Flipkart to Buy an 8 Percent Stake for Rs. 1500 Crores in Aditya Birla Fashion and Retail

Business Oct 24, 2020 Atharwa Gauraha ( Editor: Ekta Joshi ) 2 Shares

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).

Also Read - Flipkart Acquires an AR Business Called Scapic to Improve User Experience

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.

Also Read - Haryana Government Allots 140 Acre Land to Flipkart for Fulfilment Centre

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 ( Editor: Ekta Joshi ) 4 Shares

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...

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Haryana Government Allots 140 Acre Land to Flipkart for Fulfilment Centre

Haryana Government Allotted 140 Acre Land to Flipkart for Fulfilment Centre

Executive Oct 10, 2020 M V Manasa ( Editor: Ekta Joshi ) 4 Shares

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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