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<ul><li>The round was led by GIC, CPP Investments and Softbank.</li><li>Parent company Walmart also pumped money into the Indian ecommerce biggie.</li><li>CEO of <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> said the firm will focus on India’s MSMEs.</li></ul>Walmart-owned e-commerce titan Flipkart has raised $3.6 billion (approx. ₹26,800 crore at current rates) at a post-money valuation of $37.6 billion. The round of funding was led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in this mega-investment round, the company said in a statement on Monday. Kalyan Krishnamurthy, chief executive officer of Flipkart, said in a statement that Flipkart will “focus on accelerating growth of millions of small and medium Indian businesses, including kiranas [mom and pop stores].” Parent company Walmart is expected to hold about 74% to 75% stake in the ecommerce giant after this round. Walmart had acquired 77% stake in Flipkart back in 2018, giving exits to founders Binny and Sachin Bansal, subsequently. The acquisition had given a partial or complete exit to several other marquee investors as well, including Tiger Global, SoftBank, Naspers and Accel among others. Tiger Global and SoftBank were two of the biggest beneficiaries of the Flipkart acquisition. Tiger Global clocked <a href="https://www.bloomberg.com/news/articles/2018-05-09/tiger-global-is-said-to-reap-3-billion-from-flipkart-investment">three times return</a> on its $1 billion investment in the company. Meanwhile, SoftBank had invested about $2.5 billion in Flipkart back in 2017 and sold its stake to Walmart a year later, for $4 billion. Flipkart will use this fresh capital to expand its operations, further increase its market share and other vertices like groceries, fashion and consumables. A part of the fund will also go into enhancing the company’s supply chain and logistics network. “This investment by leading global investors reflects the promise of digital commerce in India and their belief in Flipkart’s capabilities to maximise this potential for all stakeholders. We will continue to invest in new categories and leverage made-in-India technology to transform consumer experiences and develop a world-class supply chain,” CEO Krishnamurthy added. The capital will also allow Flipkart to take on other well-fueled competition Amazon, Reliance and Tata Group, who have been going aggressive to take on Flipkart’s share of the market. Flipkart India Private Limited had reported a revenue of <a href="https://www.business-standard.com/article/companies/flipkart-india-revenue-grew-12-to-rs-34-610-cr-in-fy20-losses-dropped-18-120120101431_1.html">₹34,171 crore</a> in the financial year 2020, whereas Amazon Seller Services was at ₹11,028 crore. These revenues were for e-commerce businesses. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-ecommerce-website-is-down-as-the-company-is-hit-by-a-massive-outage/articleshow/84335580.cms">Amazon India product pages are down across the website as buyers begin their Monday morning shopping</a> <a href="https://www.businessinsider.in/business/auto/news/hero-electric-raises-220-crore-to-sell-over-a-million-electric-scooters-a-year/articleshow/84335696.cms">Hero Electric raises ₹220 crore to sell over a million electric scooters a year</a>

Flipkart raises $3.6 billion at a valuation of over $37 billion, to focus on ‘millions of small and medium Indian businesses’

<ul><li></li><li><ul><li>Shopsy will enable Indians to start their own businesses without any additional investors.</li><li>The user will earn commissions on every order they place on the customer’s behalf. </li><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> started experimenting with social commerce last year on its 2Gud platform.</li></ul></li></ul>E-commerce giant Flipkart has forayed into the rising social commerce segment with the launch of Shopsy on Thursday. The latest platform will enable Indians to start their own businesses without any additional investors, the Walmart-owned company said. “With the ability to influence their local network and fulfill their aspirations, users of Shopsy will be able to share catalogues of a wide selection of 15 crore products offered by Flipkart sellers,” the company said in a statement. The catalogue will include products across fashion, beauty, mobiles, electronics and home among others. Users can register on the Shopsy app using their phone numbers and start earning by sharing their handpicked catalogue with their network. The user will earn commissions on every order they place on the customer’s behalf. The commission percentage will vary depending on the category of products being ordered. This is not the first time Flipkart has experimented with its social commerce play. Last July, the company had started experimenting with video commerce as well, with its refurbished goods platform 2Gud. 2GudSocial (social.2Gud.com), which is no longer accessible, was live for mobile phones around the same time last year. It allowed content creators to make short videos to sell certain products ranging from fashion, retail, mobile, electronics and accessories. The launch of Shopsy has put Flipkart’s platform in a full circle, which not only allows sellers to sell online, but allows customers to promote their favourite product and earn through it. This is also the biggest entry into the <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> social commerce segment, which is currently led by six-year-old Meesho. Other big players in the market were founded only two-three years ago. Meesho leads the segment with over <a href="https://www.businessinsider.in/advertising/brands/article/meesho-the-latest-company-to-join-the-unicorn-club-aims-to-build-a-single-ecosystem-to-help-smbs/articleshow/81953840.cms">$515 million</a> in funding raised to date and is valued at $2.1 billion. It claims to have over 12 million individual entrepreneurs on the platform selling to over 45 million customers. It also claims to have over 100,000 registered suppliers in 26,000 pincodes. It is followed by <keyword id="7412577" type="COMPANY" weightage="20" keywordseo="DealShare">DealShare</keyword> that has raised $144 million to date and claims to serve over 25,000 orders a day. CityMall, which raised<a href="https://www.businessinsider.in/business/startups/news/citymall-a-startup-that-helps-budding-entrepreneurs-start-their-ventures-on-whatsapp-has-raised-over-22-million/articleshow/83741383.cms"> $22 million </a>last month, claims to have a network of 20,000 community leaders catering to 200,000 customers. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-coo-vivek-sunder-will-be-exiting-the-company-by-october/articleshow/84010468.cms" data-type="tilCustomLink">Swiggy COO Vivek Sunder will be exiting the company by October, CEO Sriharsha Majety may take over</a> <a href="https://www.businessinsider.in/business/startups/news/bhavna-suresh-has-closed-indias-largest-seed-round-for-her-nine-month-old-startup-10club/articleshow/83978841.cms" data-type="tilCustomLink">Meet Bhavna Suresh ⁠— a serial entrepreneur who just raised $40 million in seed funding for her startup 10club</a> <a href="https://www.businessinsider.in/tech/apps/news/one-year-of-chinese-apps-ban-indian-alternatives-take-over-tiktok/articleshow/83943865.cms" data-type="tilCustomLink">One year of Chinese apps ban — Indian alternatives take over TikTok</a>

You can now make money from Flipkart by recommending your favourite products

<ul><li>The <keyword id="12594925" type="General" weightage="50" keywordseo="netflix-hub" source="Orion">Netflix Hub</keyword> will roll out into more than 2,400 <keyword id="80487" type="General" weightage="80" keywordseo="walmart" source="Orion">Walmart</keyword> stores with a new streaming gift card.</li><li>Through specially crafted Concession Kits, the <keyword id="6590294" type="General" weightage="100" keywordseo="hub" source="Orion">Hub</keyword> is bringing a theatre experience home.</li><li>Seasonal product releases will keep popular trends available all year long for customers.</li></ul> Retail giant Walmart has announced a partnership with <keyword id="128682" type="General" weightage="80" keywordseo="netflix" source="Orion">Netflix</keyword> to bring the Hub, which claims to bring viewers closer to their shows and movies. The Netflix Hub will roll out into more than 2,400 Walmart stores with a new streaming gift card. "Walmart customers will find even more music, apparel, collectibles, games and seasonal items from all their favourite shows and films including 'Stranger Things', 'Squid Game', 'The Witcher' and more," the company said. Additionally, the retail company will sell discounted streaming gift cards. Customers now have the option to stream popular trends without using a credit or debit card. Through specially crafted Concession Kits, the Hub is bringing a theatre experience home. The company brings themed kits with everything customers need to enhance the couch-centric watching experience, including popcorn, candy and collectible cups. Seasonal product releases will keep popular trends available all year long for customers. Recently, the retail giant was reportedly raised up to $3 billion for its e-commerce giant <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword> to further expand its operations in the country. With new funds, Flipkart's valuation was set to soar to more than $40 billion, giving a fillip to the Indian funding scene which was going through a harsh winter. <keyword id="3515858" type="General" weightage="50" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> in July last year raised $3.6 billion to grow and advance the digital commerce ecosystem in India. The investment valued the group at $37.6 billion post the money then. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-shrugs-off-weak-global-cues-to-hit-60000/articleshow/95135992.cms">Sensex shrugs off weak global cues to hit 60,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/over-150-million-kids-in-africa-in-the-grip-of-poverty-climate-disaster-report/articleshow/95135176.cms">Over 150 million kids in Africa in the grip of poverty, climate disaster: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/musk-is-now-twitter-boss-fires-indian-origin-ceo-agrawal-other-top-execs/articleshow/95134427.cms">Musk is now Twitter boss, fires Indian-origin CEO Agrawal, other top execs</a>

Walmart, Netflix partner to expand Hub experience to more viewers

<ul><li><keyword id="3480589" type="General" weightage="20" keywordseo="meesho" source="Orion">Meesho</keyword> is the new kid on the block that has emerged as a challenger to <keyword id="18635" type="General" weightage="20" keywordseo="amazon" source="Orion">Amazon</keyword> and <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> with 120 mn users</li><li>Aims to bring 100 mn small sellers across India online</li><li>The newly minted unicorn is looking at going public in less than two years after it turns profitable.</li></ul>Shaan Ansari is a 19-year old entrepreneur who lives in the historic city of Panipat, 100 kms north of Delhi, and he may never qualify for any list celebrating under-20 entrepreneurs, but his story is no less inspiring than Ranveer Singh’s character in Gully Boy. The pandemic put his father out of work and Ansari out of school back in 2020. When crisis struck, Ansari went scouting for opportunities online that would require zero investment and he found it in Meesho, a social commerce platform that is designed to help solo entrepreneurs and small businesses sell their wares to a wider audience. Ansari sourced bath mats and door mats made locally and started selling them on Meesho. When his suppliers could not meet the demand, Ansari borrowed money to start his own factory. Today he manufactures these mats from a rented factory, employs 50 people and clocks revenues of ₹30 lakh a month. It is transformational stories like Ansari’s that keep Meesho’’s co-founder and CEO Vidit Aatrey and his team going. Recalling his trip to Panipat, Aatrey, says, “The neighbourhood that Ansari lives in is a really humble one and his home actually doubles up as a warehouse. When I visited him, his staff and family offered dry fruits with chai. Ansari kept telling us how his family’s fortunes have changed after he discovered Meesho. As a team we travel every quarter to listen to sellers like Ansari on our platform and are now attempting to solve some of their other financial needs so that they don’t have to go to money lenders for working capital needs.” <div type="image" title="Meesho_1 (1)" height="900" width="1200" msid="93702892" hostid="261"></div> 100 million sellers to reach a billion buyers Aatrey’s dream is to get a million local businesses online so that they expand their markets by selling wares across India, irrespective of where they are located. In the last two years, this new kid on the block has emerged as a challenger to the Big Boys of e-commerce. Meesho - which is a short code for ‘my shop’ - has gotten bigger after the pandemic with 120 million monthly active users (MAUs) in a short span of time. Flipkart and Amazon have 200 million registered users each. Meesho’s target is to have 100 million sellers on its platform and sell to a billion buyers. Meesho was born on the premise that for online commerce to genuinely offer value, local retailers had to go online. Unorganized retail accounts for 90% of India’s spends. But when Aatrey and his co-founder Sanjeev Bamwal discovered that the sellers were not coming online because the buyers were not all shopping online. The pandemic has enabled Meesho to bring a lot more local businesses online as it was a matter of their survival. Challenging Amazon and Flipkart In the early days, Meesho’s sales were driven by 15 million women resellers, who bought products from the platform and sold it through WhatsApp and Facebook groups. From being a social commerce platform driven by re-sellers, it today has a share of nearly 30% in total daily online deliveries. Of the 9 million e-commerce orders processed daily, Meesho accounts for 2.7 million, while the two biggies account for 5 million. Clearly, Meesho is the challenger that nobody expected would catch up with Amazon and Flipkart. Another interesting statistic says that of the 70 million shoppers online, only 10 million are digital natives. It is a no-brainer then that India’s small businesses can provide the network effect to any online commerce platform that chooses to target this segment. Meesho waded into this space back in 2015, but found it tough to convince small entrepreneurs to come online because their customers were not online either. Language barriers and quality of internet speeds were only a few reasons why sellers were not online. Even when they brought sellers online, their buyers were still not online nor was Meesho’s app on too many smartphones. This changed after the pandemic but before that it was Meesho’s army of 15 million women resellers that drove its gross merchandise value up until 2020. Meesho is called a social commerce channel because it has been built by women resellers who found a vocation and economic independence by reselling goods purchased from the platform on WhatsApp and Facebook groups. Between 2017 and 2020, 100% sales were happening through resellers. The share of these women resellers is now down to 20% as consumers have now started downloading the app. Meesho’s monthly average users stand at 120 million and 35 million users transact on the app every month. On an average, 110 million Indian shoppers bought on Meesho last year. Not surprising that investors have also queued up to invest in the company. After raising seed capital of $300,000 from angel investors in March 2016, Meesho is valued at $4.9 bn after its latest round of capital raise of $570 mn in September 2021. Its list of marquee investors include Soft Bank Vision Fund 2, Prosus, Fidelity Management and Research, Yuri Milner’s DST Partners, Sequoia, SAIF Partners and Y Combinator among others. Sellers turn brand ambassadors <div type="image" title="Meesho_2 (1)" height="900" width="1200" msid="93702936" hostid="261"></div> Currently, there are six lakh sellers like Ansari on Meesho and the start-up wants to take this to one million. This goal may be work-in-progress, but every week employees join the Meesho Sabha, a meeting where examples like Ansari are discussed at length so that the team does not take its eyes off the goal post. Even though Meesho continues with its outreach programme to help sellers, existing sellers have now become brand ambassadors who are helping others get online. The platform offers peer-to-peer learning in several languages for those who want to get started. Says Dhiresh Bansal, chief financial officer of Meesho, “We still do our outreach programmes but a lot of people are now coming to our platform, as they need to diversify by targeting newer markets. Also the younger generation is more progressive and are taking their family businesses online.” After its success in the last two years, Meesho’s working hard to resolve several issues of sellers on its platform. Most of these sellers have seen a sharp rise in demand for their products after going online and the need for working capital requirement has gone up sharply. Lucknow-based Suman Agrawal used to sell women’s fashion clothing at her boutique but has shut it down after her brand Rudraksh saw sales boom on Meesho. She currently manages 22,000 orders a month. There are several sellers in India who cannot go online because they don’t have the requisite GST number. Aatrey has been a votary of their cause for a while. In June this year, the GST Council cleared a proposal that will no longer require sellers on e-commerce platforms to have a GST registration, if their turnover is less than ₹40 lakh and ₹20 lakh for goods and services respectively. This rule will come into effect from January 2023. Aatrey believes that this will be a game changer for millions of small sellers across India. While the company is not looking to raise capital immediately, it has plans to turn profitable and then hit the markets in a couple of years. The e-commerce player is looking at tightening its belt on costs now that it has attained scale. If it has to turn profitable in under 2 years then Meesho will have to cut back on cashburn and conserve capital. Aatrey says, “This festive season will give us an indication if there is any slowdown. We have not seen that so far, so it will be something that we will learn from.” <div type="image" title="Meesho_3 (1) (1)" height="900" width="1200" msid="93703012" hostid="261"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-slips-517-points-goes-below-the-60000-mark/articleshow/93701486.cms">Sensex slips 517 points, goes below the 60,000-mark</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/not-just-ev-makers-there-are-many-more-stocks-that-can-gain-from-ev-play/articleshow/93696654.cms">Not just EV makers, there are many more stocks that can gain from EV play</a>

Meet India’s Real Gully Boy: Vidit Aatrey of Meesho is taking the entrepreneurial dream deep inside Bharat

<ul><li>India’s financial investigation agency has been investigating Amazon and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> over the years. </li><li>The Enforcement Directorate issued a show-cause notice to both the companies and its founders last month. </li><li>Flipkart raised a $3.6 billion round at a valuation of $37.6 billion, a two-fold increase from 2018.</li></ul>India’s Enforcement Directorate (ED) has reportedly warned Walmart-owned Flipkart and its founders — <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> — with a $1.35 billion penalty for alleged violation of the country’s foreign investment laws. According to a Reuters report citing sources it did not name, the financial investigation agency has alleged that after Flipkart got foreign investment, a related party, <keyword id="1556044" type="PERSON" weightage="20" keywordseo="WS-retail">WS Retail</keyword>, started selling goods to consumers via the e-commerce platform. This is prohibited under Indian law. ED has issued show-cause notice to both the companies and its founders last month to explain why they shouldn’t face a penalty of $1.35 billion for allegedly violating India’s foreign direct investment (FDI) policy. Tiger Global, which has been an investor in Flipkart for a decade has also been issued such a notice. Tiger Global declined to comment on the issue. A Flipkart spokesperson told Reuters, the company is "in compliance with Indian laws and regulations…We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice." One of the sources at Flipkart told Reuters that they have around 90 days to respond to the notice and WS Retail had ceased its operations at the end of 2015. Flipkart was acquired by <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in 2018, after which Sachin Bansal sold off all his shareholdings but Binny Bansal continues to hold some. The company’s valuation has doubled since then, from $16 billion in 2018 to $37.6 billion now. Last month, the company raised a $3.6 billion round led by Singapore-based GIC, Canada Pension Plan Investment Board (CPP investments), Softbank Vision Fund 2 and Walmart. DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad, Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global also participated in the round. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/whitehat-jrs-ceo-karan-bajaj-quits-exactly-a-year-after-byjus-acquisition/articleshow/85029450.cms">WhiteHat Jr’s CEO Karan Bajaj quits exactly a year after Byju’s acquired the company</a> <a href="https://www.businessinsider.in/business/startups/news/moengage-wants-an-office-in-new-york-and-hire-to-150-techies-in-india/articleshow/85057941.cms">INTERVIEW: MoEngage, which helps companies like Domino's engage with customers, wants an office in New York and 150 techies in India</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-pumps-enough-money-to-make-bharatpe-a-unicorn-about-a-month-after-it-got-a-banking-licence-with-centrum-as-its-partner/articleshow/85027918.cms">Tiger Global pumps enough money to make BharatPe a unicorn about a month after it got a banking licence with Centrum as its partner</a>

Flipkart and Tiger Global have a billion dollar notice to respond to in the next 90 days

<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>

Flipkart is reportedly looking to list in US via a blank cheque firm

New Delhi, Dec 11 () US retail giant Walmart and Flipkart on Wednesday said they will jointly invest in Bengaluru-based business-to-business (B2B) supply chain company, Ninjacart.
The three partners aim to help ensure better access to high-quality fresh produce for retailers and consumers across India while also creating economic opportunities for farmers, a statement said. 
 The company however did not disclose the financial details of the transaction.
 "Partnering with Ninjacart will help Walmart and Flipkart strengthen direct sourcing of fresh produce for Walmart India's Best Price B2B cash-and-carry stores and Flipkart's online grocery business Supermart," it added. 
The investment will also support Ninjacart to expand its customer base, reach new cities and gain exposure to global best practice to enhance the efficiency of the local fresh produce ecosystem, the statement added.
 Ninjacart was founded by Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi in 2015.
In the past, Ninjacart has raised money from funds such as Tiger global, Accel partners, Steadview Capital, Syngenta Ventures, Qualcomm ventures and Infosys co-founder Nandan Nilekani. 
 Ninjacart connects farmers to retailers via a network of more than 200 collection centres and 1,200 warehouses across India. It moves over 1,400 tonnes of fresh produce per day.
It has over 44,000 farmer suppliers and a customer base of 60,000 kirana stores and restaurants across seven cities. 
"Developing Flipkart Supermart over the past year, we have focused on creating the right infrastructure, supporting local farmers, producers and food processors, and building sustainability into the ecosystem," Flipkart Group CEO Kalyan Krishnamurthy said. 
 Thirukumaran Nagarajan, CEO and Co-founder of Ninjacart, said with the support of Flipkart and Walmart, the company sees new possibilities to improve the lives of its farmers, retailers and restaurant partners.
The transaction is expected to close by the end of the month. 
 "Ninjacart's focus on direct-from-farm sourcing resonates well with Walmart's commitment to supporting farmers in India. We are working towards our commitment of sourcing 25 per cent of produce in our Best Price cash-and-carry stores directly from farmers by 2023," Walmart India President and CEO Krish Iyer said.
The investment, he said, will help accelerate market access for farmers and reduce transportation costs. SR DRR

Walmart, Flipkart invest in Bengaluru-based Ninjacart

The pandemic hit us in early 2020 and when the world had come to a standstill, Asia’s richest man <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> and his team were busy closing some of the biggest deals India had ever seen. Conventional wisdom would tell us that selling stake during a crisis is a bad idea because the buyers would be wary and not willing to pay a high price. But <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> raised over $22 billion from strategic investors like Facebook (now, called Meta) and Google, during the pandemic to bring down the debt to zero. But now that everyone is crawling back to business, <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> has gone against the tide and decided to borrow $5 billion from the market again. What’s he really up to? <div type="image" title="Mukesh Ambani is borrowing $5 billion from the market again" msid="88717801" hostid="261"></div> There are two reasons why he is in the market <keyword id="6370254" type="General" weightage="20" keywordseo="borrowing" source="Orion">borrowing</keyword> money again. One, to bring down the annual interest payments with cheaper loans. An <a href="https://economictimes.indiatimes.com/markets/stocks/news/ril-set-to-raise-1-5-bn-in-overseas-loans-to-refinance-existing-facilities/articleshow/79377238.cms">initial estimate</a> said that the interest on the new loans will be 57% less than the earlier ones. The idea is to use the money from the new loans to repay the old ones, which carry a higher interest rate. The second reason for the new loans is to fund a series of ambitious projects in what he calls ‘new energy’. Reliance Industries has already revealed <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-acquires-uk-battery-tech-company-faradion/articleshow/88606195.cms">a ₹75,000 crore investment plan.</a> <div type="image" title="RIL has revealed a ₹75,000 crore investment plan" msid="88717879" hostid="261"></div> Ambani knows that the focus of the next decade ⁠— at the level of governments, corporations as well as consumers ⁠— will be to reduce carbon emissions and to invest in <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword>, electric vehicles, and hydrogen fuel. This kind of societal shift can be a huge money making opportunity and the ace businessman is prepping for it. <div type="image" title="India&amp;#39;s renewable energy capacity" msid="88717943" hostid="261"></div> Basically, Ambani, who sold oil and petrochemicals for decades, has decided to go green. But, unlike the Incredible Hulk, anger isn’t the trigger for this giant of India Inc. It’s money and opportunity. <div type="image" title="Mukesh Ambani has decided to go green" msid="88717989" hostid="261"></div> And he’s not going to build electric vehicles (EVs) or start an electricity distribution company. Instead, he will make the panels, batteries and fuel cells that others will buy, assemble and sell thereafter. A lot like what <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-says-he-will-make-batteries-ahead-of-a-boom-in-electric-vehicles/articleshow/81166590.cms">Elon Musk’s Tesla plans to do</a>. Instead of releasing the hydrogen produced from the factories into the air, a fuel cell can combine the hydrogen with the oxygen in the air to generate electricity. And because ‘going green’ is a global fad ⁠— one that’s just gonna get more popular for a long time before it becomes passe ⁠— people are willing to lend money at a cheaper price. <div type="image" title="Reliance has extensive green energy plans" msid="88718074" hostid="261"></div> We all wanna make money, from our investments and from having jobs that pay good salaries. But most people figure out the best money making ideas a little too late. In the early 2000s, if you had figured out that e-commerce was gonna be a thing in the next 10 years, even if you couldn’t invest in Flipkart then, you could have just taken a job there with some ESOPs, and <a href="https://www.businessinsider.in/business/startups/news/nykaa-zomato-paytm-oyo-and-policybazaar-made-their-employees-millionaires/slidelist/88552831.cms">you would probably be a millionaire now</a>. If someone told you before the pandemic that a communication technology firm like Zoom is gonna be an integral part of everyone’s lives, imagine the money you could have made with just a few shares. Unlike most of us, the rich people are always on to these trends early, very early. So, let’s see what Ambani is planning and what we can learn from it. Here’s a short video. <div type="image" title="Here’s why Mukesh Ambani is borrowing money again" msid="88718099" hostid="261"></div>

SIMPLY PUT: Here’s why Mukesh Ambani is borrowing money again

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Koki Nagahama/Getty ImagesSoftBank founder and CEO Masayoshi Son.</div></div></div><ul class="summary-list"><li>Some of the biggest and most promising tech companies in the world including Uber, WeWork, Indian ecommerce giant Flipkart and TikTok owner ByteDance have raised billions from a single, massive investor - SoftBank's Vision Fund.</li><li>The Vision Fund is the biggest tech investor in the world. It has $100 billion to spend from backers including Apple, Qualcomm, and controversially Saudia Arabia's sovereign wealth fund the PIF.</li><li>The fund has so much money to spend that peer investors think SoftBank is inflating an existing tech bubble. Its connection to Saudi Arabia is also contentious given the assassination of journalist Jamal Khashoggi in Turkey last year.</li><li>But startups still seem to be queueing up to receive the Vision Fund's money. Here's what we know about how they went about it, and what it's like to be part of the fund's portfolio.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Some of the most valuable tech companies in the world right now might be a lot less valuable if it wasn't for a single investor - SoftBank's Vision Fund.The $100 billion Vision Fund has poured money into TikTok parent ByteDance, ride-hailing firm Uber, and office-sharing firm WeWork. ByteDance is now the most valuable private tech startup in the world, a title also once held by Uber before it floated.SoftBank's critics question how sustainable it is to flood fast-growing companies with hundreds of millions of dollars. That criticism looks pertinent as its portfolio firm WeWork lurches towards an IPO with a lower-than-expected valuation and <a href="https://www.cnbc.com/2019/09/03/softbank-more-than-600-million-underwater-on-uber.html">as SoftBank's Uber stake goes underwater</a>. There are <a href="https://www.businessinsider.com/jamal-khashoggi-softbank-second-100-billion-fund-2018-10?r=US&amp;IR=T">additional questions about SoftBank's major backer</a>, Saudi Arabia's Public Investment Fund, after the appalling murder of journalist Jamal Khashoggi. Even so, there appear to be few startups bold enough to turn down SoftBank's cash. As Uber CEO Dara Khosrowshahi put it last year, <a href="https://www.vox.com/2018/2/14/17014762/uber-softbank-dara-khosrowshahi-goldman-sachs">per a report from Vox</a>: "Rather than having their capital cannon facing me, I'd rather have their capital cannon behind me, all right?"Yet how startups pitch SoftBank's investors and partners in London, Asia, and the US is a bit of a mystery. Here's everything we've gleaned on what it takes to raise those millions.

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SIMPLY PUT: Here’s why Mukesh Ambani is borrowing money again

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