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<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> India is curtailing its wholesale business to comply with new <keyword id="436047" type="COMPANY" weightage="20" keywordseo="Ecommerce">ecommerce</keyword> norms. </li><li>It has almost stopped dealing in direct buying of products from companies. </li><li>The online shopping platform has asked suppliers to directly connect with sellers on its ‘Alpha’ and ‘Beta’ intermediary platforms.</li><li>This move has come amid massive changes in e-commerce norms especially for foreingn companies under <keyword id="44749" type="ORGANIZATION" weightage="20" keywordseo="Foreign-Direct-Investment">foreign direct investment</keyword>. </li></ul>Flipkart is looking to stop buying products directly from companies, in a move to wind up its wholesale business. It is now taking the long route of asking their suppliers to connect with its preferred sellers instead. This came after the new e-commerce regulations put in place by the government, late last year. The law now bars online retailers from clinching exclusive deals with product sellers thereby affecting market dynamics. The rules also said that online marketplaces cannot control or possess their own inventories. Sellers who source more than 25% of goods from affiliates, will be considered as ‘owned’ by Flipkart. At arm’s length In response, the Walmart-owned company is changing its role in sourcing. It will now act as a platform for its suppliers where they can directly choose their best sellers. Flipkart had earlier developed two intermediary platforms codenamed ‘Alpha’ sellers and ‘Beta’ sellers for wholesale purposes. Yet, this is not a long-term solution, not after the regulations. And, the e-commerce giant is taking the first step of exiting wholesale business all-together. This will help them maintain an arm’s length distance for regulatory purposes, while keeping the supply going. “The <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> owned company is yet to decide whether to completely fold Flipkart India, the wholesale entity, or scale it down to service only small sellers or brick-and-mortar channels,” company executives selling products at Flipkart told <a href="https://tech.economictimes.indiatimes.com/news/internet/flipkart-checks-direct-buying-from-companies/70166500">Economic Times</a>. It is also known that the company had started this exercise in April this year. SEE ALSO: <h1 style="margin-top: 0px; margin-bottom: 10px; padding-bottom: 20px; border-bottom: 1px solid rgb(238, 238, 238); font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 28px; line-height: 1.2em; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; color: rgb(17, 21, 22); background-color: rgb(255, 255, 255);"><a href="https://www.businessinsider.in/amazon-flipkart-might-end-deep-discounts-of-products/articleshow/70155152.cms">Amazon, Flipkart ask brands to take the lead on ‘discounting’</a> </h1>

Flipkart is looking to exit wholesale business to toe the government's line, says report

The National Company Law Appellate Tribunal (<keyword id="6396355" type="ORGANIZATION" weightage="20" keywordseo="nclat">NCLAT</keyword>) on Wednesday asked the fair trade regulator <keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword> to initiate again the probe against <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> for an alleged use of its dominant position. A three-member bench of the NCLAT headed by Chairman Justice S J Mukhopadhaya has set aside the earlier order passed by the <keyword id="139820" type="COMPANY" weightage="20" keywordseo="Competition-Commission">Competition Commission</keyword> of India (CCI) in this regard. Earlier, the CCI had absolved e-commerce major Flipkart of unfair practices using its dominant position. The appellate tribunal has directed the CCI to ask its probe arm Director General (DG) to investigate into the allegations. "We set aside the order passed by CCI...," the bench said adding that the fair trade regulator "is directed to initiate probe against Flipkart." The NCLAT said that the All India Online Vendors Association (AIOVA) has successfully made its case here. Passing an order on November 6, 2018, the CCI had held that the business practices of Flipkart and Amazon are not in violation of competition norms and rejected allegations of abuse of market dominance made by AIOVA. The AIOVA had alleged abuse of market dominance against <keyword id="1926919" type="COMPANY" weightage="20" keywordseo="Flipkart-India">Flipkart India</keyword> Pvt Ltd, which is into wholesale trading/distribution of books, mobiles, computers and related accessories, and e-commerce marketplace Flipkart Internet Pvt Ltd. The CCI had ruled that looking at the present market construct and structure of online marketplace platforms in India, "it does not appear that any one player in the market is commanding any dominant position at this stage of evolution of market".

Flipkart to be investigated again by fair trade regulator over alleged misuse of dominant position

<keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, India's largest e-tailer, is likely to start another round of fund raising as it looks to expand its range of products in order to cater to a wider base of customers. According to media reports, it will seek about $1.5 billion and has started the process of identifying potential investors. 
 The <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> giant has raised about $1.2 billion this year. It had recently held festival sales, giving steep discounts. Following the mega festive season sale in October, during which it shipped about 80 lakh items as compared to 50 lakh on average, Flipkart has revised its internal target to reach sales worth $4 billion by the end of the current financial year. 
 
The Bangalore-based company is looking to increase the number of product categories in which they have leadership. "It has built a lead in fashion with the Myntra acquisition. The same push needs to happen across categories," said Manish Saigal, managing director at advisory firm Alvarez and Marsal. 
 <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> India had recently launched its gourmet and speciality foods category with more than 155 brands, both domestic as well as imported. Another e-tailer, <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword>, already sells products in these categories.

Flipkart To Raise $1.5 Billion, Looks Forward To Expand Its Product Range

The deal between <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="6357395" type="CITY" weightage="20" keywordseo="eBay">eBay</keyword> India will be finalised by the latter half of the 2017. EBay invested $500 million in Flipkart. India is not the first market that eBay is exiting. Devin Wenig, CEO at eBay, said, "We-'re committed to winning in India through this partnership.” EBay will close the deal and upon deal close, it will no longer report active buyer GMV and related financials for eBay India. "We do not expect the GMV or financial impact to be material to our overall 2017 results. However, we do expect to remove approximately 4 million buyers from our active buyer reporting,” said Scott Schenkel, chief financial officer at eBay. Recently, eBay along with Microsoft and <keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword> pumped in $1.4 billion into Flipkart. The deal included sale of eBay.in to Flipkart and an exclusive cross-border trade agreement. eBay had entered the Indian market in 2004 but failed to capitalise on its first-mover advantage and eventually lost out to Flipkart and Amazon. eBay had picked up a significant stake in Delhi-based online retailer <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword> in 2013, a part of which it still holds.

Flipkart-eBay India deal to close in second half of the year

The government on Wednesday said there has been no infiltration along the Sino-Indian border in the last six months, while 47 infiltration bids have been reported along the <keyword id="143023" type="PERSON" weightage="20" keywordseo="Indo-Pak-border">Indo-Pak border</keyword> during the period. The Union Home Ministry also informed the Rajya Sabha that 594 attempts of infiltration into Jammu and Kashmir by Pakistani militants have been reported in the last three years, of which 312 were successful. "No infiltration has been reported along Indo-China border during last six months," Union Minister of State for Home Nityanad Rai said in a written response to a question. Replying a separate question, Union Minister of State for Home G Kishan Reddy said 582 terrorists were killed in Jammu and Kashmir by security forces in last three years, while 46 terrorists were arrested during the period. As many as 76 army personnel were also killed in Jammu and Kashmir from 2018 till September 8 this year, he said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbi-governor-shaktikanta-das-speech-highlights-on-16-september-2020/articleshow/78143035.cms">RBI Governor highlights five key areas that will determine India's growth in the post-COVID world</a> <a href="https://www.businessinsider.in/tech/gadgets/news/apple-watch-series-6-ipad-air-ipad-8-and-apple-one-will-be-available-in-india/slidelist/78141813.cms">Apple Watch Series 6, iPad Air, iPad 8, and Apple One will be available in India — here’s how much they cost</a> <a href="https://www.businessinsider.in/business/startups/news/amid-india-china-standoff-tencent-is-back-with-an-investment-in-flipkart/articleshow/78140794.cms">Amid India-China standoff, Tencent is back with an investment in Flipkart</a> <a href="https://www.businessinsider.in/science/health/news/-indias-surging-covid-19-infections-is-testing-the-health-infra-once-again/articleshow/78143000.cms">India’s surging COVID-19 infections is testing the health infra once again — beds added during lockdown aren’t enough</a>

No infiltration along India-China border in last six months, says Union Minister Nityanad Rai

New Delhi, Feb 27 () The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Professional (IRP) appointed by NCLT to handover the records and assets of the company back to its promoter immediately. Earlier, on October 24, 2019, the Bengaluru Bench of the National Company Law Tribunal (NCLT) had admitted the insolvency plea filed by Cloudwalker Streaming Technologies, an operational creditor of Flipkart. "We set aside the impugned order dated October 24, 2019 passed by the adjudicating authority (NCLT) and the application filed under Section 9 by the operational creditor Cloudwalker Streaming Technologies Pvt Ltd, company petition is rejected," said NCLAT. It further said: "The Flipkart India Pvt Ltd (corporate debtor) is released from the corporate insolvency resolution process." NCLAT order came over a petition filed by Neeraj Jain, Director of Flipkart India Private Ltd. "Interim resolution professional will handover the records and assets of the corporate debtor to the promoter immediately, who will manage the corporate debtor," it added on its order passed on February 24. Flipkart's operational creditor Cloudwalker Streaming Technologies, which used to supply the e-commerce major imported LED TVs, had filed a petition before NCLT contending that Flipkart defaulted for an amount of Rs 26.95 crore. However, it was rejected by NCLAT saying that the demand notice delivered under Section 8(1) of the Insolvency &amp; Bankruptcy Code (IBC) was "not proper and was also incomplete". "The operational creditor failed to submit any documents to prove in existence of the operational debt and the amount in default," the appellate tribunal said observing that Cloudwalker Streaming Technologies also failed to submit the copy of invoices and copies of all the documents referred in the application. Cloudwalker Streaming Technologies had contended that Flipkart contacted it in selling its product of LED TVs and entered into a supply agreement on December 29, 2016. As per the agreement, it would receive the purchase order, after which it will import and procure the required quantities of LED TVs and deliver the same to Flipkart at its desired location. According to the operational creditor, Flipkart received delivery of the first few batches but after that it avoided taking delivery of the LED TVs on the ground of lack of warehouse space. It further submitted that later, Flipkart started delaying the collection of the LED TVs, and in some instances did not collect them at all. In an attempt to gain more profit out of the goods ordered, Flipkart was putting pressure on Cloudwalker Streaming Technologies to offer the already imported and warehoused LED TVs, at a discounted price. Later, the operational creditor demanded payment of the LED TVs procured and imported from October 11, 2017 to December 1, 2017, based on the import and the purchase order issued by Flipkart, which failed to collect more than 70 per cent of the stock as ordered by them till March 2018. It issued a demand notice on June 8, 2019. This was rejected by Flipkart, saying that there was no admitted debt or liability and an amount of Rs 85.57 crore was paid. Challenging the order of NCLT, Flipkart contended that the order was passed without appreciating the fact that Cloudwalker Streaming has not produced any documentary evidence as purchase orders, acceptance letters, invoices and proof of any intimation of sale to the end customers or any post-delivery services with specific reference to the amounts. Moreover, claim for damages cannot amount to an operational debt under IBC and hence it can not be treated to have committed default, contended Flipkart. Consenting to submissions of Flipkart, NCLAT said: "The operational creditor has failed to submit the relevant documents under which the debt has become due." On August 18, 2018 US retail major Walmart had completed acquisition of 77 per cent stake in Flipkart for about USD 16 billion, a deal which gave the US retailer access to the Indian e-commerce market. KRH DRR

NCLAT sets asides insolvency proceedings against Flipkart

The <keyword id="139820" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission">Competition Commission</keyword> has rejected allegations of unfair business practices against five online retail majors -- Flipkart, Snapdeal, Amazon, Jabong and Myntra -- as it did not find any prima facie evidence of violations. 
 The complaints were filed against <keyword id="1990166" type="UNKNOWN" weightage="80" keywordseo="Flipkart-India-Pvt-Ltd">Flipkart India Pvt Ltd</keyword>, <keyword id="2810347" type="COMPANY" weightage="80" keywordseo="Jasper-Infotech-Pvt-Ltd">Jasper Infotech Pvt Ltd</keyword>, <keyword id="2837603" type="UNKNOWN" weightage="80" keywordseo="Xerion-Retail-Pvt-Ltd">Xerion Retail Pvt Ltd</keyword>, <keyword id="2837662" type="UNKNOWN" weightage="80" keywordseo="Amazon-Seller-Services-Pvt-Ltd">Amazon Seller Services Pvt Ltd</keyword> and Vector E-commerce Pvt Ltd. 
After looking into the matter for the past few months, the fair trade watchdog has ruled that these entities did not violate competition norms by indulging in cartelisation or by abusing their dominant position. 
 
Jasper runs Snapdeal.com, Xerion owns Jabong.com, while Vector is the company behind Myntra.com. 
"... the Commission is of the prima facie view that no case of contravention of the provisions of either section 3 or section 4 of the Act is made out against the opposite parties," it said in a 10-page order. 
 
It was alleged that e-commerce websites and product sellers entered into exclusive agreements to sell products exclusively on select portals. 
 
In recent months, there have been rising concerns that discount sales launched by various e-commerce websites, including Flipkart were anti-competitive in nature. With regard to exclusive agreements, the <keyword id="97393" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (CCI) said that such pacts need not result in appreciable adverse effect on competition. 
 
"It does not seem that such arrangements create any entry barrier for new entrants. It seems very unlikely that an exclusive arrangement between a manufacturer and an e-portal will create any entry barrier as most of the products which are illustrated in the information to be sold through exclusive e-partners (OPs) face competitive constraints," the order, dated April 23, said. 
Agreeing with the contention of the opposite parties, the Commission said that every product cannot be taken as a relevant market in itself. 
 
"Irrespective of whether we consider e-portal market as a separate relevant product market or as a sub-segment of the market for distribution, none of the opposite parties seems to be individually dominant. 
"There are several players in the online retail market which have been arrayed as opposite parties in the present case, offering similar facilities to their customers," the order said. 
 
The regulator noted that it does not consider it necessary to go into the question of abuse of dominance by the opposite parties.

A huge relief for Flipkart, Snapdeal, Amazon, Jabong and Myntra. Know more

Thousands of <keyword id="9949089" type="UNKNOWN" weightage="20" keywordseo="microsoft-sql-servers">Microsoft SQL Servers</keyword> (MSSQL) have been found to be infected by a new malware gang, the cybersecurity arm of Chinese tech giant Tencent has warned. <keyword id="9949092" type="UNKNOWN" weightage="20" keywordseo="tencent-security">Tencent Security</keyword> has named this new malware gang which is hacking into the servers and installing a crypto-miner, MrbMiner, ZDNet reported on Wednesday. The cybercriminal group is so named after one of the domains used by it to host their malware. The hackers blasted in through the weak password of the SQL Servers and then released the crypto-miner on target systems, according to Tencent Security. "MrbMiner mining Trojan will carefully hide itself to avoid being discovered by the administrator," the company said in a blog post earlier this month. "The Trojan will monitor the task manager process. When the user starts the 'task manager' process to view the system, the mining process will immediately exit and delete related files," it added. <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> was yet to comment on the Tencent report. Tencent security experts also discovered the Linux system and ARM system-based mining Trojan files on the FTP File Transfer Protocol) server of the MrbMiner mining Trojan, speculating that MrbMiner has cross-platform attack capabilities. According to the current threat intelligence data, MrbMiner mining Trojan has controlled thousands of servers for network mining, Tencent Security added. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/rbi-governor-shaktikanta-das-speech-highlights-on-16-september-2020/articleshow/78143035.cms">RBI Governor highlights five key areas that will determine India's growth in the post-COVID world</a> <a href="https://www.businessinsider.in/tech/gadgets/news/apple-watch-series-6-ipad-air-ipad-8-and-apple-one-will-be-available-in-india/slidelist/78141813.cms">Apple Watch Series 6, iPad Air, iPad 8, and Apple One will be available in India — here’s how much they cost</a> <a href="https://www.businessinsider.in/business/startups/news/amid-india-china-standoff-tencent-is-back-with-an-investment-in-flipkart/articleshow/78140794.cms">Amid India-China standoff, Tencent is back with an investment in Flipkart</a> <a href="https://www.businessinsider.in/science/health/news/-indias-surging-covid-19-infections-is-testing-the-health-infra-once-again/articleshow/78143000.cms">India’s surging COVID-19 infections is testing the health infra once again — beds added during lockdown aren’t enough</a>

Tencent Security warns thousands of Microsoft SQL servers maybe infected by a new malware

<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP/Nick Ut</div></div></div><ul><li><a href="http://markets.businessinsider.com/stocks/wmt-stock">Walmart</a> wants to buy Flipkart, India's version of Amazon.</li><li>Walmart has entered the e-commerce space mainly through acquisitions. </li><li>This purchase is a bad idea, Oppenheimer analyst Rupesh Parikh wrote in a note to clients. </li><li><a href="http://markets.businessinsider.com/stocks/wmt-stock">Watch Walmart trade in real time here.</a></li></ul><a href="http://markets.businessinsider.com/stocks/wmt-stock">Walmart</a>'s foray into e-commerce has been mainly through acquisitions, and the next move it could make may be a bust, according to Oppenheimer analyst Rupesh Parikh. "We view a potential acquisition of Flipkart as potentially negative in the shorter term as it likely leads to earnings dilution," Parikh wrote. Flipkart is India's version of Amazon.<a href="http://www.businessinsider.com/r-walmart-could-buy-controlling-stake-in-flipkart-as-early-as-next-week-sources-2018-4">Walmart is reportedly in talks with Flipkart to acquire a 51% stake in the company</a> for between $10 billion and $12 billion. Walmart recently <a href="http://www.businessinsider.com/walmart-is-acquiring-bonobos-for-310-million-2017-6">bought Bonobos for $300 million</a> and <a href="http://www.businessinsider.com/walmart-is-buying-jetcom-2016-8">Jet.com for $3.3 billion</a>. The <a href="http://www.businessinsider.com/jet-walmart-weapon-vs-amazon-2017-9">Jet.com acquisition is said to be Walmart's most potent weapon in its battle against Amazon </a>for share in the e-commerce space. But the potential Flipkart purchase would likely detract value from Walmart because it would suffer "potential dilution related to a Flipkart stake,"Parikh wrote. While Flipkart's financials are hard to track down, it is reported the company lost roughly $1.4 billion on $3 billion of revenue last year.Parikh assumes Flipkart will lose about $750 million in 2018, which underpins his estimate that a Walmart acquisition of the Indian e-commerce giant would dilute Walmart's earnings-per-share by 5%. Mathematics aside, Parikh also warns the purchase "could unnerve investors playing for an intermediate-term earnings acceleration."Parikh emphasized that he has little knowledge of Flipkart's financials, and that his dilution estimate is strictly for the short-term. Walmart is down 10.57% on the year. <div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/stocks/wmt-stock"></a>Markets Insider</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/wall-street-bull-explains-trade-war-trade-war-fears-overblown-2018-4">Wall Street's biggest bull explains why trade war fears are way overblown</a></h3> <div> </div> </div>

You Searched For "Flipkart India" and got 9 results

Flipkart is looking to exit wholesale business to toe the government's line, says report

BI India Bureau

Flipkart to be investigated again by fair trade regulator over alleged misuse of dominant position

PTI

Flipkart To Raise $1.5 Billion, Looks Forward To Expand Its Product Range

BI India Bureau

Flipkart-eBay India deal to close in second half of the year

BI India Bureau

No infiltration along India-China border in last six months, says Union Minister Nityanad Rai

PTI

NCLAT sets asides insolvency proceedings against Flipkart

PTI

A huge relief for Flipkart, Snapdeal, Amazon, Jabong and Myntra. Know more

BI India Bureau

Tencent Security warns thousands of Microsoft SQL servers maybe infected by a new malware

IANS

Walmart's next acquisition could be a bust - at least in the near-term, analyst says

Jacob Sonenshine

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