By Sankalp Phartiyal
The US retail giant has been in talks with Flipkart for months to acquire a controlling stake in the firm as it looks to take on rival Amazon.com Inc head-on in India
This is the first acquisition after CPPIB earlier this month said it has invested an additional Rs938 crore in Island Star, a platform it co-owns with Phoenix Mills.
Could Walmart be trying to stay alive in a “one planet, one e-commerce” model of Amazon? The answer to this question may be the key to the unfolding Flipkart acquisition saga.
Japan-based Line Ventures Corporation, Korean search engine Naver, Korean lender Shinhan Bank and TS Investment are said to have participated in the latest round.
Parag Milk will initially spend nearly Rs30 crore for the facility and continue to invest on expansion as required.
Aditya Birla’s telecom arm Idea Cellular owns 51% stake in the payments bank and the remaining 49% is held by Aditya Birla Nuvo.
Angel tax is levied on investments made in unlisted firms at valuations considered higher than the fair market valuation.
CureFit investors Accel Partners, IDG Ventures, Kalaari Capital, and UC-RNT Fund are keen on funding a majority of the proposed new round
The new funding round also saw participation from Girish Mathrubootham-led Freshworks, also one of Fyle’s enterprise clients
The latest shareholder letter from Jeff Bezos shows India remains Amazon’s most important international market, one where it’s locked in a fierce battle with Flipkart