Flipkart marketplace bags $62 Mn from holding entity
By MYBRANDBOOK
According to reports, Flipkart marketplace platform has received $62 million from parent entity Flipkart Pvt. Ltd, taking the total fund infusion from the holding entity to $1.88 billion. Flipkart Pvt. Ltd operates Flipkart’s marketplace, logistics unit and digital payments platform PhonePe. During the same round, PhonePe also received $28 million from the Singapore-based parent entity.
The fresh capital infusion for the e-commerce giant has come at a time when their majority part of the business isn’t operational. Since the government has barred movement of non-essential items via e-commerce, the firm has been operating only grocery delivery vertical Supermart.
Amidst limitations set by the government, Flipkart has also demanded gradual opening up of non-essential goods delivery through e-commerce. According to the Bengaluru-based entity, it will help meet consumer demand as well as ease the burden of piled up inventory of micro, small and medium enterprises.
The revenue is expected to fall further if e-commerce firms are barred from selling non-essentials post May 3. The ongoing lockdown will be continued until May 3 and it’s likely that the government may open up restrictions in cities where the spread of pandemic isn’t increasing.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TEJAS NETWORKS INDIA PVT. LTD.
VERSA NETWORKS INDIA PVT. LTD.
TALLY SOLUTIONS PVT. LTD.
BHARAT ELECTRONICS LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
PARTNER SPEAKERS
PSU
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
