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<ul><li>As Walmart-owned <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> moves towards a possibly $10 billion initial public offering (IPO), it seems to be shedding flab with a nearly $300 million write off in Jabong.</li><li>Flipkart India CEO Kalyan Krishnamurthy described 2020 as the year when the company turned ‘financially prudent’, without adding any details.</li><li>Judith McKenna, president and chief executive of Walmart International, said that even after Flipkart being shut for 53 days in 2020 due to the COVID-19 pandemic, the e-commerce business closed the year stronger than it started.</li><li>For Flipkart, in 2021, the focus will be on grocery and fashion bringing loyal customers through its subscription programme and investing in technology and infrastructure.</li></ul>Digging inside Walmart's earnings has revealed a lot about what's happening at Flipkart. As the India-born e-commerce subsidiary moves towards a <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">possibly</a> $10 billion initial public offering (IPO), it seems to be shedding flab with a nearly $300 million write off in one of its units. As Walmart boss Doug Mcmillon wants to “step on the gas” in India, Flipkart chief executive officer (CEO) Kalyan Krishnamurthy has decided to focus on areas like grocery and fashion as well as investments in technology and infrastructure. <div type="Youtube" id="zUinE3RR_nU" title="Flipkart Gets Leaner With A $300 Million Jabong Write-Off" thumbUrl="https://i.ytimg.com/vi/zUinE3RR_nU/mqdefault.jpg"></div> Krishnamurthy described 2020 as the year when Flipkart turned ‘financially prudent’. While he didn’t add any details, inside Walmart’s earnings report, there were “business restructuring charges” including $293 million non-cash impairment for the <a href="http://jabong.com/">Jabong.com</a> trade name. Business Insider reached out to Flipkart for more inputs but the spokesperson said that they have nothing more to add. <keyword id="1484171" type="COMPANY" weightage="20" keywordseo="jabong-com">Jabong.com</keyword> was a fashion e-commerce entity that Flipkart had acquired through Myntra in 2016 and eventually absorbed it. <cmsannotation type="cmsannotation" annotationid="A step towards IPO?" comment="subhead" text="A step towards IPO?">A step towards IPO?</cmsannotation> Such restructurings are common when a company is planning to go public. It makes the IPO more attractive. Walmart is reportedly preparing Flipkart for a big market debut possibly in the US – a $10 billion initial public offering (IPO). The listing is expected to boost Flipkart’s valuation to $40 billion from the current $24.9 billion. While the company hasn’t given a timeline or details for the market offering, <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">reports</a> say that it could be in 2021 with Walmart divesting a 25% stake in the company. <div type="image" title="Flipkart valuation history - December 2020" msid="81105071" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart valuation history until December 2020&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Shedding past baggage is one thing, focussing on the future is another" comment="subhead" text="Shedding past baggage is one thing, focussing on the future is another">Shedding past baggage is one thing, focussing on the future is another</cmsannotation> Walmart is clearly very bullish on Flipkart. Both Walmart CEO Mcmillion and Judith McKenna, president and chief executive officer (CEO) of Walmart International were all praises for the team in India during the earnings call. McKenna said that Flipkart has doubled its gross merchandising value (GMV) despite being shut for 53 days due to the COVID-19 pandemic. “The e-commerce business closed the year stronger than it started,” she added. GMV is the total value of merchandise sold on a platform. When asked about the focus for 2021, Krishnamurthy lined up grocery, fashion, and onboarding loyal customers through their subscription programme. In fashion, Flipkart has already made some moves, but the attractive grocery segment is going to be a challenge. Investments made by Flipkart in the apparel industry recently <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment by Flipkart </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">USPL (Universal Sportsbiz Pvt Ltd) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Fashion Retail Limited </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arvind Fashions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹260 crore </td></tr></tbody></table> In grocery, Flipkart has betting big on itself through Flipkart SuperMart and an investment in <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-and-flipkart-invest-in-ninjacart-again-to-bump-up-its-grocery-offerings-ahead-of-the-festive-season/articleshow/78617012.cms">Ninjacart.</a> “We are going to partner with the roughly million kirana stores in our ecosystem,” he said. Kirana is the Hindi word for mom-n-pop stores in India and is the latest buzzword in the race for online grocery retail where some of the richest and mightiest business houses in the country are making big investments. JioMart, which is Reliance Retail’s e-commerce debut, owned by India’s richest man Mukesh Ambani, is targeting 30 million merchants and he is backed by Facebook and WhatsApp for this project. The $100 billion Tata Group, one of India’s oldest and largest conglomerates, has reportedly closed a deal to acquire BigBasket, one of the early birds in India’s online grocery market. Meanwhile, Flipkart is also betting big on adtech (Advertising technology). Krishnamurthy said that Flipkart’s advertising platform is currently one of the top five in India today. Flipkart is strengthening its advertising and monetisation portfolio and has announced the launch of a custom built demand-side platform (DSP). It recently partnered with <a href="https://www.businessinsider.in/advertising/ad-tech/news/flipkart-launches-commerce-focused-self-serve-demand-side-platform/articleshow/80919844.cms">MediaMath</a> to launch its demand-side platform. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-denies-dodging-indian-regulations-but-the-government-is-already-investigating-and-rivals-want-a-ban-on-jeff-bezos-company/articleshow/81088953.cms">Amazon denies dodging Indian regulations⁠ but the government is already investigating and rivals want a ban on Jeff Bezos’ company</a> <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CoComelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a>

Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021

(Photo Source: Rediff) <ul><li><keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> is seeing a management shakeup with key leaders including its head resigning from their respective posts. </li><li>The online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company, Mint reported on Monday. </li><li>Other top-notch officials including Mithun Sundar, the company’s Chief Revenue Officer (CRO) and Manpreet Ratia, who heads Human Resource for the company, have also resigned from their posts. </li><li>Overall <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has fired nearly 200 employees from its fashion units, Myntra and <keyword id="6388367" type="LOCATION" weightage="20" keywordseo="jabong">Jabong</keyword>, but has been trying to hold onto their employees and executives via retention packages, according to media reports. </li></ul>Just weeks after Binny Bansal’s <a href="https://www.businessinsider.in/allegations-left-me-stunned-flipkarts-binny-bansal-resigns-denying-claims-of-personal-misconduct/articleshow/66619043.cms">controversial</a> resignation as Flipkart Group’s CEO last month, its subsidiary, Myntra, is seeing a management shakeup of sorts with key leaders resigning from their respective posts. Most recently, the online fashion retailer’s Chief Executive Officer (CEO), Ananth Narayanan, stepped down from his role in the company as per a Mint <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">report</a>. Other top-notch officials including Mithun Sundar, their Chief Revenue Officer (CRO), and Manpreet Ratia, who heads Human Resources for the company, have also resigned from their posts. The post for company’s CEO will be abolished entirely after Narayanan’s resignation, while Flipkart’s executive Amar Nagaram may end up leading Myntra, according to the report. Myntra’s workforce is also reportedly seeing a reshuffle as the company and the subsidiary have been aggressively firing employees. So far, Flipkart has fired nearly 200 <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">employees</a> from its fashion units — Myntra and Jabong. With Flipkart recently announcing Jabong’s assimilation with Myntra across verticals, more firings are <a href="https://www.livemint.com/Companies/SBP6RB7kvaAbDtlES1dLRO/Myntra-chief-Ananth-Narayanan-quits-firm-may-abolish-CEO-po.html">expected</a> to take place. On the other hand, the fashion retailer is also seeking to hold onto other employees and executives via retention packages that include incentives for the employees aside from their regular salary. Walmart acquired Flipkart earlier this year for $16 billion. With the retailing giant’s backing, Flipkart has been <a href="https://www.businessinsider.in/has-amazon-overtaken-flipkart-new-numbers-reopen-the-debate/articleshow/66863163.cms">competing</a> neck and neck with <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>. See also: <a href="https://www.businessinsider.in/has-amazon-overtaken-flipkart-new-numbers-reopen-the-debate/articleshow/66863163.cms">Has Amazon overtaken Flipkart? New numbers reopen the debate</a> <a href="https://www.businessinsider.in/walmart-may-have-plans-to-merge-fashion-brands-under-flipkart-but-myntras-ceo-isnt-going-anywhere/articleshow/66652526.cms">Walmart may have plans to merge fashion brands under Flipkart — But Myntra’s CEO isn’t going anywhere</a> <a href="https://www.businessinsider.in/allegations-left-me-stunned-flipkarts-binny-bansal-resigns-denying-claims-of-personal-misconduct/articleshow/66619043.cms">‘Allegations left me stunned’: Flipkart’s Binny Bansal resigns denying claims of ‘personal misconduct’</a>

Myntra is in the middle of a management shakeup after key leaders resign in succession

<ul><li><keyword id="80487" type="ORGANIZATION" weightage="20" keywordseo="walmart">Walmart</keyword> now owns a 77% stake in <keyword id="6354742" type="PERSON" weightage="100" keywordseo="Flipkart">Flipkart</keyword>.</li><li>The company will invest $16 billion for its stake.</li><li>Flipkart founder, <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, is exiting the company, as is chief investor <keyword id="163404" type="ORGANIZATION" weightage="20" keywordseo="Softbank">Softbank</keyword>.</li></ul> The Walmart-Flipkart deal is finally official, with the US-based retail giant acquiring 77% stake in the Indian unicorn. Flipkart’s chief investor Softbank is selling off its shares, as is its founder Sachin Bansal. The deal has been in the works since September 2016. At the time, Walmart wanted to acquire a minority stake in the company. Today’s announcement marks a landmark in both the Indian startup and e-commerce industry. Flipkart has been one of the biggest success stories in the country, starting from a 2BHK apartment over a decade ago. Here’s how the company’s journey played out. The Journey 
	
	
	
	
	
	
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 <ul><li>Flipkart began in 2007, when the Indian e-commerce market was untapped. Sachin Bansal and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>, the founder of Flipkart, began the company as a replica of <keyword id="18635" type="LOCATION" weightage="20" keywordseo="Amazon">Amazon</keyword> for the Indian market.</li></ul><ul><li>It opened its first office in Bangalore in 2008 followed by expansions in Delhi and Mumbai. It even launched its 24x7 customer service too.</li></ul><ul><li>In 2009, Accel Partners invested $1 million in the company.</li></ul><ul><li>In 2010 they pioneered the Cash-on Delivery payment mode in India. With this, the company launched its logistics department Ekart and announced a 30 day return policy.</li></ul><ul><li>In 2011, Flipkart launched their digital wallet, and acquired Chakpak and Mime360. By now they delivered to over 600 cities.</li></ul><ul><li>In 2012, they launched their mobile app, bringing the marketplace in the hands of the consumer.</li></ul><ul><li>Flipkart also introduced the Next Day Shipping Guarantee in 2013.</li></ul><ul><li>It raised more funding, worth $160 million in 2013.</li></ul><ul><li>Over the years, the company grew exponentially with acquisitions of e-tailers like Myntra and WeRead. Huge investments even came in from investors across the globe. </li></ul><ul><li>In 2016, it was the first indian app to cross 50 million users, while it also crossed the 100 million registered user threshold.</li></ul><ul><li>The biggest investment came in from Japanese SoftBank, which made a $2.5 billion bet on the Indian unicorn and e-commerce giant. .</li></ul><ul><li>Sachin Bansal, founder of Flipkart, stepped down from his post as the CEO in 2016. This was filled in 2017 by <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword>, who took over from Binny Bansal.</li></ul><ul><li>Flipkart acquired Myntra for $300 million in 2014 and <keyword id="6388367" type="LOCATION" weightage="20" keywordseo="jabong">Jabong</keyword> for $70 million in 2016.</li></ul><ul><li>In 2018, the company consolidated all its Bangalore offices into one large campus with an area of .83 million square feet.</li></ul><ul><li>In terms of finances, <keyword id="3515858" type="ORGANIZATION" weightage="20" keywordseo="flipkart-group">Flipkart Group</keyword> incurred losses of ₹87.7 billion attributable to the owners of the company in FY17, which rose from ₹52.16 billion in FY16. Consolidated revenue increased by 29% to ₹19,855 crore in FY17.</li></ul><ul><li>Flipkart had wiped out half of its $6.1 bn investments as <a href="https://www.bloombergquint.com/business/2018/03/21/flipkarts-losses-have-wiped-out-half-of-66-billion-injected-by-investors">of early 2018</a>.</li></ul><ul><li>As of now the company is valued at $20 billion.</li></ul>

How Flipkart went from being an online bookseller to India’s biggest e-commerce story

<keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> is dishing out employee stock options (ESOPs) to top-level staff of <keyword id="6388367" type="COMPANY" weightage="20" keywordseo="Jabong">Jabong</keyword>. At least two dozen employees of Jabong have been offered this option. Jabong’s employees will get the options based on an April valuation which was at $10.2 billion for Flipkart. If Flipkart raises capital in the next funding round and is valued at $11.6 billion, the valuations are expected to be revised. "They have given the stock with Flipkart option to 25-30 people at Jabong and as the next round of funding happens, the valuations will be revisited. Right now, they have given at $10 billion valuation," a person familiar with the development told ET. "Employees have been the strongest pillars of support over the past decade for the entire Flipkart Group, and we believe in rewarding them in the truest possible sense," a Flipkart spokesperson told ET in an emailed response. Through the ESOPs, companies give employees the right to purchase the company stock at a specified price, generally lower than the price offered to investors, for a limited time period.

Flipkart is rolling out stock options for senior employees of Jabong

<keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword>, <keyword id="6357395" type="CITY" weightage="20" keywordseo="eBay">eBay</keyword>, and <keyword id="10387" type="CITY" weightage="100" keywordseo="Microsoft">Microsoft</keyword> have made investments aggregating to $1.4 billion in <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, India’s leading online marketplace. The latest funding round from the three global technology giants, at a post-transaction valuation of $11.6 billion, adds to an existing group of marquee investors that include Tiger Global Management, Naspers Group, Accel Partners and DST Global. 
 
Flipkart announced the feat in a blog post. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Proud to announce the largest investment in <a href="https://twitter.com/Flipkart">@Flipkart</a> history ! <a href="https://t.co/ktwy39H3WW">https://t.co/ktwy39H3WW</a> <a href="https://twitter.com/TencentCorp">@TencentCorp</a> <a href="https://twitter.com/eBay">@eBay</a> <a href="https://twitter.com/Microsoft">@Microsoft</a> <a href="https://twitter.com/hashtag/FlipkartBigWin?src=hash">#FlipkartBigWin</a>
	— binnybansal (@binnybansal) <a href="https://twitter.com/binnybansal/status/851364335268057088">April 10, </a></blockquote>
<blockquote class="twitter-tweet" data-lang="en">
	&#xa0;</blockquote>
Tencent, a leading provider of internet value-added services in China, joins as a strategic investor, bringing experience in linking social networking and e-commerce. Tencent will lend significant expertise to Flipkart as it furthers its leadership position across the e-commerce market in India. 
 
<a href="http://www.businessinsider.in/exclusive-an-angel-investor-whose-midas-touch-with-crypto-currency-is-redefining-the-future-of-start-up-investments/articleshow/58062121.cms">ALSO READ: Exclusive: An Angel investor whose Midas touch with Crypto-currency is redefining the future of start-up investments</a> 
 
“This strategic partnership enables Tencent to participate in the exciting opportunities in e-commerce and payments in India. We look forward to helping Flipkart to deliver compelling experiences to users throughout India, and to contribute to the development of the internet ecosystem there,” said Martin Lau, Tencent President. 
 
<keyword id="161767" type="COMPANY" weightage="20" keywordseo="eBay-India">eBay India</keyword> is now part of the <keyword id="3515858" type="UNKNOWN" weightage="20" keywordseo="flipkart-group">Flipkart Group</keyword> 
 
The investment by eBay is accompanied by a strategic commercial agreement with Flipkart. In exchange for an equity stake in Flipkart, eBay is making a cash investment in and selling it's eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart. 
 
<a href="http://www.businessinsider.in/exclusive-ace-angel-investor-sanjay-mehtas-true-life-experiences-that-makes-his-investments-in-startups-fool-proof/articleshow/58061818.cms">ALSO READ: Exclusive: Ace Angel Investor Sanjay Mehta’s true-life experiences that make his investments in startups fool-proof</a> 
 
<keyword id="2969294" type="UNKNOWN" weightage="20" keywordseo="Flipkart-eBay">Flipkart eBay</keyword> “The combination of eBay’s position as a leading global e-commerce company and Flipkart’s market stature will allow us to accelerate and maximize the opportunity for both companies in India,” said <keyword id="375695" type="PERSON" weightage="20" keywordseo="Devin-Wenig">Devin Wenig</keyword>, President, and CEO of eBay Inc. 
 
Flipkart and eBay have also signed an exclusive cross-border trade agreement, as a result of which customers of Flipkart will gain access to the wide array of global inventory on eBay, while eBay’s customers will have access to unique Indian inventory provided by Flipkart sellers. Thus, sellers on Flipkart will now have an opportunity to expand their sales globally. 
 On its ten-year odyssey, the Flipkart Group has grown to encompass <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> and Jabong, India’s leading online fashion destinations, and PhonePe — the leading UPI-based app that provides a cashless and seamless payment experience. Flipkart’s success has also emboldened a generation of Indian startups and entrepreneurial ventures, fanning the zeal of entrepreneurs and attracting big investments in the sector.

Flipkart announces raising $1.4 billion from Tencent, eBay & Microsoft, and acquires eBay India

It’s been just few days that <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> saw a <a href="http://www.businessinsider.in/flipkart-raises-1-4-billion-from-tencent-ebay-microsoft-and-acquires-ebay-india/articleshow/58109109.cms">capital raise</a> at a valuation of $11.6 billion, and now the online retailer has sent out an email to its employees, which says they will be issued additional shares to make up for the <a href="http://www.businessinsider.in/flipkart-raises-its-biggest-round-at-a-lesser-valuation-and-acquires-ebay-but-is-it-enough-to-steer-off-amazon/articleshow/58128005.cms">lower valuation</a>. 
 
In the last funding round in 2015, Flipkart was valued at $15.2 billion. 
 
As Flipkart was funded at a lower valuation, it has seen a drop in the price of its shares that were issued to the employees with Employee Stock Options (ESOPs) when the company was valued higher. This includes not only Flipkart employees but also of its group companies, <a href="http://www.businessinsider.in/retail/e-commerce/this-is-what-myntra-jabong-are-doing-to-consolidate-their-position-in-the-ecommerce-market/articleshow/57683255.cms">Myntra and Jabong </a>along with payments venture <a href="http://www.businessinsider.in/markets/economy/phonepe-stops-all-upi-based-payments-on-flipkart-website-isindia-not-ready-with-upi-based-payment-service-yet/articleshow/56713887.cms">PhonePe</a>. About a third of Flipkart's 8,000 employees have ESOPs. 
 
Also read: <a href="http://www.businessinsider.in/and-now-artificial-intelligence-will-make-your-flipkart-experience-enriching/articleshow/58061636.cms">And now, artificial intelligence will make your Flipkart experience enriching</a> 
 
"As an organisation, Flipkart takes immense pride in being the employer of choice for thousands of professionals-a vaulted status that only comes with a deep, company-wide sense of transparency and fairness. If Flipkart does well, so should you," Group CEO <a href="http://www.businessinsider.in/retail/e-commerce/is-flipkarts-musical-chair-with-its-ceo-justified/articleshow/56473428.cms">Binny Bansal </a>said in the email. 
 
(Image source Huffington Post)

Flipkart employees to get additional shares to compensate for lower valuation

Online shoppers in India are catching up to the hype that is the highly-anticipated <keyword id="14520" type="ENTERTAINMENT" weightage="20" keywordseo="Black-Friday">Black Friday</keyword> sale. The sale, which is happening on the 24th of November is forcing online stores such as eBay, Flipkart, Jabong, Nykaa and <keyword id="6354743" type="LOCATION" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> to offer crazy deals store-wide even though Thanksgiving is not widely celebrated in the Indian subcontinent. 
	
	
	
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 How popular are the online stores during Black Friday? ●The number of searches for the term ‘Black Friday’ increased by 31.56% between November 2014 and November 2015. The following year, the search volume went up another 29.97%. This means, during the month of November online shoppers are on the lookout for this event. ●Searches for Amazon India skyrocketed to a total of 103.02% since Black Friday 2014. The search for Books and electronics topped the list of most sought-after items on the site. ●Indians boosted searches for Paytm, the country’s largest e-commerce website, by 42.59% in the same duration (2015 to 2016). For the years before (2014 to 2015), the forage for Paytm on <keyword id="6355629" type="ORGANIZATION" weightage="20" keywordseo="Google">Google</keyword> also saw a spike of 70.96%. What to expect this year during Black Friday 2017 ●Popularity of Black Friday will go up to an 28.02% this year. Since there are more than 500 thousand search in the year 2016. With our data Google saw at least a 100 thousand more searches each year making it more likable to surge in search number this year. ●Paytm will have a boost of an extra 14.22 % this year. Black Friday is definitely becoming more popular in India year-on- year with more online retailers in India taking this as an opportunity to push more sales or must have items. The study focuses on the growth of Black Friday through Google search and interest in November 2014, 2015 and November 2016. All numbers were pulled using Google keyword planner and and SimilarWeb by combining searches related to Black Friday and retailers celebrating the event in India by black-friday.sale.

Black Friday is turning into a online festival for Indian customers

<keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, India’s biggest e-commerce giant, has set up an ambitious goal to sell one out of every two units to be sold in fashion category, in the coming festive season. Additional sales are expected to come from group-owned category portals Myntra and Jabong. 
 Flipkart, earlier this year in July, acquired Jabong for $70 million, and got over 65-70% share in the online fashion market in India. "<keyword id="2547930" type="UNKNOWN" weightage="20" keywordseo="Flipkart-Fashion">Flipkart Fashion</keyword> was launched in 2012 and today it commands the No. 1 position. We have the largest share of the online fashion market between 30-35%," <a href="http://www.businessinsider.in/searchresult.cms?query=Rishi+Vasudev&amp;sortorder=effectivedate">Rishi Vasudev</a>, vice-president, who heads Flipkart Fashion told ET. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=+Flipkart&amp;sortorder=effectivedate">Flipkart</a>, currently is in competition with <a href="http://www.businessinsider.in/searchresult.cms?query=Amazon+India+&amp;sortorder=effectivedate">Amazon India </a>for becoming the leader of the online fashion market in India. Amazon, backed by heavy investments from its US parent, is gaining on Flipkart. The gap between two players in terms of GMV is closing, with investors and analysts estimating it to be 15-20%. With <a href="http://www.businessinsider.in/searchresult.cms?query=Myntra&amp;sortorder=effectivedate">Myntra</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Jabong&amp;sortorder=effectivedate">Jabong</a> generating sales of around Rs 400-500 crore a month and owned by Flipkart, the company has not been stressed by the aggressive spending of <keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword>. 
 
Flipkart, however, has now decided to stand up to the narrowing gap and expand the gap with the help of fashion in the coming festive season, and also by increasing the sales in smartphones and in large appliances like TVs and washing machines. 
 "In terms of units, Flipkart Fashion is the largest category, but in terms of value, we are behind smartphones," <keyword id="6564425" type="PERSON" weightage="20" keywordseo="Vasudev">Vasudev</keyword> told ET, while declining to comment on GMV numbers."By 2020, the market is estimated to be anywhere between $50-80 billion, with fashion at 30-35%. As leaders in the segment, our share as part of the overall GMV will only increase," he further added. 
 Flipkart is looking to improve the experience of these customers by signing exclusive licensing agreements with brands like Provogue, Swiss Military, <keyword id="379515" type="PERSON" weightage="20" keywordseo="Carlton-London">Carlton London</keyword> and Chemistry. It has also signed an exclusive brand tie-up with <keyword id="249815" type="COMPANY" weightage="20" keywordseo="Peter-England">Peter England</keyword> to launch a wider collection of its shoes, which is the highest penetration sub-category in the segment. 
(image:Reuters)

Flipkart aims to sell half of
India’s fashion. Read to know more

In a bid to ramp up the operations, technology and ethnic offerings, <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart&amp;sortorder=effectivedate">Flipkart</a> raised the annual budget of <a href="http://www.businessinsider.in/searchresult.cms?query=myntra&amp;sortorder=effectivedate">Myntra</a>. <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>, which was acquired by <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> in 2014 for $300 million, will also use the budget to invest in at least three small to medium ethnic brands. "This year we got 25% extra money from the Flipkart board," said Myntra CEO <keyword id="6397414" type="UNKNOWN" weightage="20" keywordseo="Ananth-Narayanan">Ananth Narayanan</keyword>. "We will just invest in those brands and that will eventually be run by the entrepreneurs. In addition to our operating budget, our board has asked us to thoughtfully invest more in areas such as technology and brands which will help us continue on our growth trajectory and achieve profitability by March 2018," Narayanan told ET in an interview. Flipkart has funds to rake in Myntra as it had raised $1.4 billion funding from global giants <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword>, eBay and WeChat-investor Tencent. Narayanan said, “The additional budget will boost Myntra's chance of reaching its milestone of becoming profitable by March 2018 along with <a href="http://www.businessinsider.in/searchresult.cms?query=jabong&amp;sortorder=effectivedate">Jabong.com</a>.”

Flipkart is pumping money in Myntra to ramp up operations; hikes annual budget by 25%

Till Monday evening, <a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal&amp;sortorder=effectivedate">Snapdeal’</a>s executives were under the assumption that they had almost closed the deal and would soon add <a href="http://www.businessinsider.in/searchresult.cms?query=jabong&amp;sortorder=effectivedate">Jabong</a>- the online fashion retailer in their portfolio. 
 
But, as they found out the next morning, the e-commerce website had been completely blindsided by <a href="http://www.businessinsider.in/searchresult.cms?query=sachin+bansal&amp;sortorder=effectivedate">Sachin</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=binny+bansal&amp;sortorder=effectivedate">Binny </a><a href="http://www.businessinsider.in/searchresult.cms?query=binny+bansal&amp;sortorder=effectivedate">Bansal’</a>s <a href="http://www.businessinsider.in/Myntra-acquires-Jabong-from-GFG/articleshow/53393285.cms">Flipkart which swooped in and bought Jabong </a>through its unit <a href="http://www.businessinsider.in/searchresult.cms?query=myntra&amp;sortorder=effectivedate">Myntra</a>, for $70 million. 
 <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>''s founder and CEO <a href="http://www.businessinsider.in/searchresult.cms?query=kunal+bahl&amp;sortorder=effectivedate">Kunal Bahl</a> wasn’t however disheartened at losing out on this deal to a rival. Infact, as surprising as it would sound- Bahl was instead quite happy. 
 The reason for this, he said, was the fact that he did not find <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword> clean and that they were grey areas, thus not meeting Snapdeal’s high bar. 
 
Jabong has in the past being accused of not following the best practices. It was also alleged in the media that a former Jabong executive might have also made personal gains in company dealings. 
 
Snapdeal was concerned about the reported irregularities as it didn’t want the company to be weighed down by them after it acquired Jabong. 
 
And, thus Bahl’s team treaded cautiously. They were trying to seek answers from Jabong about the alleged corporate governance issues widely reported by the media and also analysing its business structure. Reportedly, Snapdeal’s legal team also sent over a list of conditions and to put it simply, closing the deal was taking time. 
 <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, on the other hand, was swift and made the deal without any such questions asked, in an all-cash transaction. 
 
On Tuesday, right after news broke about Flipkart acquiring Jabong, Bahl wrote a note to the Snapdeal team and told them they had nothing to be discouraged about. His note also spoke about the realities of mergers and acquisitions (M&amp;As). 
 
“M&amp;A is very exciting when you are doing it. The real work begins after that, and the surprises come after that. I am happy for the people who got all this cash for a company that has all these issues,” he wrote. 
 
He now wants to spend the $100 million; the saved cash from not buying Jabong on building Snapdeal’s very own fashion business and create a unique experience by building a fashion-specific technology and supply chain. 
 
Image credit: Indiatimes

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