keyword> International CEO said that the US-based retailer is confident that <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> will turn profitable.</li><li>She mentioned that the company has managed to live up to its expectations so far.</li><li>Flipkart is also thinking of ways they can offer software-as--a-service (SaaS), she noted.</li></ul>Walmart International CEO and President Judith McKenna on Wednesday said that the US-based retailer is confident that Flipkart will turn profitable and the company has managed to live up to its expectations so far. She also mentioned that India is Walmart’s biggest market in terms of advertising revenue and the company is looking at leveraging its advertising technology in other markets. Flipkart is also thinking of ways they can offer software-as-a-service (SaaS), she noted, as the e-commerce giant explores new avenues of revenue. “In fact, one of the markets that we are using them [Flipkart] for is Chile. They're building out our ad tech platform for Chile, which is a really interesting development for them,” she said. Walmart acquired Flipkart — the Indian counterpart to e-commerce giant Amazon — in 2018 from founders Sachin and Binny Bansal. The US-based retailer made the acquisition at a valuation of $16 billion, which has now more than doubled to <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">$37.6 billion</a>. <cmsannotation type="cmsannotation" annotationid="Flipkart looking to go public with an IPO in the US" comment="subhead" text="Flipkart looking to go public with an IPO in the US">Flipkart looking to go public with an IPO in the US</cmsannotation> Flipkart is now looking to go for an initial public offering (IPO) in the USA. According to media reports, the company expects to make its public debut next year <a href="https://www.businessinsider.in/business/corporates/news/flipkart-ipo-may-happen-in-2023-at-a-valuation-of-70-billion/articleshow/90703817.cms">at a valuation of $70 billion</a>. McKenna confirmed this, but refrained from committing to a timeline for the <keyword id="3123061" type="General" weightage="20" keywordseo="flipkart-ipo" source="Orion">Flipkart IPO</keyword>, saying it will make a stock market debut “when the time is right for it”. “And when the time is right will depend on a number of factors, not least the market, but also the business performance. They've hit our deadlines. We wouldn't have invested if we didn't believe they could become profitable in the longer term, and we continue on track for that,” McKenna was quoted as saying in the Baird 2022 Global Consumer, Technology &amp; Services Conference. Flipkart had reported revenue of ₹43,357 crore for the financial year 2021, representing a 25% jump from the previous year. The company’s net loss also narrowed to ₹2,445 crore, representing a 22% decline. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/news/zomato-can-show-ebitda-profitability-in-the-next-three-years-but-only-on-one-condition/articleshow/92095600.cms">Zomato’s path to profitability in the next three years requires two things, say analysts</a> <a href="https://www.businessinsider.in/business/startups/news/pepper-content-raises-14-million-to-enter-the-us-market/articleshow/92084581.cms">INTERVIEW: Pepper Content skip the traditional Middle East route, heads directly for the US market</a> <a href="https://www.businessinsider.in/business/news/deepinder-goyal-akshant-goyal-here-is-how-much-zomatos-dream-team-earned-since-october-2021/articleshow/92080767.cms">Deepinder Goyal, Akshant Goyal — here is how much Zomato’s dream team earned since October 2021</a>

Flipkart has ‘lived up to expectations so far’, says Walmart CEO, confirms IPO plans

<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

<ul><li><keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> wants to do the IPO before March 2023, CEO Kalyan Krishnamurthy reportedly said.</li><li>Scaling the grocery business would be a critical part of the journey towards Flipkart’s public listing. </li><li>The company is also looking to raise the pre-IPO round in the January-March quarter next year.</li></ul>Walmart-owned ecommerce giant Flipkart will go for an initial public offering (IPO) in November or December 2022, the company’s group chief executive (CEO) Kalyan Krishnamurthy has reportedly said. There is also a chance that the <keyword id="3123061" type="General" weightage="20" keywordseo="flipkart-ipo" source="Orion">Flipkart IPO</keyword> may be pushed to March 2023 due to external factors like inappropriate market conditions, Krishnamurthy reportedly told a select group of executives earlier this week in an offsite meeting. The development was <a href="https://www.businessinsider.in/business/news/byjus-swiggy-and-dream11-the-top-10-startup-deals-of-2021-that-raised-7-7-billion-overall/slidelist/88121451.cms#slideid=88121586">reported </a>by The Economic Times (ET). He reportedly added that scaling the grocery business would be a critical part of the journey towards the public listing. This may be a reason why Flipkart increased its shareholdings in <a href="https://www.businessinsider.in/business/startups/news/walmart-owned-flipkart-invests-145-million-in-agritech-startup-ninjacart/articleshow/88268882.cms">fresh produce supply chain company NinjaCart </a>earlier this week. As per the report, Flipkart is looking at a possible overseas listing. The company is also reportedly looking to raise a pre-IPO round in the January-March quarter next year in order to benchmark its valuation before it hits the public market. Business Insider has reached out to Flipkart seeking confirmation on the same. The Bengaluru-based company had raised <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-raises-3-6-billion-at-a-valuation-of-over-37-billion/articleshow/84338594.cms">$3.6 billion in July this year</a>, at a valuation of $37.6 billion. The round was led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and <keyword id="80487" type="General" weightage="20" keywordseo="walmart" source="Orion">Walmart</keyword>. Tiger Global and Qatar Investment Authority, among other marquee investors also participated in the round. Walmart had acquired 77% shares in Flipkart in 2018, giving exits to founders Binny and Sachin Bansal, subsequently. The US-based retail giant currently holds 75% shareholding in Flipkart. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/grofers-founder-explains-why-he-rushed-to-rebrand-the-startup-and-his-plans-seem-ambitious/articleshow/88320706.cms" data-type="tilCustomLink">INTERVIEW: Grofers founder explains why he rushed to rebrand the startup and his plans seem ambitious</a> <a href="https://www.businessinsider.in/business/startups/news/indias-most-valuable-startup-may-go-public-in-us-at-48-billion-valuation/articleshow/88318989.cms" data-type="tilCustomLink">Byju’s insider says the US SPAC offer values company at $48 billion</a> <a href="https://www.businessinsider.in/business/startups/news/ola-raises-half-a-billion-dollars-in-debt-to-fuel-its-food-delivery-and-quick-commerce-dream/articleshow/88314624.cms">Ola raises half a billion dollars in debt to fuel its food delivery and quick commerce dream</a>

Flipkart IPO may reportedly happen overseas in November 2022

<ul class="summary-list"><li>Walmart-owned <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> is working towards an IPO as soon as the fourth quarter of this year, Bloomberg reported. </li><li>The Indian e-commerce giant is seeking a valuation that could top $35 billion.</li><li>If achieved, that would mean Walmart more than doubled its 2018 investment in Flipkart.</li></ul>Walmart-owned Indian e-commerce company Flipkart is working towards an initial public offering as soon as the fourth quarter of this year, according to a <a href="https://www.bloomberg.com/news/articles/2021-04-06/walmart-s-flipkart-is-said-to-aim-for-ipo-in-fourth-quarter?sref=LspfQlRv">report from Bloomberg</a>. Flipkart will be aiming for a valuation of at least $35 billion, according to Bloomberg, citing people familiar with the matter.If achieved, that would mean Walmart more than doubled its investment in Flipkart. In 2018, the US retail giant purchased a 77% stake in Flipkart for $16 billion. <a href="https://markets.businessinsider.com/stocks/wmt-stock">Shares of Walmart</a> rose 1.1% after the Bloomberg report Tuesday morning but have since pared back gains. Flipkart will be one of the latest e-commerce-focused IPOs of 2021 as investors bet on the continued dominance of online shopping in a post-pandemic world. South Korean e-commerce giant Coupang Inc. went public in March in the largest IPO of the first quarter, raising $4.6 billion at a $63 billion market capitalization, according to data from Renaissance Capital.The first quarter of 2021 was the busiest quarter for IPOs in the US in over 20 years, with 102 companies going public. But <a href="https://markets.businessinsider.com/news/stocks/ipo-market-newly-public-stocks-underperforming-compass-deliveroo-quarter-2021-4-1030268838">newly public companies have underperformed the market recently</a>, and a number of companies with high-profile IPOs have lowered their own expectations, like <a href="https://www.businessinsider.com/compass-ipo-s1-profit-loss-real-estate-tech-brokerage-2021-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Compass</a>, which slashed its IPO price range ahead of its debut last week. It's a sign that investors may be questioning whether the IPO market has overheated in the last year. In September, Reuters reported that Flipkart was preparing for an IPO, <a href="https://www.businessinsider.com/walmart-flipkart-preparing-for-overseas-listing-2020-9">aiming for a valuation in the $45-50 billion range.</a> Walmart has set up an internal IPO team for Flipkart and is aiming to go public in the US. <a href="https://markets.businessinsider.com/news/stocks/spac-walmart-flipkart-public-listing-deal-ipo2021-3-1030150523">The e-commerce company explored going public via a SPAC</a> but that is no longer under consideration, the people said.

Walmart's Flipkart is targeting a 4th-quarter IPO that could value it at $35 billion, new report says

<ul><li><keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> is planning a $10 billion <keyword id="3123061" type="PERSON" weightage="20" keywordseo="Flipkart-IPO">Flipkart IPO</keyword>, valuing the Indian e-commerce giant at $40 billion.</li><li>At this valuation, Walmart’s investment in the Indian e-commerce giant would nearly double since it acquired Flipkart in 2018 for $16 billion.</li><li>Walmart has roped in investment bank Goldman Sachs to explore the Flipkart IPO plan, according to a Mint report.</li><li>Earlier in July this year, <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Flipkart raised $1.2 billion</a> in a fresh round of funding, valuing the company at $24.9 billion. This round was led by Walmart.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>The much-anticipated Flipkart IPO (initial public offering) could soon be a reality. US retail player Walmart is reportedly gearing up to float a $10 billion Flipkart IPO in the US, divesting up to 25% of the stake in the Indian e-commerce player. According to a Mint <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">report</a>, Walmart has roped in investment bank Goldman Sachs to explore the Flipkart IPO plan. Business Insider has reached out to Flipkart for a statement and is awaiting a response. A $10 billion IPO would value Flipkart at $40 billion. This is 20% lower than the $50 billion valuation that was expected <a href="https://www.businessinsider.in/retail/news/walmart-owned-flipkart-the-indian-e-commerce-giant-is-reportedly-eyeing-a-2021-overseas-listing-and-hoping-for-a-50-billion-valuation/articleshow/78151697.cms">earlier in September</a>. However, at a valuation of $40 billion, Walmart’s investment would nearly double – it acquired Flipkart in 2018 at $16 billion for a 77% stake. At the time of its acquisition, Walmart pledged to take Flipkart public within four years. <div type="image" title="Flipkart valuation history" msid="79602375" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart valuation history from 2009 to December 2020.&amp;lt;/p&amp;gt;&amp;lt;p&amp;gt;*based on reports of Flipkart IPO estimated the value of the company at $40 billion&amp;lt;/p&amp;gt;"></div> Note: December 2020 valuation is based on reports of Flipkart IPO. At the moment, Walmart’s stake in Flipkart stands at 82.3%, with Tiger Global, Tencent, Accel Partners, and Microsoft being the other key investors. Earlier in July this year, <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Flipkart raised $1.2 billion</a> in a fresh round of funding, valuing the company at $24.9 billion. This round was led by Walmart. Flipkart going public will allow minority shareholders to pare their investments or make an exit. <div type="Article" hostid="261" msid="79544185" title="PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity" mstype="2" mssubtype="0"></div> Riding the Indian e-commerce boon Walmart’s plans to take Flipkart public could have been bolstered by the surge in e-commerce sales since the COVID-19 pandemic broke out. The massive surge in e-commerce sales is corroborated by Flipkart’s own statistics - the e-commerce giant <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-big-billion-sale-report-over-100-orders-per-second-10-million-products-delivered-already/articleshow/78790627.cms">witnessed a ten-fold increase</a> in its shipments during its festival sale this year. On an acquisition spree In addition to witnessing a massive surge in orders this year, Flipkart is also on an acquisition spree. From augmented reality startups to fashion companies, the e-commerce giant has been busy this year. After acquiring Walmart’s India operations this year, Flipkart also dabbled in the social gaming and augmented reality spaces with the acquisitions of <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-acquires-gaming-startup-mech-mocha-as-it-looks-to-tap-the-social-gaming-space-for-more-consumers/articleshow/79014466.cms">Mech Mocha</a> and <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-buys-ar-firm-scapic-to-boost-its-user-experience/articleshow/79256274.cms">Scapic</a>. It has also made a <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-invests-in-uspl-fashion-house-that-has-brands-like-virat-kohli-wrogn-and-kriti-sanon-ms-taken/articleshow/79058747.cms">few investments in the fashion space</a>, including USPL which houses Virat Kohli’s Wrogn. It has also invested in Aditya Birla Fashion Retail and Arvind Fashions. Flipkart is also expanding its partnerships with kiranas (the Hindi word for mom and pop stores), which delivered over 3.5 million orders during the Big Billion Days sale this year. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-big-billion-sale-report-over-100-orders-per-second-10-million-products-delivered-already/articleshow/78790627.cms">Flipkart Big Billion sale report - over 100 orders per second, 10 million products delivered already</a> <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-powers-flipkart-with-more-capital-to-battle-google-facebook-and-amazon/articleshow/76960607.cms">Walmart powers Flipkart with an additional $1.2 billion⁠ to help e-tailer battle Google, Facebook, and Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/phonepe-700-million-5-5-billion-valuation-flipkart-separate-entity/articleshow/79544185.cms">PhonePe raises $700 million at a $5.5 billion valuation, will operate as a separate entity</a>

Flipkart’s reported $10 billion IPO plan will mean Walmart’s investment in the Indian e-commerce giant will double within 3 years

<ul><li><keyword id="1552189" type="General" weightage="20" keywordseo="pine-labs" source="Orion">Pine Labs</keyword>’ former CTO Sanjeev Kumar will now head the research and development (R&amp;D) vertical.</li><li>Kalagara has spent 12 years working with PayPal, three years at Flipkart and about 8 years working in the USA.</li><li>Pine Labs is expected to file the preliminary paperwork for its public listing by the end of October.</li></ul>Payments company Pine Labs, which is expected to file for its initial public offering (IPO) soon, has appointed former Flipkart executive <keyword id="12347953" type="General" weightage="20" keywordseo="phanimohan-kalagara" source="Orion">Phanimohan Kalagara</keyword> as its chief technology officer (CTO). Sanjeev Kumar, former CTO of Pine Labs, will now move to a new role within the company and head the research and development (R&amp;D) vertical. Phanimohan Kalagara has over two decades of experience in the field of technology having worked in ecommerce, financial technology, and computer-aided design &amp; computer-aided manufacturing (CAD/CAM) industries. He also has expertise in emerging technologies like virtual reality. “With Pine Labs, I see a massive opportunity to make a substantial difference to the future of merchant commerce in Asia. Looking forward to being part of this team that is set to shift the fintech landscape in Asia," Kalagara said in a press note. He has previously worked as the senior vice president of product and engineering at Flipkart, senior director of engineering PayPal and director of software development at Advanced Interactive Systems. He spent 12 years working with PayPal and three years at Flipkart. “We have made several new appointments in the past one year to bolster our technology capabilities. Phani [Kalagara] comes with a wealth of experience in product and engineering and is the right man to lead our Technology team during this exciting phase of growth for the company,” Amrish Rau, chief executive of Pine Labs, said. Pine Labs is expected to file the preliminary paperwork for its public listing by the end of October. The company is expected to list in Nasdaq listing in the US and plans to raise over a billion dollars from this issue, as per media <a href="https://www.livemint.com/market/ipo/pine-labs-may-file-for-nearly-1-bn-nasdaq-ipo-by-oct-end-11633888624007.html">reports</a>. The company has reportedly hired investment bank Morgan Stanley to manage the proposed IPO. The Noida-based fintech startup has raised $838 million to date from marquee investors like IIFL Asset Management, Fidelity Management and Research Company, Neuberger Berman Loan Advisers Holdings and more. Pine Labs had raised $100 million from Invesco Developing Markets Fund in September, and it is now valued at $3 billion. SEE ALSO <a href="https://www.businessinsider.in/tech/enterprise/news/facebook-plans-to-rebrand-itself-to-a-metaverse-company-with-a-new-name/articleshow/87150303.cms" data-type="tilCustomLink" style="">Facebook plans to rebrand itself to a metaverse company with a new name</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-rolls-out-redesigned-icons-working-on-done-and-undo-buttons-for-media-editing/articleshow/87131523.cms" style="">WhatsApp rolls out redesigned icons, working on “Done” and “Undo” buttons for media editing</a> <a href="https://www.businessinsider.in/tech/news/facebook-tests-new-feature-that-will-allow-users-to-cross-post-their-videos-and-photos-on-instagram/articleshow/87131315.cms" style="">Facebook tests new feature that will allow users to cross-post their videos and photos on Instagram</a>

IPO-bound Pine Labs appoints former Flipkart, PayPal exec Phanimohan Kalagara as CTO

<ul><li>Walmart-owned e-commerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is exploring an initial public offering (IPO) in the US through a merger with a special purpose acquisition company (<keyword id="1817616" type="ORGANIZATION" weightage="20" keywordseo="SPAC">SPAC</keyword>).</li><li>SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company.</li><li>Indian renewable energy company ReNew Power had recently announced its merger with a similar SPAC, while according to reports grocery startup Grofers is exploring the same.</li></ul>Walmart-owned e-commerce giant Flipkart is exploring an initial public offering (IPO) in the US through a merger with a special purpose acquisition company (SPAC), according to a report by <a href="https://www.bloomberg.com/news/articles/2021-03-04/india-s-flipkart-said-to-mull-u-s-listing-with-spac-as-option?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">Bloomberg. </a> The listing in the US markets could give the online retailer a $35 billion valuation. Flipkart’s last reported valuation was $24.9 billion, when it received funding from <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in July, 2020. What is a SPAC? SPAC companies are generally formed as “blank cheque” firms with the specific purpose to raise capital through a market debut to acquire another company. When a deal is formed through SPAC, the companies have two years to complete the acquisition. If the deal fails to go through, the SPAC will have to return all money to the investors. Through a SPAC deal, companies don’t have to go through the traditional paperwork hassles needed for an IPO. The reason why a SPAC is better than an IPO is best described by Don Butler, managing director at venture capital fund Thomvest Ventures. “An IPO is basically a company looking for money, while a SPAC is money looking for a company,” he recently <a href="https://news.crunchbase.com/news/spac-vs-traditional-ipo-investors-see-benefits-of-blank-check-companies/">said</a>. There are many advantages of opting for a SPAC deal, first the company would get direct expertise from a company that has been in the business of taking firms to the public markets, and SPACS also acquires companies at a premium, giving more value to the initial investors in the company. Flipkart isn’t alone Flipkart, if the deal goes through, will join the long list of companies in the US that have successfully taken the <a href="https://www.businessinsider.in/stock-market/news/spacs-are-trying-to-stand-out-in-a-sea-of-blank-check-listings-heres-what-4-high-profile-backers-are-doing-to-make-their-ipos-more-attractive-to-investors-/articleshow/81316539.cms">SPAC route </a>in the last year. Even Indian companies -- like the renewable energy firm Renew Power -- have announced their merger with a blank cheque company for a listing in the US. In fact, Renew Power’s SPAC is being backed by the Sri Lankan-American investor Chamath Palihapitiya, who has played a major role in the SPAC boom in the US. <div type="twitter" handle="chamath" handlename="Chamath Palihapitiya" image="http://pbs.twimg.com/profile_images/1257066367892639744/Yh-QS3we_normal.jpg" favoritecount="3910" retweetcount="482" status="Excited to do the PIPE in ReNew Power as they merge with $RMGBRenew is India’s largest clean energy company with… https://t.co/4OHuaItQdh" createdat="1614177684000" id="1364586229585506304"></div> Softbank-backed grocery startup Grofers is aso looking for a listing in the US through a SPAC, as <a href="https://www.bloomberg.com/news/articles/2021-02-11/softbank-backed-grofers-said-to-weigh-listing-via-u-s-spac-deal?srnd=technology-vp&amp;sref=zNmRQ0gk">reports suggest</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/bootstrapped-online-travel-aggregator-easemytrip-makes-its-way-to-the-public-markets/articleshow/81326200.cms">INTERVIEW: Bootstrapped online travel aggregator EaseMyTrip makes its way to the public markets</a> <a href="https://www.businessinsider.in/tech/news/indias-supreme-court-observes-that-ott-platforms-are-showing-pornography-and-proposes-screening-of-online-content/articleshow/81328555.cms">India's Supreme Court observes that OTT platforms are showing pornography and proposes screening of online content</a> <a href="https://www.businessinsider.in/tech/apps/news/this-spam-blocker-may-add-a-layer-of-anonymity-to-your-social-media-presence-while-twitter-and-facebook-are-under-pressure-to-verify-their-users/articleshow/81327239.cms">This spam blocker may add a layer of anonymity to your social media presence while Twitter and Facebook are under pressure to verify their users</a>

You Searched For "Flipkart IPO" and got 12 results

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Walmart's Flipkart is targeting a 4th-quarter IPO that could value it at $35 billion, new report says

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Flipkart’s reported $10 billion IPO plan will mean Walmart’s investment in the Indian e-commerce giant will double within 3 years

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