After Amazon, Walmart’s Flipkart challenges India antitrust probe
NEW DELHI: Walmart’s Flipkart has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival Amazon.com Inc. The Competition Commission of India (CCI) in January ordered a probe into alleged violations of competition law and certain discounting […]
CAIT to launch a nation-wide movement against Amazon and Flipkart
NEW DELHI: Traders’ body CAIT on Sunday said it will launch a nation-wide movement to protest against e-commerce majors Amazon and Flipkart, alleging that they are flouting FDI policy norms and destroying the country’s retail business. In a statement, the Confederation of All India Traders (CAIT) said, “Both Amazon and Flipkart still continue to sell […]
Amazon, Flipkart sales generate Rs 19,000 crore in 6 days
NEW DELHI: Led by Amazon and Flipkart, e-tailers in India achieved a record $3 billion (nearly Rs 19,000 crore) of Gross Merchandise Value (GMV) in the first six days of the festive sale from September 29-October 4, a new report said on Tuesday. Walmart-owned Flipkart and Amazon dominated 90 per cent of the market share […]
Flipkart CEO sees Uttar Pradesh becoming India’s first trillion-dollar state economy
NEW DELHI: Projects that formed part of the second Ground Breaking Ceremony will help in Uttar Pradesh’s quest to be first trillion-dollar state economy in India, Flipkart Group Chief Executive Officer Kalyan Krishnamurthy said in Lucknow on Sunday. “The groundbreaking ceremony will play a key role in propelling Uttar Pradesh as an industrial and innovation […]
Binny Bansal sells Flipkart shares worth Rs 530 crore to Walmart
NEW DELHI: Flipkart co-founder Binny Bansal has sold his shares worth over $76 million (about Rs 530 crore) in the Indian e-commerce major to US retail giant Walmart. Bansal transferred more than 539,000 of his Flipkart shares to Walmart’s Luxembourg-based entity — FIT Holdings SARL, according to business intelligence platform Paper.vc. “Our data, derived from […]
Honor 10 Lite is all set for a Flipkart Exclusive launch in India
NEW DELHI: Honor, the leading smartphone e-brand under the Huawei Group, today announced the brand’s upcoming smartphone – Honor 10 Lite, will be exclusively available on Flipkart. The company has scheduled an event on 15th Jan, 2019 in New Delhi where it will unveil the latest product for the Indian market. Honor has been one […]
Flipkart co-founder and group CEO Binny Bansal resigns over ‘personal misconduct’
NEW DELHI: Flipkart Group CEO Binny Bansal on Tuesday resigned following an allegation of ‘serious personal miscount’, the firm’s new parent Walmart said. Bansal, who along with Sachin Bansal had co-founded the India’s biggest online retailer Flipkart, “strongly denies the allegation”, Walmart said in a statement. Binny, it said, has resigned as the CEO of […]
Flipkart, Amazon not violating competition norms: CCI
NEW DELHI: Fair trade watchdog CCI has concluded that the business practices of Flipkart and Amazon are not in violation of competition norms and rejected allegations of abuse of market dominance made by a grouping of online vendors. Amid concerns expressed in various quarters about alleged unfair business ways in the fast-growing online market place, […]
Flipkart forays into insurance space, teams up with Bajaj Allianz
NEW DELHI: E-commerce major Flipkart on Sunday said it is foraying into the insurance segment after securing a corporate agent license. To begin with, Flipkart has partnered Bajaj Allianz General Insurance to offer customised insurance solutions to power its mobile phone protection programme for all leading mobile phone brands that are sold on its platform, Flipkart said in a […]
Innovations for festive sales help build capabilities for future: Flipkart
NEW DELHI: Flipkart has significantly expanded its infrastructure and delivery operations ahead of the festive sale, an investment that the Walmart-backed company believes will help further strengthen its capabilities in the long-term. Flipkart, which will host its Big Billion Days (BBD) sale from October 10-14 this year, has doubled its warehousing capacity and now has […]