FLIPKART INTERNET
Former SoftBank managing partner Lydia Jett joins Flipkart board
Lydia Jett previously joined Flipkart’s board as a representative of SoftBank in 2017. She had exited Flipkart’s board after stepping down as SoftBank's managing partner in February this year. Meanwhile, Flipkart has been aiming for profitability amid changes in senior management and layoffs prompted by cost-cutting earlier this year.
Ecommerce space heats up; and other top tech, startup stories this week
Welcome to another edition of ETtech Unwrapped – our weekend newsletter. It has been a packed week for ecommerce and quick commerce news. The previous weekend began with Zepto scooping up $665 million in funding, at more than double its last valuation in 2023, which is a pivotal moment for the sector.
Sellers on Flipkart facing issue in changing price, firm denies any intervention in pricing
The Walmart group firm, however, denied any role in influencing pricing on the platform and said that it is working with sellers to help them understand the new rate card policy.
Mumbai customer orders Sparx slipper 6 years ago, Flipkart tells customer it's 'arriving today', conversation goes viral
Ahsan Kharbai's six-year wait for his Flipkart order of Sparx slippers became a social media sensation after he received an unexpected call from the platform's customer support. Despite the order showing perpetual delays, Kharbai's humorous recounting of the incident online sparked discussions about e-commerce logistics and customer service challenges.
Video commerce offerings gain traction, Indians spent over 2 mn hours video shopping: Flipkart
Flipkart announced on Thursday that its video commerce platform has seen significant adoption, with Indian customers spending over 2 million hours on it from June 2023 to May 2024. The increase in usage highlights the growing trend of video commerce in India, driven by tech-savvy and digitally inclined consumers.
Flipkart explored a deal with Swiggy for a pie of quick commerce
Eight to ten months ago, discussions about a potential investment by Flipkart in Swiggy, two of India's biggest internet companies in the consumer sector, were underway. This potential alliance was driven by the changing landscape of the market, particularly the rise of quick commerce. However, due to disagreements on valuation, the talks ultimately fell through.
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Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
How capital surge may fuel discount war in quick commerce space
The $665 million funding round at Zepto may trigger a discounting war among players like Blinkit, Instamart, and Flipkart. Blinkit faces increased competition in logistics infrastructure as the quick commerce market heats up.
Startups’ pink slip count falls to 10,000 amid funding blues
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Startups’ new hiring strategies; unprecedented poll buzz online
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Google’s $350-million Flipkart bet; Canva CEO interview
Ecommerce major Flipkart has closed its nearly $1-billion funding round with Google coming on board. More on this in today’s ETtech Top 5.
Quick commerce 2.0, and other top tech & startup stories this week
Quick commerce, the buzziest sector in the consumer internet industry, is undergoing a significant transformation. We, at ETtech, have been tracking the sector super closely and bringing the biggest and most impactful stories to you, first.
Exclusive: Flipkart maps India redux; talks on to shift domicile from Singapore
Flipkart aims to move domicile from Singapore to India for an IPO. Talks gain impetus for largest local consumer internet company to reverse flip to India. Walmart owns 85%.
Flipkart maps out India redux; QED’s Nigel Morris interview
Happy Monday! Ecommerce major Flipkart is in discussions to shift its domicile from Singapore to India. This scoop and more in today’s ETtech Morning Dispatch.
Google Pixel 8a comes with Gemini AI, Actua OLED display: Check India price, specs and launch offers
Pixel 8a Price and Specifications: Google has launched its latest midrange smartphone, the Pixel 8a, in India, featuring advanced specs like the Tensor G3 chip and 8GB RAM. With a 6.1-inch OLED display, 64MP dual-camera setup, and Gemini AI integration, the Pixel 8a promises a high-quality user experience. Google's commitment to software updates includes Android 14 and 7 years of security updates. The launch offers include discounts and bonuses, with prices starting at Rs 52,999 for the base model and sales beginning on May 14.
Exclusive: WeWork Inc to sell entire stake in India unit
US office sharing company WeWork is selling its 27% stake in the India unit via a secondary deal. We have this evening scoop and more in today’s ETtech Top 5.
Amid cost conservation focus, startups keep tighter rein on top rung hikes during appraisals
Startups and ecommerce companies are focusing on profitability and cost conservation, with some holding back pay raises for senior staff during appraisals. Some founders are forgoing hikes on their own, while others are forgoing them. Sandeep Murthy, partner at VC fund Lightbox Ventures, suggests that the main goal is to create a stakeholder advantage.
Flipkart Singapore parent infuses Rs 1,421 crore in marketplace arm
The new funding comes as the Bengaluru-based etailer presses ahead with plans to launch its quick-commerce service.
New antitrust law for large tech firms shouldn’t stifle innovation: experts
Zomato, Swiggy, Flipkart and Oyo have opposed the new regulations on digital competition proposed by a government-appointed committee. Indian companies that supported the proposal of ex-ante regulations include Paytm and MakeMyTrip, albeit with caveats.
New-age consumer brands pulling in funds, tech no bar; and other top stories this week
At the peak of the funding winter last year, an investor told me that the pace of investment deals will continue to be slow, but the nature of companies grabbing new cash will be different. The next obvious question was: what kind of companies? Consumer brands, the person said.
Flipkart eyes quick-commerce entry; No point Googling ‘swadeshi’
Flipkart has been working to cut down the timeline of its deliveries across categories for some time now. The firm rolled out same-day delivery of products across several categories at no extra cost from February.
Flipkart Internet receives $111 million in new fund infusion
The fresh capital came from the Flipkart's related Singapore-based entities on January 8, 2024. Two resolutions to infuse capital into the firm were approved on December 20 and December 22 last year, documents showed.
Flipkart’s top deck under pressure; shake-up in senior ranks underway
Ecommerce major Flipkart is seeing senior vice presidents (SVPs) leaving, including leaders from Cleartrip and those from verticals such as marketplace and categories, fintech and payments. The company is addressing its top-heavy structure and improving agility. Performance-based layoffs are happening across all verticals. Overall, 5-7% of the company’s employees will be impacted by the layoffs, as ET first reported on January 8.
Inside Flipkart’s top-deck churn; FM to meet fintechs
At least four senior vice-presidents (SVPs) at Flipkart including Ayyappan R, head of travel booking website Cleartrip; Amitesh Jha, who leads marketplace and categories; fintech and payments head Dheeraj A; and Bharath Ram, who spearheads growth and retention at the web retailer, are likely to be leaving the company, according to multiple people in the know.
Layoffs at big internet firms keep staffers at startups on the edge
The new year has begun on a sombre note for people working in large and well-capitalised startups as companies like Swiggy, Flipkart, and Paytm are laying off a sizable chunk of their teams.
Flipkart close to profitability: CEO Kalyan Krishnamurthy tells staff
While Flipkart has been working to reduce its costs for the past two years, this is the first time Krishnamurthy has spoken publicly to employees about profitability.
Flipkart may trim rolls by up to 7% in yearly refocus
Spotlight on Cleartrip, grocery and Shopsy; $1-billion funding in progress at company.
Flipkart marketplace arm’s revenue jumps 42% to Rs 14,845 crore in FY23, loss narrows 9%
Walmart-owned Flipkart runs its India business through various entities, and Flipkart Internet runs the marketplace where the firm earns its revenue in the form of seller commissions, advertising income, and other fees for seller services.
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