As Per
Confederation of All India Traders on July 1st, 2018 nearly 10 lakh traders are to protest today (July, 2nd 2018) at about 1,000 places across the country against US retail giant Walmart's proposed acquisition of 77 percent stake in home-grown retailer Flipkart in a USD 16-billion deal.
The protest is being conducted by the traders believing that the e-commerce giant will vitiate the markets by indulging into all kinds of malpractices including predatory pricing, deep discounting and loss funding.
Sachin Bansal Executive Chairman of Flipkart exited completely, and will now pit US-based giants Walmart and Amazon in the Indian market.
CAIT Secretary General Praveen Khandelwal said that the "
e-commerce marketplace has been vitiated to a great extent in past years by several leading e-commerce companies by indulging into all kinds of malpractices including predatory pricing, deep discounting and lose funding," and have also filed an objection in
Competition Commission of India (CCI). Further, he also said "
However, we expect the government to intervene and take suitable action in accordance with various announcements of Prime Minister Narendra Modi to uplift small businesses in the country. This deal will directly affect small traders of the country who will not be able to compete with Walmart." The body has also accused the US retail giant Walmart of having hidden agenda and said that the deal will "
offend FDI policy once it is implemented and will create an uneven level playing field beside accomplishing hidden agenda of Walmart to reach out to offline trade through e-commerce way."
Flipkart Acquires an AR Business Called Scapic to Improve User Experience
Business
Nov 19, 2020
Atharwa Gauraha
(
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...
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).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...
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