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Amazon used shell company to gather intel on rivals like Walmart, Flipkart: Report

Money Control

Money Control · 1y ago

Amazon used shell company to gather intel on rivals like Walmart, Flipkart: Report

Global e-commerce giant Amazon operated a secret project called "Project Curiosity" through a shell company known as Big River Services International. The project aimed to collect competitive intelligence on rivals such as Walmart, eBay, FedEx, and even Flipkart in India. Employees of Big River posed as sellers on different platforms to gather information and pass it on to Amazon. This effort highlights the intense competition between Amazon and Flipkart in India's e-commerce market. Amazon defended its actions, stating that benchmarking and gathering customer experiences is common practice in the industry.

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Related News

Flipkart in talks to raise $1 billion, Walmart commits $600 million

Economic Times

Economic Times · 1y ago

Flipkart in talks to raise $1 billion, Walmart commits $600 million

Flipkart, the Indian e-commerce giant, is reportedly in talks to raise $1 billion in a funding round. This move comes after Walmart committed $600 million towards the company. The funding is expected to help Flipkart expand its operations and fend off competition from rivals like Amazon.

Flipkart’s online sellers sue CCI over antitrust probe

Livemint

Livemint · 10m ago

Flipkart’s online sellers sue CCI over antitrust probe

Three sellers on Flipkart, owned by Walmart, have sued the Competition Commission of India (CCI) over an investigation that found both Flipkart and Amazon guilty of breaching competition laws.

Myntra secures $54 million fund infusion from parent Flipkart

Economic Times

Economic Times · 1y ago

Myntra secures $54 million fund infusion from parent Flipkart

Flipkart-owned online fashion platform Myntra has received a $54 million investment from Flipkart, its second investment in a year. Myntra has been facing stiff competition from rivals such as Ajio and Tata Cliq. The company has been focusing on expanding its portfolio of international brands, with premium offerings showing strong growth. However, a research note by Bernstein revealed that while Myntra has a 55% market share in the fashion e-commerce segment, users on its app are not transacting as much as before. Flipkart's investment in Myntra comes after parent company Walmart committed $600 million to Flipkart.

Flipkart looks to upstage Amazon Prime again: Will its revamped VIP programme be the charm?

Inc42 · 1y ago

Flipkart looks to upstage Amazon Prime again: Will its revamped VIP programme be the charm?

Flipkart, the Walmart-owned ecommerce giant, has recently launched its annual membership program called Flipkart VIP, aiming to compete with Amazon Prime. This is not the first attempt by Flipkart to challenge Amazon's dominance in the loyalty program space, but previous efforts like Flipkart First and Flipkart Plus did not gain much traction. Flipkart VIP offers benefits like priority customer support, fast and free delivery, early access to deals, and discounts. However, compared to Amazon Prime, it still lacks the extensive ecosystem and unique services provided by Prime. Despite the low-key launch, Flipkart aims to attract customers from Tier I and II cities, which account for a significant portion of its user base.

Flipkart closes Rs. 7890 Cr ($950 million) round with Google's $350 million at a valuation of $36 billion

Money Control

Money Control · 1y ago

Flipkart closes Rs. 7890 Cr ($950 million) round with Google's $350 million at a valuation of $36 billion

Flipkart closed a $950 million funding round with a $350 million investment from Google, valuing the company at $36 billion. Initiated in December, the round also included $600 million from Walmart, Flipkart's parent company. The funds will be used to enhance quick commerce and invest in verticals like travel (Cleartrip) and Shopsy, pending regulatory approvals.

CCI approves Google's investment in Walmart-backed Flipkart

YourStory

YourStory · 8m ago

CCI approves Google's investment in Walmart-backed Flipkart

The Competition Commission of India (CCI) has given approval for Google's investment in Flipkart. Google joined Flipkart's funding round in May, investing $350 million alongside Walmart. This investment is aimed at helping Flipkart focus on categories like Cleartrip and Shopsy, as well as new areas in fintech and quick commerce. Walmart currently holds an 80.8% stake in Flipkart and has reported strong growth in its international advertising vertical, largely driven by Flipkart. In addition, Flipkart recently appointed Walmart executive Dan Bartlett to its Board.

Decoding Flipkart’s $600 Mn round, captable and valuation

Entrackr

Entrackr · 1y ago

Decoding Flipkart’s $600 Mn round, captable and valuation

E-commerce giant Flipkart has raised $600 million from its holding company Walmart through the investment arm FIT HOLDINGS SARL. Walmart spearheaded the round with $598.7 million, increasing its stake in Flipkart to 84.6%. The funds will be used to expand operations and strengthen supply chain and tech capabilities. The company is expected to raise a total of $1 billion, with $400 million coming from existing and new investors. Flipkart's valuation stands at $32.55 billion post-allotment.

Flipkart launches UPI services to counter third party apps

Entrackr

Entrackr · 1y ago

Flipkart launches UPI services to counter third party apps

Flipkart has launched unified payments interface (UPI) services which will allow its users to set up their own UPI handle for online and offline merchant transactions within and outside of the e-commerce marketplace. On the Flipkart app, UPI can be used to pay for any product or service, including e-commerce transactions, scan and pay to UPI ID, and recharges and bill payments, the company said in a press release. The move will help Flipkart reduce its dependency on third-party apps such as Google Pay, PhonePe, Paytm, and its arch-rival Amazon (via Amazon Pay). The Bengaluru-based company claims that it has more than 500 million registered users and 1.4 million sellers on its marketplace. In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with ‘@fkaxis’ handle for their digital transactions using the app. Initially, the feature will be available for Android users. It’s worth highlighting that Flipkart provides co-branded credit cards in partnership with Axis Bank. Axis Bank is also helping the Walmart-owned company to expand its offering in the fintech space. As per media reports, Flipkart is planning to roll out a new fintech platform called Super.Money to offer lending, insurtech and other services. Headed by Prakash Sikaria, the new entity is likely to receive $20 million investment from Flipkart. In December, Flipkart raised $600 million from its holding company Walmart. The company is expected to raise $1 billion in total and was valued at $32.55 billion. Last year, foodtech major Zomato also launched its own UPI services in partnership with ICICI Bank.

The only remedy for Intel’s woes may be a breakup

Livemint

Livemint · 1m ago

The only remedy for Intel’s woes may be a breakup

Intel is facing persistent financial and technological challenges, struggling to compete with rivals like Taiwan Semiconductor Manufacturing Co. A proposed solution to these issues includes breaking up the company by spinning off its chip-manufacturing division. Historically, Intel thrived by designing and producing its own chips, but this model is no longer as effective given the competitive landscape. A breakup could potentially revitalize Intel by allowing it to focus more strategically on its core competencies.

Flipkart Internet receives $111 million in new fund infusion

Economic Times

Economic Times · 1y ago

Flipkart Internet receives $111 million in new fund infusion

Flipkart Internet, the marketplace arm of Flipkart backed by Walmart, received a cash injection of approximately INR 924 crore ($111 million) from its Singapore-based entities in January 2023. This comes as Amazon continues to invest in its Indian entities, crossing INR 1,000 crore ($134 million) this year. Flipkart is also in talks to raise up to $1 billion, with parent company Walmart committing to invest $600 million. Flipkart's valuation is expected to be around 5-10% higher than its previous valuation of $33 billion. In the fiscal year 2023, Flipkart Internet reported a 42% increase in operating revenue and a 9% decrease in total loss.

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