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Flipkart valuation declines by over Rs 41,000 crore in two years
Economic Times
·
1y ago
Medial
Flipkart's valuation has reportedly declined by $5 billion to $35 billion as of January 2024 compared to $40 billion in January 2022. The decline is attributed to the demerger of Flipkart's fintech subsidiary, PhonePe. However, sources suggest that the current valuation of Flipkart is still in the range of $38-40 billion. Walmart, Flipkart's parent company, increased its stake in Flipkart to approximately 85% in FY2024. Flipkart disputes the decrease in valuation reported by Walmart, stating that the valuation adjustment was made due to the separation of PhonePe. Flipkart's GMV has grown significantly, increasing its current valuation.
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Flipkart receives $382 Mn from parent entity
Entrackr
·
4m ago
Medial
Flipkart Internet, the marketplace arm of Walmart-backed Flipkart, has received Rs 3,249 crore (approximately $382 million) in internal funding from its Singapore-based parent entity. Earlier, in April 2024, the company had secured Rs 1,421 crore from the same parent organization. The board at Flipkart has issued 470,773 equity shares at an issue price of Rs 69,014.7 each on a right issue basis to raise Rs 3,249 crore from Flipkart Marketplace Private Limited (Singapore), its regulatory filing accessed from the Registrar of Companies (RoC) shows. In May last year, Flipkart raised $350 million from Google at a valuation of $36 billion. According to startup data intelligence platform TheKredible, Walmart is the largest stakeholder in the e-commerce company holding 85% stake, followed by Tencent and other minority shareholders including CPP Investments, GIC, SoftBank and Microsoft. Apart from horizontal e-commerce offerings, Flipkart also entered the quick commerce space with Minutes, promising deliveries within 10-15 minutes to compete with players like Blinkit, Zepto, and Instamart. For the fiscal year ended 2024, Flipkart reported a 20% increase in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.
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Flipkart receives another $262 Mn from Singapore-based parent
Entrackr
·
2m ago
Medial
Flipkart receives another $262 Mn from Singapore-based parent Flipkart Internet (India), the marketplace arm of the Walmart-owned firm, has received another $262 million (Rs 2,225 crore) in internal funding from its Singapore-based parent entity. This comes nearly two months after Flipkart Internet received $382 million from its Singapore-based parent company. The board at Flipkart has allotted equity shares worth Rs 2,225 crore to Flipkart Marketplace Private Limited (Singapore), its multiple filings accessed from the Registrar of Companies (RoC) show. This follows around the same time Flipkart’s fashion platform Myntra India received $125 million from its Singapore-based parent, FK Myntra Holdings. Media reports indicate the firm plans to launch its IPO with a valuation of $60-$70 billion. It is shifting its Domicile from Singapore to India, joining Pine Labs, Zepto, Meesho, and Razorpay in relocating their headquarters back to their home country. According to startup data intelligence platform TheKredible, Walmart owns 85% of Flipkart Internet, which includes its affiliates PhonePe and Myntra. Other shareholders include Tencent, CPP Investments, GIC, SoftBank, and Microsoft. Flipkart is currently valued at $36 billion. For the fiscal year ended 2024, Flipkart reported a 20% growth in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.
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Investors take a harder look at Indian edtech deals amid Byju’s troubles
Money Control
·
1y ago
Medial
In 2016, General Atlantic declined an investment in Byju's at a $400 million valuation due to revenue-valuation mismatch. Byju's later flourished, crossing Rs 1,300 crore revenue by FY19. General Atlantic invested in 2018 at $3 billion valuation as Byju's thrived, eventually reaching $22 billion. However, post-Covid, revenue plateaued, causing valuation declines. Byju's also faced governance and financial challenges, including loan defaults and pending fund infusion. Now the heat of Byju's miserable state is faced by new and upcoming ed-tech ventures out of India.
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HUL acquires 90.5% stake in Minimalist at Rs 2,955 Cr valuation
Entrackr
·
6m ago
Medial
HUL acquires 90.5% stake in Minimalist at Rs 2,955 Cr valuation Hindustan Unilever Limited (HUL), a fast-moving consumer goods company, has acquired the homegrown skincare brand Minimalist at a pre-money valuation of Rs 2,955 crore (nearly $350 million). The board at HUL has entered into the Share purchase agreement for the acquisition of 90.5% of Minimalist shares at a cash consideration of Rs 2,670 crore (secondary buyout) along with Rs 45 crore as a primary infusion in the company. The transaction is expected to be completed in Q1 of FY 2026 and the remaining 9.5% shareholding of Uprising in about two years from the completion date, the filing sourced from NSE added. This is one of the largest deals in the direct-to-consumer (D2C) space in recent years. Founded by serial entrepreneurs Mohit and Rahul Yadav, Minimalist is a skin and hair care brand offering products such as serums, toners, and moisturizers. The sale of these products was the sole source of revenue for the brand in the last fiscal year. The founder duo will continue to lead the company for next two years. Minimalist's revenue surged to Rs 347 crore in FY24 from Rs 184 crore in FY23. Despite higher marketing costs, profits doubled to Rs 10.83 crore in FY24. According to the company, the business has rapidly scaled to cross an annual revenue runrate (ARR) of Rs 500 crore in a short span of four years. Minimalist has raised $17 million, including a Series A round led by Peak XV, which holds a 27.9% stake. Co-founders Mohit and Rahul Yadav control 62% of the company.
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Peak XV nets Rs 1,200 Cr gain from Porter exit, marks 11X return
YourStory
·
2m ago
Medial
Peak XV Partners gained over Rs 1,200 crore by fully exiting logistics startup Porter, marking an 11-fold return on its Rs 116 crore investment. This exit is part of Peak XV's strategy of cash exits, generating about $3.6 billion over five years. Porter's valuation, now over $1.2 billion, underscores the challenges of mega-fund math in India, pushing large funds to seek multiple unicorn-scale exits for meaningful returns. Peak XV plans to raise a $1.4 billion fund.
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Flipkart valuation down by over ₹41,000 crore since 2022
Livemint
·
1y ago
Medial
Flipkart, the Indian e-commerce company owned by Walmart, has seen its valuation drop by $5 billion since January 2022. This comes as Flipkart's fintech subsidiary PhonePe becomes an independent entity. Walmart's equity transactions highlight the changes, with the company diluting 8% of its equity in Flipkart and then increasing its stake by 10%. Flipkart disputes the reported valuation decrease, stating that it was an appropriate adjustment after PhonePe's separation. Meanwhile, Flipkart insiders note significant growth in Gross Merchandise Value (GMV) in 2023, potentially impacting the company's valuation positively. In FY23, Flipkart reported a net loss of ₹4,846 crore.
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EV financing startup Ascend Capital raises Rs 50 Cr
Inshorts
·
1y ago
Medial
Commercial electric vehicle financier Ascend Capital has raised Rs 50 crore in a Series A funding round led by InfoEdge Ventures and Asha Ventures. The company said it will use the capital to expand its loan book. It added it hopes to cross Rs 300 crore in assets under management over the next two years.
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Exclusive: Flipkart shuts down ANS Commerce
Entrackr
·
5m ago
Medial
url: https://entrackr.com/exclusive/exclusive-flipkart-shuts-down-ans-commerce-8765612 Content: Flipkart has decided to shut down ANS Commerce, its full-stack e-commerce enabler, three years after acquiring the Gurugram-based company, sources familiar with the matter told Entrackr. "Flipkart has decided to shut down ANS Commerce and has also laid off several employees associated with it," said a source familiar with the matter, requesting anonymity. Confirming the development to Entrackr, a Flipkart spokesperson said, “'After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers.” “To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,’ the spokesperson added. Founded by Amit Monga, Vibhor Sahare, Sushant Puri, and Nakul Singh, ANS Commerce is a full-stack e-commerce enabler offering services such as store tech, performance marketing, marketplace management, e-commerce warehousing, and fulfillment. It collaborates with over 100 brands, including Jack & Jones, Vero Moda, HUL, Piramal, Lakme, Nivea, Oziva, CEAT, and Bikanervala. The firm raised $2.2 million in its pre-Series A round, led by Gokul Rajaram and Venture Catalysts in October 2021. According to sources, ANS Commerce was acquired in a deal worth Rs 250-300 crore ($35-40 million) three years ago. During FY24, ANS Commerce recorded a 39.4% increase in operating revenue to Rs 54 crore, compared to Rs 39 crore in FY23. However, the company's net loss widened by 27.1% to Rs 73.8 crore in FY24 from Rs 57.8 crore in the previous year.
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Pine Labs nears Rs 1,600 Cr revenue in FY23 with sound economics
Entrackr
·
1y ago
Medial
Merchant commerce and payments platform Pine Labs has shown impressive growth, with its operating scale increasing over two-fold in the past two fiscal years. During the fiscal year ending in March 2023, the company reported a revenue of Rs 1,588 crore, up from Rs 726 crore in FY21. Additionally, Pine Labs managed to reduce its losses by over 12% in FY23. The company operates in three business segments: digital payments, issuing, and consumer applications. Its revenue from the payments segment saw a significant spike of 75.1% to Rs 1,077 crore in FY23 compared to the previous year.
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LoanTap raises Rs 74 Cr to expand MSME supply chain financing
YourStory
·
1m ago
Medial
LoanTap, a digital lending platform, has raised Rs 74 crore in a pre-Series C round to enhance its supply chain financing for small retailers. The funding includes Rs 54 crore in equity led by July Ventures and Rs 20 crore in venture debt. LoanTap's supply chain financing division, LT Credit, has financed over 4.5 lakh invoices worth Rs 1,000 crore for more than 50,000 retailers in two years, aiming to fund one million invoices next year.
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