Walmart Inc'sFlipkart will buy a 7.8 percent stake in Aditya Birla Fashion and Retail Ltd for ₹ 1,500 crores ($204 million), the fashion retail company said, on Friday (October 23, 2020).
The investment comes at a time when Amazon.com Inc, Reliance Industries-led billionaire Mukesh Ambani, and Flipkart are in a race to capture market share in India's fast-growing food and grocery online market. With the COVID-19 pandemic keeping most people indoors, Indians are turning to online platforms for all purchases from bread to phones to clothes.
Media reports said both Amazon and Flipkart were in the race to select a stake in Aditya Birla Fashion and Retail, which owns and runs the retail chain of Pantaloons and owns the right to sell merchandise in India for Forever 21. Aditya Birla said that as it scales up its companies, it will use the capital to boost its balance sheet. Aditya Birla Fashion and Retail shares increased by 6.5 percent to 163.45 Rs., their highest since March 30, 2020.
Flipkart Acquires an AR Business Called Scapic to Improve User Experience
Business
Nov 19, 2020
Atharwa Gauraha
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Editor: Ekta Joshi
)
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Scapic, an augmented reality (AR) firm, was acquired by the Flipkart group for an undisclosed amount. Scapic is a cloud-based platform that allows AR and 3D content to be produced and distributed, supporting clients across e-commerce and marketing.Through the acquisition of Scapic, Flipkart will acquire a 100% stake in the company and a team of developers and designers. This team will work towards accelerating the company's efforts to provide a deeper camera experience, virtual storefronts, and...
Haryana Government Allots 140 Acre Land to Flipkart for Fulfilment Centre
Executive
Oct 10, 2020
M V Manasa
(
Editor: Ekta Joshi
)
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On Wednesday (07 October 2020), an official statement said that the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has allotted 140-acre land to the Flipkart for setting up their largest fulfillment center in Asia. The statement issued by the Haryana government mentioned that the fulfillment Centre will have a covered area of 3 million square feet at Patli Hazipur, Manesar in the Gurgaon district.The fulfillment centers will be equipped with a highly automated...
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