Look like things for Indian E-commerce giant, Flipkart has been finally going in right direction. Reports are that Flipkart is in talks to close a funding round of up to $1.5 billion from US-based eBay and China’s Tencent. As the part of the deal, eBay may be part of Flipkart after the funding.
Reports are that Flipkart is in talks with other unknown investors to raise funding. When asked for further details, Flipkart didn’t reply to any of the questions. Previously, Flipkart was in talks with Alibaba and Wallmart but failed in raising funds.
If this deal works out, it will enable Flipkart to forge the association with investors and regain its position in the e-commerce market. Besides of having heavy competition with US-based Amazon and China’s Alibaba lead Paytm, Flipkart has maintained its market value pretty well.
Flipkart is valued between $10-$12 billion after the fund raising exercise, after being valued at $15.2 billion when it last raised capital in July 2015. An inside source said, “Talks with eBay are at an advanced stage, and a strategic deal may include Flipkart acquiring or merging their India operations.” Read more about Flipkart.
Flipkart’s Myntra start offline services in search of profits:
After facing difficulties in raising funds, Flipkart and its acquisition of Online Fashion Company Myntra have started offline services in order to elevate their profits.
On Thursday, Myntra launched its firsts offline store at the posh locality in Bangalore. For its first offline store, Myntra has decided to launch its brand ‘Roadster’ which is heavily popularised in the website.
Currently, Myntra has recorded 40,000 customers for Roadster. The brand alone has made Rs.600 Crore the current financial year and contributes about 8 percent of the overall revenues.
Ananth Narayanan, CEO of Myntra said, “The purpose of this store is to create a Roadster brand experience. Of course it will do sales, but more importantly, it represents the brand and it gives us the chance to experiment with omnichannel technology which we will apply in many other areas.” Read more about Indian Startup.
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