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<ul><li><keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> said that all its subsidiaries have migrated from Singapore to India. </li><li>The payment service company has also migrated ESOPs from <keyword id="15153736" type="General" weightage="50" keywordseo="phonepe-singapore" source="Orion">PhonePe Singapore</keyword> to PhonePe India. </li><li>IndusOS, owned by PhonePe, has also shifted operations from Singapore to PhonePe India. </li><li>PhonePe currently has over 350 million registered users. </li></ul>Walmart-backed Indian payments service company PhonePe, today announced that it has completed three steps involved in moving its domicile to India. Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly. This includes its insurance broking services and wealth broking businesses, the company claimed. “Following these actions, all <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd - India,” PhonePe revealed in a statement. PhonePe’s board recently approved the creation of a new employee stock ownership plan (ESOP) plan and the migration of over 3,000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan. Under the newly liberalized automatic overseas direct investment ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (<keyword id="15154048" type="General" weightage="50" keywordseo="oslabs-pte-ltd" source="Orion">OSLabs Pte Ltd</keyword>) from Singapore to India. <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>, in effect from August 22, 2022, announced changes in the ODI rules for fintech firms. The ODI rules come under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword>. Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform. PhonePe, founded in December 2015, is one of India’s largest payments apps, which crossed 350 million registered users in January this year. It forayed into financial services in 2017. <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>, one of India’s largest ecommerce platforms and the largest shareholder in PhonePe, continues to be headquartered in Singapore. One in four Indians use services of fintech <keyword id="15154046" type="General" weightage="50" keywordseo="platform-phonepe" source="Orion">Platform PhonePe</keyword> with 150 monthly active users making it one of India’s widely used Unified <keyword id="4303474" type="General" weightage="50" keywordseo="payment-interface" source="Orion">Payment Interface</keyword> (UPI) apps. The Bengaluru-based fintech startup declared in April this year that it crossed 100 million transactions in a <a href="https://economictimes.indiatimes.com/tech/technology/phonepe-says-it-clocked-100-million-transactions-in-a-day-for-the-first-time/articleshow/90823278.cms?from=mdr">day</a>. To further strengthen its enterprise, PhonePe acquired <keyword id="9655220" type="General" weightage="50" keywordseo="gigindia" source="Orion">GigIndia</keyword> in March 2022, a marketplace for gig workers for an undisclosed amount. GigIndia has 1.5 million entrepreneurs onboard its platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-set-to-open-on-oct-4-commands-grey-market-premium-of-30/share/articleshow/94620046.cms">Electronics Mart India IPO set to open on Oct 4; commands grey market premium of ₹30/share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/mangalyaan-all-you-need-to-know-about-indias-first-historic-mission-to-mars/slidelist/94617244.cms">Mangalyaan: All you need to know about India’s first historic mission to Mars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/millions-of-indian-smartphone-users-might-have-to-wait-till-2024-for-5g-say-experts/articleshow/94614275.cms">Millions of Indian smartphone users might have to wait till 2024 for 5G say experts</a>

PhonePe moves domicile from Singapore to India

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

Flipkart and PhonePe complete separation six years after acquisition

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

Flipkart IPO may reportedly happen overseas in November 2022

<ul><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>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’

<keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> will have to comply with all the norms of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) before acquiring <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>. Flipkart will have to deal with the rules listed under the Foreign Exchange Management Act (<keyword id="6379062" type="ORGANIZATION" weightage="20" keywordseo="FEMA">FEMA</keyword>) and will have to protect the interest of Snapdeal shareholders. Flipkart Pvt Ltd, which is domiciled in Singapore, has entered an all-stock deal, estimated at $700 million-$1 billion. But issuance of shares by <keyword id="3131603" type="UNKNOWN" weightage="20" keywordseo="flipkart-singapore">Flipkart Singapore</keyword> to Indian shareholders of Snapdeal would need a specific permission from RBI. ET reported RBI typically puts a question mark on cross-border transactions that result in residents owning shares of an overseas company that has stake in another Indian company. It views such flow of funds or securities as round-tripping though several such transactions are aimed at serving genuine business interests. Meanwhile, Snapdeal's local shareholders will look for a stock swap. "Such a stock swap will need RBI approval for Flipkart Singapore to acquire shares of an Indian company for consideration other than cash, and for the resident Indians to own shares of a foreign company (Flipkart Singapore), which may be governed by the ODI (overseas direct investment) guidelines,” Prem Rajani, managing partner at law firm Rajani Associates, told ET. The Fema rule is an issue that Flipkart and Snapdeal will have to deal with to consummate the proposed deal.

Flipkart has to cross another hurdle before acquiring Snapdeal. Here’s what it is

<ul><li>Walmart-owned <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> had applied for a license to run <keyword id="8221653" type="UNKNOWN" weightage="20" keywordseo="Flipkart-Farmermart">Flipkart FarmerMart</keyword> – a food retail entity that would sell agricultural produce of Indian farmers online.</li><li>The company had applied for the license when 100% FDI in food retail was allowed. </li><li>However, since then the government’s guidelines for food retail have changed. </li></ul>Walmart-owned Flipkart had applied for a license to run Flipkart FarmerMart – a food retail entity that would sell agricultural produce of Indian farmers online. However, the Department for Promotion of Industry and Internal Trade (<keyword id="7281036" type="UNKNOWN" weightage="20" keywordseo="dpiit">DPIIT</keyword>) has rejected the application saying that the Flipkart FarmerMart would flout the regulatory guidelines. However, Flipkart intends to reapply for the license. “At Flipkart, we believe that technology &amp; innovation driven marketplace can add significant value to our country’s farmers and food processing sector by bringing value chain efficiency &amp; transparency. This will further aid in boosting farmers’ income &amp; transform Indian agriculture. We are evaluating the department’s response and intend to re-apply as we look to continue making a significant impact on small businesses and communities in India.” said a Flipkart spokesperson. According to the government, any e-commerce platform with foreign direct investment can simply be the platform for the third party sellers to reach out to buyers, but it cannot sell inventory of its own. <a href="https://timesofindia.indiatimes.com/business/india-business/govt-rejects-flipkarts-plan-to-enter-food-retail/articleshow/76126956.cms">TOI r</a>eported that the Flipkart FarmerMart’s memorandum of association would not allow it to enter food retail. “In line with the government of India’s FDI (foreign direct investment) policy, which allows 100% FDI in food retail for food produced and manufactured in India, Flipkart is applying for appropriate licences from the government,” Flipkart Group CEO Kalyan Krishnamurthy had said in <a href="https://economictimes.indiatimes.com/industry/services/retail/flipkart-to-start-selling-food-through-farmermart/articleshow/71606817.cms?from=mdr">October 2019</a>. However, since then the government has changed the guidelines, which put Flipkart’s new venture in danger. Flipkart had announced its entry into fresh produce last year when it began piloting the same in Bengaluru and Hyderabad. The development comes just days after Flipkart’s rival Amazon has announced its entry in food delivery in India. Flipkart, founded in 2007, has been a Singapore-registered entity since 2011 and is today owned by US retail giant Walmart. The US retail giant owns a 77% stake in Flipkart, which it acquired in 2018 for a whopping $16 billion SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/bharatpe-laid-off-several-employees-after-announcing-salary-hikes-in-april/articleshow/76128348.cms">BharatPe laid off several employees after announcing salary hikes in April</a> <a href="http://businessinsider.in/business/corporates/news/infosys-reportedly-plans-to-reduce-the-number-of-managers-the-ceo-and-coo-got-over-25-salary-raise-in-fy20/articleshow/76127600.cms">Infosys reportedly plans to reduce the number of managers— the CEO and COO got over 25% salary raise in FY20</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-limited-ceo-sanjiv-mehta-says-the-product-inventory-range-will-be-smaller-and-simpler-hereon/articleshow/76128468.cms">HUL CEO says the product inventory range will be smaller and simpler hereon⁠— analysts believe others may have the same plan</a>

Flipkart will try again for a ‘Made in India’ tag to be able to sell farm produce

The Confederation of All India Traders (CAIT) in a letter sent to Union Commerce Minister Piyush Goyal has said <keyword id="1007503" type="PERSON" weightage="20" keywordseo="foreign-entities">foreign entities</keyword> like <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> are hell bent on ruthlessly destroying the Indian retail sector with their deep pockets and expansive lobby of legal experts who will stop at nothing before trampling the lives of over 40 crore Indians. CAIT in a communication sent to Goyal said that FDI in e-commerce section of Press Note No.2 of FDI Policy 2016/2018, the stipulations of which foreign entities like Amazon and Flipkart are hell bent on ruthlessly destroying the Indian retail sector with their deep pockets and expansive lobby of legal experts who will stop at nothing before trampling the lives of over 40 crore Indians. "It is nothing less than a daylight robbery where expressive prohibitions of Press Note No.2 are grossly and blatantly are being violated by such foreign entities derived with their ulterior motives to implement their hidden agenda to control and dominate not only the e-commerce business but also the retail trade of India in a very clandestine manner", it said. CAIT said that instead of complying the stipulations of said Press Note both in letter and spirit to respect the law of the land, these foreign entities are deliberately each and every rule of the Press Note No.2 treating India as a banana republic. Under such a grim situation and particularly in the wake of current highly vitiated e-commerce business, a duty is cast upon the Government to protect sanctity of the law, rules and regulations pertaining to FDI in e-commerce and therefore necessity of a new and fresh Press Note replacing Press Note No.2 of the FDI policy is need of the hour. The loopholes of the present policy are being exploited by foreign e-commerce giants like Amazon and Flipkart so that these loopholes are properly plugged and the policy is implemented as per its original intent. CAIT said that such control allows them do predatory pricing, deep discounting, preferential treatment of sellers with capital dumping through their affiliate sellers at its root. All this is done to gain the market share and make illegitimate financial gains at the expense of livelihood of 8.5 crores small merchants, their dependent families and employees. To circumvent the restriction imposed on the <keyword id="2387771" type="POSITION" weightage="20" keywordseo="marketplace-model">marketplace model</keyword> of e-commerce, a common practice resorted to by these giant foreign e-commerce entities has been to create affiliate companies as sellers, in such a way that they have full control on their business by the way of equity and/or economic participation through their parent/group companies without strictly falling within the definition of 'Group Company' in FDI policy. To plug these loopholes CAIT has demanded to include vital points for issuance of a new Press Note on FDI policy in e-commerce. In order to clearly demarcate the boundary between "market place model" and "inventory based model", any type of direct/indirect, equity or economic relationship, between "e-commerce marketplace entity" and "seller on its platform" should be prohibited. For this purpose, any type of relationship between "marketplace entity" and "Seller", whether direct or indirect, equity or economic or otherwise should be strictly prohibited. Such prohibited relationship between Marketplace and Seller may include, but not limited to, Group companies, Affiliates, Related Parties, Associate Companies, Beneficial owners or any other person(s)who can exercise such control. It also suggested that marketplace based model of e-commerce would mean provision of an information technology digital platform by an e commerce entity to act as a facilitator between buyer and seller only. Inventory based model of e-commerce would mean an e-commerce activity where inventory of goods and services is owned by e-commerce entity and is sold to the consumers directly. E-commerce market place entity and its Group Companies will not, directly or indirectly, own or control the inventory i.e. goods or services purported to be sold on the marketplace. Such an ownership or control over their inventory will render the business into inventory-based model. Marketplace entity &amp; its Group Companies shall not, directly or indirectly sell inventory of goods or services purported to be sold on the marketplace to the Sellers. If any goods or services which are sold by the Group Companies of marketplace and are resold in the e-commerce platform, then such activity shall be treated as inventory based model of e-commerce, CAIT said. The seller having ownership or control on its inventory by the Group Companies of e-commerce marketplace entity, is not permitted to sell its goods or services on the marketplace. Inventory of a seller on the marketplace will be deemed to be controlled by e-commerce marketplace entity if such seller purchases its inventory purported to be sold on the marketplace directly or indirectly from its Group Companies. Further, each marketplace entity and its affiliates, group companies, associates shall provide all details, information, documents, statements and returns as required by the Government or any Regulator, at prescribed intervals or from time to time for verification of compliance with the provisions of these guidelines, CAIT said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-3-times-more-subscribers-than-reliance-jio-vodafone-idea-turns-positive-for-the-first-time-in-15-months/articleshow/81562851.cms">Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months</a>

'Amazon and Flipkart are destroying India's retail sector,' says CAIT, asks government to revise FDI policy in e-commerce

Walmart-owned Flipkart will undertake a buyback employee <keyword id="6368159" type="UNKNOWN" weightage="20" keywordseo="stock">stock</keyword> options worth about Rs 600 crore, according to sources. Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword> lauded the critical role played by the staff in reaching this milestone. "It has always been our endeavour to provide our employees with an opportunity to liquidate their vested options regularly. This year, we are pleased to announce a buyback of 5 per cent of the past three years' vested options. With this landmark event for us, I am happy to share that we are offering our employees an additional buyback of 5 per cent of all vested options as we stay committed to wealth creation for you," he said. While the e-mail did not provide additional details, sources said the employee stock options buyback would entail a spending of about Rs 600 crore, and employees will be able to liquidate up to 10 per cent of their vested shares depending on the individual's holding pattern. They added that about 6,000 people are expected to benefit from the buyback. The company confirmed the development but did not disclose any details. Employees are granted options based on their tenure, performance, and contributions to the company. In his e-mail, Krishnamurthy said the fund infusion received by Flipkart is "one of the most significant investments in the digital commerce ecosystem in India, reflecting the opportunity for digital commerce in India and the confidence of investors in our ability to address this potential". "As we continue to focus on meeting the needs of our customers, we will make several investments across people, technology, supply chain, and infrastructure, and continue to strengthen and build on key categories and business opportunities," he added. Krishnamurthy emphasised that the company must sustain its commitment to its existing customers and introduce the value proposition of digital commerce to the next 200 million Indians, ensuring that it innovates to create value and experiences for them. "Through our partnerships with ecosystem players, not only do we need to accelerate growth for them, but we must also direct our efforts to enable inclusive growth for lakhs small and medium businesses who have an opportunity to benefit from the potential of digital commerce in India," he added. Flipkart Group has raised $3.6 billion in funding led by Singapore's sovereign wealth fund GIC, Canada Pension Plan Investment Board (CPP Investments), <keyword id="9240440" type="UNKNOWN" weightage="20" keywordseo="softbank-vision-fund-2">SoftBank Vision Fund 2</keyword> and Walmart, valuing the e-commerce giant at $37.6 billion. The current funding round has also seen participation from sovereign funds DisruptAD, <keyword id="6437412" type="UNKNOWN" weightage="20" keywordseo="Qatar-Investment-Authority">Qatar Investment Authority</keyword>, Khazanah Nasional Berhad as well as marquee investors Tencent, <keyword id="11620199" type="UNKNOWN" weightage="20" keywordseo="willoughby-capital">Willoughby Capital</keyword>, Antara Capital, Franklin Templeton, and Tiger Global. With this deal, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> is re-entering Flipkart's cap table. SoftBank had sold its approximately 20 per cent share when Walmart bought a 77 per cent stake in Flipkart for $16 billion in 2018. Founded in 2007, the Flipkart Group includes Flipkart, fashion specialty site Myntra, and Ekart (logistics and supply chain arm). The Group is also a majority shareholder in the digital payments platform PhonePe. SEE ALSO - <a href="https://www.businessinsider.in/tech/news/google-calendars-new-rsvp-option-will-let-you-specify-how-you-want-to-attend-a-meeting/articleshow/84237490.cms">Google Calendar’s new RSVP option will let you specify how you want to attend a meeting</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a>

E-commerce platform Flipkart to buyback employee stock options worth ₹600 crore, say sources

<keyword id="3131348" type="UNKNOWN" weightage="100" keywordseo="Flipkart-Internet">Flipkart Internet</keyword>, which operates <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>’s portal, has posted around four-time increase in its revenue and a 12-fold jump in its net worth in fiscal 2015. This hints at the unabated growth that both the firm and the country's online retail sector are enjoying. 
 
The company has posted a revenue of Rs 659 crore in the year ended March 31, while last year, the revenue was Rs 179 crore, according to a recent filing with the Registrar of Companies. This revenue comes from shipping fee, selling commission and advertisements. In fiscal 2014, the company had posted a loss of Rs 316 crore. 
 
Generally, online retailers disclose the gross value of goods sold on their portals, which doesn't necessarily tell about their financial performance, given that they sell products on high discounts in a bid to build market. 
 
From vendors that use its platform, Flipkart Internet charges a commission ranging from 4% to 25% of the selling price, depending on the category of products. The net worth of this company swelled to Rs 4,819 crore from Rs 415 crore a year earlier. During the year, the company raised nearly Rs 5,500 crore from Flipkart Marketplaces, its Singapore-based parent.

Flipkart Internet is making
money like never before, net worth jumps 12-fold!

Uber is one of the on-demand apps that have become omnipresent with the daily commute. Uber revealed the top trends of 2016 on how riders used Uber in 2016 and boy, were we surprised by how Indians use the most valuable startup in the world. The app's success can be also traced to the fact that the world has become so connected due to the omnipresence of technology. 
 
<a href="http://www.businessinsider.in/these-are-the-five-gadgets-you-should-buy-before-the-year-ends/articleshow/56184857.cms">ALSO READ: These are the five gadgets you should buy before the year ends</a> 
 
Some of the interesting insights on user behavior were: 
 
Love to travel? 
 
Uber app can be used wherever Uber is. That is a staggering 79 countries! The most popular travel destinations for India-based riders include: 
 • <keyword id="6356955" type="COUNTRY" weightage="20" keywordseo="united-states">United States</keyword> • United <keyword id="236732" type="PERSON" weightage="20" keywordseo="Kingdom">Kingdom</keyword> • <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword> 
• United Arab Emirates • <keyword id="8695" type="COUNTRY" weightage="20" keywordseo="Malaysia">Malaysia</keyword> 
 
<a href="http://www.businessinsider.in/how-india-shopped-on-flipkart-in-2016/articleshow/56186888.cms">ALSO READ: How India Shopped On Flipkart in 2016</a> 
 
And it was also vice-versa with Visitors from over 70 countries across the world, chose to Uber in India when they visited our country. 
 
Talking about travelers, These international cities are the most popular on-the-rise destinations with global travelers: 
• South Coast, UK 
• Porto Alegre, Brazil 
• Alexandria, Egypt 
• Vilnius, Lithuania 
• Colombo, Sri Lanka 
 
Weekend frenzy 
 
Riders across India use Uber the most on Fridays and Saturdays. 
 
While Delhi users use the app most frequently on Fridays between 9 am and 10 am, Mumbai users use Uber most frequently on Fridays between 5 pm and 6 pm, while Bangalore riders use Uber most frequently on Saturdays between 6 pm and 7 pm. 
 
<a href="http://www.businessinsider.in/bi-year-ender-five-surprising-startup-acquisitions-in-2016/articleshow/56184747.cms">ALSO READ: BI Year-Ender: Five surprising startup acquisitions in 2016</a> 
 
Pool me in! 
 
As of this month, on an average UberPOOL accounted for: 
• 31% of all the Uber trips in New Delhi • 25% of all Uber trips in <keyword id="6354321" type="CITY" weightage="20" keywordseo="Bengaluru">Bengaluru</keyword> • 20% of all the Uber trips in Mumbai, <keyword id="6354925" type="COMPANY" weightage="20" keywordseo="Kolkata">Kolkata</keyword>, and Hyderabad 
• 15% of all the Uber trips in Chennai are on uberPOOL. 
 
Environmental Impact 
 
Reported a cumulative saving of over 32 million kilometers traveled, over 1.5 million liters of fuel and over 3.5 million kgs CO2 emissions since uberPOOL was launched in December 2015.

Uber reveals how Indians got around in 2016, and the
results are fascinating

<ul class="summary-list"><li><keyword id="35621" type="PERSON" weightage="60" keywordseo="e-commerce">E-commerce</keyword> firm <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> is preparing for an an initial public offering overseas – and is hoping for a valuation of up to $50 billion, sources told Reuters.</li><li><keyword id="80487" type="COMPANY" weightage="60" keywordseo="walmart">Walmart</keyword> bought a roughly 77% stake in Flipkart for about $16 billion back in 2018. This remains the single-largest foreign direct investment in an Indian company.</li><li>At the $50 billion valuation that sources say Flipkart is hoping for, Walmart would more than double its investment.</li><li><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s e-commerce sector is booming. Flipkart competes with <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> India and <keyword id="8506093" type="UNKNOWN" weightage="60" keywordseo="Jiomart">Jiomart</keyword>, which is owned by India's biggest company, <keyword id="6355199" type="ORGANIZATION" weightage="60" keywordseo="reliance-industries">Reliance Industries</keyword>.</li></ul>Walmart-controlled Indian e-commerce giant Flipkart is preparing for an initial public offering overseas as early as 2021 that could value the firm at $50 billion, Reuters <a href="https://uk.reuters.com/article/walmart-india-ipo/exclusive-walmarts-flipkart-eyes-overseas-listing-as-early-as-2021-sources-idUSL4N2GC2XP">reported</a>.Flipkart will be aiming for a valuation in the $45 billion to $50 billion range, according to one source with knowledge of the matter.If achieved, that would mean Walmart more than doubles its 2018 investment in the company. It paid about $16 billion for roughly 77% stake — this remains the single-largest foreign direct investment in an Indian company.Flipkart is likely to choose either Singapore, where the company is incorporated, or the US, where parent Walmart is based, for its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword>, said two other sources, who asked not to be named.Flipkart and Walmart did not respond to Reuters' requests for comment.The sources said the preparations and discussions have been largely internal for now, but the company is preparing to consult external advisers soon.Two other sources familiar with the plans said that work has begun to meet compliance, legal, and finance standards ahead of a potential listing.One of the sources said the company expects to launch the IPO in late 2021 or early 2022, but the pandemic has made this uncertain. The second person added that top-level internal meetings regularly refer to being "IPO ready."<h3>India's e-commerce boom</h3>In July, Flipkart raised $1.2 billion in fresh funding with Walmart as its lead investor. That round valued Flipkart at $24.9 billion.China's Tencent, US hedge fund Tiger Global, and Microsoft invested in Flipkart as part of a $1.4 billion funding round in 2017.India's booming e-commerce sector is expected to be worth $99 billion by 2024, according to Goldman Sachs. In May 2020, India's largest company Reliance Industries launched grocery delivery service JioMart, which is growing rapidly and delivering <a href="https://www.businessinsider.com/jiomart-is-building-up-its-order-volume-in-india-2020-7">more than 250,000 orders per day</a>, according to CNBC TV18.Flipkart competes with both JioMart and Amazon, which has reportedly been offered a 40% stake in Reliance Industry's <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> arm, which includes JioMart, for <a href="https://www.businessinsider.com/india-reliance-retail-offers-amazon-stake-worth-20-billion-report-2020-9">$20 billion</a>.Flipkart is tapping into the demand for online shopping, which has soared during the pandemic, by creating 70,000 new jobs for its "Big Billion Days" sales."Big Billion Days" is similar to Amazon's Prime Day, and rakes in the company's biggest sales for the year. The sale lasts four or five days and usually starts around October during India's festive season, which ends with Diwali. The company said on Tuesday it would also sign up more than 50,000 kiranas, or small grocery stores, for last-mile delivery.

Walmart-owned Flipkart, the Indian e-commerce giant, is reportedly eyeing a 2021 overseas listing and hoping for a $50 billion valuation

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has raised ₹28.3 billion from its Singapore-based parent entity, as per filings sourced by paper.vc. </li><li>A premium of ₹34,799 was paid per share. </li><li>This year, Flipkart had already received two fund infusions – $225.4 million in August and $200 million in January.</li></ul>Indian e-commerce giant Flipkart has raised ₹28.3 billion from its Singapore-based parent entity, as per filings sourced by paper.vc. And this money was raised at a premium of ₹34,799 per share. “This is the largest fund transfer from its parent to its Indian operating entity in 2019. The previous two fund infusions being $225.4 million in August and $200 million in January,” said a statement from data intelligence firm paper.vc. While the details for the infusion of capital from its parent entity which is named -- Flipkart Private Limited,Singapore -- are not yet known, Flipkart has been ramping up it efforts in the Indian e-commerce space. It has been taking up various efforts like expanding its e-commerce presence to Tier 2,3 cities and beyond. It also launched a Hindi version of its app to reach out to the next 200 million internet users. Flipkart had also launched an OTT platform for video content in October. For this, it partnered with production houses to create for original content on the platform. Flipkart which is one of India’s largest e-commerce platforms was acquired by <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> in 2018. Walmart’s acquisition of Flipkart for $16 billion was one of the world’s biggest e-commerce deals. See Also: <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-invests-in-customer-engagement-platform-easyrewardz/articleshow/72124707.cms">EasyRewardz has raised series B round of funding led by Flipkart</a>

You Searched For "flipkart singapore" and got 13 results

PhonePe moves domicile from Singapore to India

Eetika Kapoor

Flipkart and PhonePe complete separation six years after acquisition

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Flipkart IPO may reportedly happen overseas in November 2022

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

Kritti Bhalla

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

Dearton Thomas Hector

Flipkart has to cross another hurdle before acquiring Snapdeal. Here’s what it is

BI India Bureau

Flipkart will try again for a ‘Made in India’ tag to be able to sell farm produce

Sanchita Dash

'Amazon and Flipkart are destroying India's retail sector,' says CAIT, asks government to revise FDI policy in e-commerce

IANS

E-commerce platform Flipkart to buyback employee stock options worth ₹600 crore, say sources

PTI

Flipkart Internet is making money like never before, net worth jumps 12-fold!

BI India Bureau

Uber reveals how Indians got around in 2016, and the results are fascinating

Tanya Dubey

Walmart-owned Flipkart, the Indian e-commerce giant, is reportedly eyeing a 2021 overseas listing and hoping for a $50 billion valuation

Grace Dean,Reuters

Walmart-owned Flipkart invests ₹28.3 billion into its India unit

Sanchita Dash

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