Flipkart co-founder Sachin Bansal invests Rs 150-cr in Ola
Business | January 15, 2019 8:36 ISTThe allotment of these shares to Bansal is part of Ola’s plans to raise about USD 1 billion in funding
The allotment of these shares to Bansal is part of Ola’s plans to raise about USD 1 billion in funding
While Flipkart has not commented on the changes, Amazon has said it is evaluating the circular.
The decision comes in the backdrop of several complaints being flagged by domestic traders on heavy discounts being given by e-commerce players to consumers.
Phones on discount in the Flipkart Mobiles Bonanza sale, phones include the Realme 2 Pro, Honor 9N, Asus ZenFone Max Pro M1, Nokia 5.1 Plus and more.
To make things more interesting, Flipkart has tied up with HDFC Bank and is offering 10 per cent instant discount for its credit and debit card users.
Apart from the discounts on the smartphones during the Flipkart Big Shopping Day sale, there will be an extra 10 per cent off on the purchase, done by HDFC Bank.
Flipkart is offering exchange discounts and some great buyback options. The sale started on 19th November and will continue till 22nd November.
The decision has come in the wake of Jabong and Myntra, Flipkart's sister companies, shedding some of their employees.
Binny Bansal, however, said he will continue to remain a large shareholder and board member of Flipkart, a firm that is now owned by Walmart.
Binny borrowed money to pick the first ever book ordered on Flipkart and to deliver it.
Bansal, who had stayed with the retailer with his other co-founder Sachin Bansal, is expected to leave the company with immediate effect.
On August 18 Walmart had informed that it has completed deal with Flipkart and holds 77 per cent stake in the Indian e-commerce major.
For this sale, Flipkart has partnered with SBI that will offer many benefits and discounts on credit cards. Other than this there will be debit card EMI offers, no cost EMI's, Bajaj FinServ and PhonePe cashback.
The Flipkart Festive Dhamaka Day Sale also gets 10 percent instant discount i.e. up to Rs 4000 per card, on the purchase of Rs 4,000 or more with Axis Bank Debit and credit cards.
"FY20 operating income is expected to decline by a low single digit percentage range, but is expected to increase by a low single digit percentage range when excluding Flipkart in both FY19 and FY20," Walmart said in a regulatory filing.
This translates into about 64 per cent year-on-year growth compared to USD 1.4 billion (around Rs 10,325 crore) generated in the 2017 edition.
You can easily access all the Big Billion Days sale offers and Amazon Great Indian Festival sale offers on www.amazon.in and www.flipkart.com.
Online channels will see around 42 per cent of the total business in smartphones, which will hog the limelight this festival season.
The company is also providing cashback to entice customers.
With flipkart's announcement of jobs, Amazon has announced 50,000 seasonal positions across the country to fulfill the increase demand during upcoming festive sale.
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