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<keyword id="21244010" type="General" weightage="20" keywordseo="government-measures" source="keywords">Government measures</keyword> such as mandatory quality control orders and increasing customs duty have helped boost exports of <keyword id="25284" type="General" weightage="20" keywordseo="toys" source="Orion">toys</keyword> from India, but there is a need to do much more for the sector, a top official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh also indicated that they are diligently pursuing the proposal of extending fiscal incentives under the production-linked incentive scheme for the sector. He said that the industry is wondering about one proposed major policy intervention and "let me assure you that we are still pursuing that". In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector. As the scheme is yet to be cleared by the Union Cabinet, the interim Budget has made a token provision of Rs 1 lakh towards the scheme for 2024-25. The scheme aims to attract investments in key sectors and cutting-edge technology; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive. Singh said that the country's <keyword id="21563576" type="General" weightage="20" keywordseo="toy-exports" source="keywords">toy exports</keyword> have jumped to USD 325.72 million in 2022-23 from USD 96.17 million in 2014-15 as the government is providing all-around support for creating a conducive manufacturing ecosystem for the toy industry. Imports of toys dipped by 52 per cent from USD 332.55 million in 2014-15 to USD 158.7 million in 2022-23. "The national action plan for toys and other initiatives has had a good impact, but we need to do much more," Singh said, adding the sector holds huge exports and job potential. In order to make India a global hub for toy manufacturing, the government has undertaken a series of initiatives including the formulation of a comprehensive National Action Plan for Toys (NAPT) to promote the designing of toys, using toys as a learning resource, monitoring quality of toys, and promoting indigenous toy clusters. The secretary was speaking at a toy workshop in New Delhi. In order to enable further growth, increased market access and development of new-age marketing skills, DPIIT conducted a workshop with Flipkart and the Indian Toy Industry. Flipkart, Walmart and the Toy Association of India participated in the event. Joint Secretary in the DPIIT Sanjiv said that the workshop was aimed at enhancing India's position and capabilities in the global toy supply chain. It will help the toy manufacturers understand the nuances of online selling which shall in turn help in the growth of sales and market access, Sanjiv said. The issues figured out in the workshop included ways to increase sourcing by online platforms, onboarding of manufacturers on the Flipkart platform and upskilling. It was also aimed at supporting online selling, scaling domestic consumption and upskilling/reskilling workforce. Last year, Flipkart informed toy makers about their requirements and expected quality standards, as it is directly engaging with domestic toymakers for sourcing. The online platforms provide greater access to a much wider customer base across India, expanding their market reach significantly. E-commerce eliminates the need for physical stores, reducing operational costs. It also provides valuable brand exposure to a large audience. Additionally, e-commerce platforms offer data on consumer buying habits and preferences, allowing manufacturers to develop products that cater to market demands. India raised import duties on toys beginning in February 2020. The basic customs duty was increased from 20 per cent to 60 per cent and then to 70 per cent in July 2021.

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

Decacorn fintech firm <keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> has received an additional USD 100 million from <keyword id="6375561" type="General" weightage="80" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword> during its ongoing fundraise round of USD 1 billion at a pre-money valuation of USD 12 billion, the company said on Wednesday. With this fresh funding, the <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> group firm has raised USD 750 million till date. "PhonePe confirms a USD 100 million additional tranche of investment from General <keyword id="44121" type="General" weightage="80" keywordseo="atlantic" source="Orion">Atlantic</keyword>, a leading global growth equity firm, and its co-investors as part of our ongoing fundraise. General Atlantic initially invested USD 350 million in PhonePe in January 2023," PhonePe said in a statement. General Atlantic has invested USD 450 million in the ongoing fundraise, Ribbit Capital, <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> and TVS Capital Funds USD 100 million and Walmart has infused USD 200 million in the company. PhonePe plans to deploy these funds to build and scale new businesses like insurance, wealth management, lending, stockbroking, ONDC-based shopping and account aggregators. The fundraise will also help PhonePe turbo-charge the next wave of growth for UPI payments in India, including UPI lite and Credit on UPI. Recently the company also announced its foray into hyperlocal e-commerce through new platform Pincode. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-extend-rally-to-the-eight-consecutive-day-led-by-it-healthcare-and-auto-stocks/articleshow/99434724.cms">Markets extend rally to the eight consecutive day, led by IT, healthcare and auto stocks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-omicron-sub-variants-escape-our-bodys-immune-system/articleshow/99433429.cms">How Omicron sub-variants escape our body's immune system</a>

PhonePe gets additional USD 100 million fund from General Atlantic

<ul><li>After their first investment in December 2019, Walmart and Flipkart have once again invested in grocery startup <keyword id="2946840" type="PERSON" weightage="20" keywordseo="Ninjacart">Ninjacart</keyword>. </li><li>The Bengaluru-based Ninjacart was founded in 2015 by Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi.</li><li>The investment from Flipkart also comes at a time when the e-grocery space in India is heating up with Mukesh Ambani-backed JioMart’s entry.</li></ul>E-commerce giants Walmart and Flipkart have once again invested in online grocery startup Ninjacart. The investment follows their first round from December 2019. The investment from Flipkart also comes at a time when the e-grocery space in India is heating up with Mukesh Ambani-backed JioMart’s entry. “The e-grocery market in India has seen tremendous growth over the past several months as people have increasingly taken to ordering groceries and fresh produce online. At the Flipkart Group, we are focused on ensuring that we continue to work towards developing new and innovative ways to meet our customers' needs in this space through the growth of Supermart and the recent launch of Flipkart Quick,” said Kalyan Krishnamurthy, CEO, Flipkart Group in a statement. Ninjacart has the supply chain where it leverages big data, predictive analytics, mobile applications and the Internet of Things to connect farmers with marketplaces. The startup also claims to have built an indigenous “less-than-12 hours connectivity from farm to store” to keep perishable goods from getting spoilt during transport. With the latest funding, the company now plans to expand to newer markets. The Bengaluru-based Ninjacart was founded in 2015 by Thirukumaran Nagarajan, Kartheeswaran K K, Ashutosh Vikram, Sharath Loganathan and Vasudevan Chinnathambi. “The fresh set of investments from Walmart and the Flipkart Group takes us one step closer to our vision of making food safe and accessible for the billion people and changing the way food reaches our plate,” Thirukumaran Nagarajan, CEO &amp; Co-founder of Ninjacart said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/razorpay-is-the-latest-to-join-the-unicorn-club-with-its-new-100-million-fundraise/articleshow/78612631.cms">Razorpay is the latest to join the unicorn club with its new $100 million fundraise</a> <a href="https://www.businessinsider.in/policy/economy/news/sitharaman-offers-states-12000-crore-interest-free-for-the-next-50-years-if-they-can-spend-it-on-capital-projects-by-march-2021/articleshow/78616741.cms">Sitharaman offers states ₹12,000 crore interest-free for the next 50 years if they can spend it on capital projects by March 2021</a>

Walmart and Flipkart invest in Ninjacart again to bump up its grocery offerings ahead of the festive season

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

Flipkart and PhonePe complete separation six years after acquisition

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

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

<ul><li>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="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> has invested $1.2 billion in <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> in an equity round, two years after it bought a 77% stake in the Indian retail giant for $16 billion. </li><li>The round values Flipkart at $24.9 billion. </li><li>Now, there’s Walmart, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, Facebook and reportedly, Google all betting on India’s retail tech ecosystem.</li></ul>Walmart has invested $1.2 billion in Flipkart in an equity round, two years after it bought a 77% stake in the Indian retail giant for $16 billion. The round values Flipkart at $24.9 billion. Walmart’s renewed faith in Flipkart comes when India’s retail tech ecosystem has seen a major push from the tech giants – with Facebook’s $5.7 billion bet in Jio and Google’s talks of investing $4 billion in Jio Platforms. Both of these investments could boost Jio’s e-commerce venture <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>. But that’s not all. The news also comes just days after Amazon had invested ₹2300 crore or $305 million into its Indian arm, following Jeff Bezos $1 billion investment promise to India. Earlier this year, Amazon had also signed a long-term business agreement with Kishore Biyani’s Future Group. Walmart’s funds for Flipkart will come in in two tranches. "Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers. We will continue innovating to bring the next 200 million Indian shoppers online,” said Flipkart CEO Kalyan Krishnamurthy in a statement. Flipkart recently surpassed 1.5 billion visits per month and reported 45-percent growth in monthly active customers and 30-percent growth in transactions per customer for FY20, the company said. "Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India's digital transformation," said Judith McKenna, President and CEO of Walmart International.

Walmart powers Flipkart with an additional $1.2 billion⁠ to help e-tailer battle Google, Facebook, and Amazon

<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>

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

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> have filed their respective pleas and the matter is likely to be heard this week.</li><li>Lobby groups and Indian traders have accused the e-commerce giants of business malpractices and policy violations.</li><li>A report published earlier this year had highlighted that only two sellers made about one-third sales on Amazon.</li></ul>Walmart-owned homegrown e-commerce giant Flipkart and rival Amazon have separately challenged Competition Commission of India’s (CCI) decision to launch an antitrust investigation into their business practices. Notably, the companies have denied any wrong doings in their respective appeals. The antitrust investigation would look into the alleged policy violations and anti-competitive behaviours by both Amazon and Flipkart. Flipkart filed its appeal on June 16 in the Karnataka High Court. Details of Amazon’s appeal are not out yet. The development was first <a href="https://www.reuters.com/world/india/walmarts-flipkart-challenges-india-court-order-antitrust-probe-sources-2021-06-17/?utm_source=Twitter&amp;utm_medium=Social">reported</a> by Reuters citing sources it did not name. The publication has further revealed that both the matters will be heard by a two-judge panel this week. "Irreparable injury will be caused to the appellant if the investigation was to continue pending the present appeal," Flipkart reportedly said in its appeal and urged the court to quash the initial CCI order for the investigation. Amazon, too, mounted similar challenges. Meanwhile, sources aware of the development told the publication that CCI planned to speed up the investigation on big tech players this week. The competition watchdog also plans, as per the report, to demand information from Flipkart and Amazon, based on the accusations raised on their business models. Several lobby groups like the Confederation of all India Traders (CAIT), All India Online Vendors Association (AIOVA) have accused these e-commerce giants of eating into their business with predatory policies, deep discounting and business malpractices. The associations have also called them out for violating Foreign Direct Investment (FDI) policy, Foreign Exchange Management Act (FEMA) and devoiding the government of taxes. Another <a href="https://www.reuters.com/investigates/special-report/amazon-india-operation/">report </a>published in February 2021 had highlighted similar violations on the part of Amazon. The report noted that two sellers — Cloudtail and Appario — in which Amazon had indirect stakes made up around 35% of the platform’s revenue through sales in 2019. Overall, just 35 sellers on Amazon accounted for roughly two-thirds of all sales. This indicated a violation of Press Note 2 of FDI policies that bars e-commerce companies from giving preferential treatments to certain sellers. India’s federal financial crime-fighting agency Enforcement Directorate (ED) was also considering taking a look into these allegations after the Reuters’ report was published in February. In January 2021, ED along with the Reserve Bank of India (RBI) and ED were directed by the Department of Promotions of Industry and Internal Trade (DPIIT) to take “necessary actions” against Amazon and Flipkart for flouting FDI and FEMA rules. The DPIIT’s direction of January 2021 was an aftermath of the protest and issues highlighted by CAIT. The association has also written to Piyush Goyal, the union minister of industry and commerce, seeking stricter actions against Amazon and Flipkart, “which are hell bent in monopolising e-commerce and retail trade with their unethical business practices”. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/browserstack-has-become-the-most-valued-vc-backed-saas-company-to-enter-the-indian-unicorn-club/articleshow/83599403.cms">BrowserStack’s unicorn status further strengthens India’s SaaS club</a> <a href="https://www.businessinsider.in/education/news/cbse-evaluation-criteria-for-class-12-results-announced-results-to-be-declared-on-june-31/articleshow/83598782.cms">CBSE announces 30:30:40 formula as the evaluation criteria for class 12, results to be declared on July 31</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a>

As Flipkart and Amazon try to quash India's antitrust investigation, trader lobbies accuse them of 'monopolising e-commerce'

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

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

<ul><li>The latest regulations are an amendment to the Consumer Protection (<keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">E-Commerce</keyword>) Rules of 2020.</li><li>All e-commerce entities will have to appoint a compliance officer, grievance officer and a nodal contact person.</li><li><keyword id="47183" type="ORGANIZATION" weightage="20" keywordseo="CCI">CCI</keyword> is also looking to launch an antitrust probe in the business practices of both <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>.</li></ul> The government of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> has decided to revise the e-commerce regulations, as offline retailers in the country continue to be dissatisfied with predatory practices of the e-commerce giants like Amazon and Flipkart. According to the new draft regulations by the Ministry of Consumer Affairs, Food and Public Distribution, e-commerce entities might be prohibited from hosting flash sales. The department of consumer affairs, in the amended policy, defines flash sales as “sale organised by an e-commerce entity at significantly reduced prices, high discounts or any other such promotions or attractive offers for a predetermined period of time on selective goods and services or otherwise with an intent to draw large number of consumers” Notably, organisations like Confederation of All India Traders (CAIT) have previously accused Amazon and Flipkart of giving deep discounts and eating into their businesses. The latest amendments to the Consumer Protection (E-Commerce) Rules of 2020 also bar e-commerce entities from displaying or promoting any misleading advertisements, whether in the course of business on its platform or otherwise. The ministry released the draft on Monday, June 21. Just like the Consumer Protection Act of 2019, which came into force in<a href="https://www.businessinsider.in/advertising/brands/news/the-new-consumer-protection-act-2019-provision-for-heavy-fines-and-even-jail-terms-for-misleadings-ads/articleshow/77065225.cms"> July last year</a>, the latest amendments aim to smoothen the grievance redressal process on e-marketplaces. Each e-commerce platform will have to establish an adequate grievance redressal mechanism. These platforms, including Amazon and Flipkart, will also have to appoint a Chief Compliance Officer, a Resident Grievance Officer and a nodal contact person in India. <table></colgroup><tbody><tr><td colspan="2" style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; background-color: rgb(207, 226, 243); padding: 2pt; overflow: hidden; overflow-wrap: break-word;">New draft e-commerce policy proposes new appointments </td></tr><tr><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Appointment </td><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Role </td></tr><tr><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Chief Compliance Officer </td><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Ensuring compliance with the Indian rules and Acts </td></tr><tr><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Resident Grievance Officer </td><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Ensuring redressal of grievances </td></tr><tr><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Nodal Contact Person </td><td style="border-width: 1.5pt; border-color: rgb(0, 0, 0); vertical-align: bottom; padding: 2pt; overflow: hidden; overflow-wrap: break-word;">Ensuring coordination with law enforcement agencies and officers </td></tr></tbody></table>The e-commerce rules are a combination of the Consumer Protection Act of 2019, Indian Exchange Control Laws (IEC Regulations) and the Information Technology Act of 2000. These guidelines have been set in place to ensure fair play in technology and a data-driven e-commerce environment. The latest amendment to the Consumer Protection (E-Commerce) Rules of 2020 also states: <ol><li>All e-commerce entities should be registered with the department for promotion of industry and internal trade (DPIIT).</li><li>E-commerce entities should provide information within 72 hours of receiving an order from a government agency.</li><li>E-commerce entities are barred from manipulating search results and cross selling of products.</li></ol>Cross-selling means sale of goods or services which are related or complimentary to a purchase made by a consumer. Usually e-commerce companies follow these practices to maximise their revenue. Praveen Khandelwal, CAIT’s secretary general, believes that the latest guidelines will purify the e-commerce landscape of the country, “which has been greatly vitiated by various e-commerce global companies to the extent that not only the domestic trade has been damaged, but even the consumers are also feeling the heat of their unethical business practices.” The lobby group has once again<a href="https://www.businessinsider.in/policy/news/amazon-and-flipkart-are-destroying-indias-retail-sector-says-cait-asks-government-to-revise-fdi-policy-in-e-commerce/articleshow/81567283.cms"> accused</a> the foreign funded e-commerce companies like Amazon and Walmart-owned Flipkart of violating India’s foreign direct investment (<keyword id="44528" type="COMPANY" weightage="20" keywordseo="FDI">FDI</keyword>) policy. Previously, CAIT and All India Online Vendors Association (AIOVA) have accused these e-commerce giants of flouting Foreign Exchange Management Act (FEMA) rules and devoiding the government of goods and services tax (<keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword>) with their deep discounting policy. The accusation made by lobby groups, along with a few media reports, have put e-commerce entities especially Amazon and Flipkart on a tough spot with the Indian government. Not only is the central government scrutinising their actions, but is also looking to amend India’s FDI policy to create a level playing field for local players. The <a href="https://indiacorplaw.in/2019/01/dipps-revised-fdi-policy-e-commerce-changing-rules-game.html">FDI policies</a> for e-commerce prohibit foreign funded e-commerce companies from selling products of the retailers they have a majority stake in, giving preferential treatment to certain sellers and having a control of their inventory. However, the deep discounting practices did raise questions about Amazon’s and Flipkart’s control over its inventory and pricing policies. In addition, India’s competition watchdog Competition Commission of India (CCI) is planning to launch an <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-amazon-have-challenged-cci-decision-to-launch-an-antitrust-investigation/articleshow/83601987.cms">antitrust probe</a> into Amazon’s and Flipkart’s business practices. The antitrust investigation would look into the alleged policy violations and anti-competitive behaviours of both the companies. SEE ALSO: <a target="_blank" class="c-link" href="https://www.businessinsider.in/cryptocurrency/news/portugals-central-bank-clears-two-crypto-exchanges-for-operations/articleshow/83705548.cms">Portugal’s central bank clears two crypto exchanges for operation</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/india/news/after-assam-up-law-commission-proposes-population-control/articleshow/83706798.cms">India’s most populous state is about to take some stringent measures to control population</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/startups/news/james-murdoch-plans-to-raise-150-million-from-ultra-rich-to-invest-in-indian-startups/articleshow/83709567.cms">James Murdoch plans to raise $150 million from ultra rich to invest in Indian startups</a>

You Searched For "walmart india investment" and got 11 results

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

PTI

PhonePe gets additional USD 100 million fund from General Atlantic

PTI

Walmart and Flipkart invest in Ninjacart again to bump up its grocery offerings ahead of the festive season

Sanchita Dash

Flipkart and PhonePe complete separation six years after acquisition

Rounak Jain

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

Rounak Jain

Walmart, Netflix partner to expand Hub experience to more viewers

IANS

Walmart powers Flipkart with an additional $1.2 billion⁠ to help e-tailer battle Google, Facebook, and Amazon

Sanchita Dash

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

Sanchita Dash

As Flipkart and Amazon try to quash India's antitrust investigation, trader lobbies accuse them of 'monopolising e-commerce'

Kritti Bhalla

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

Kritti Bhalla

Amazon, Flipkart and other e-commerce platforms may not be able to do flash sales any more, if Indian government has its way

Kritti Bhalla

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