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.
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