Tuesday, 22 May, 2018

PhonePe looks to ride on Walmart to become India's e-payments king

Flipkart Chart2 Khaitan leads for Flipkart in record $16bn Walmart sale with SAM, Trilegal
Mandy Jefferson | 11 May, 2018, 00:57

Traders say they are most concerned about predatory pricing and steep discounting by e-commerce firms with deep pockets thanks to foreign funding that could edge out smaller rivals.

India's hot economy makes it attractive to companies eager to sell goods to its massive population.

Well it is official now that the world's largest offline store Walmart has acquired Flipkart. A success story that many are finding odd, given that Flipkart has never made an iota of profit, but is one of India's most profitable companies. "Plans are on track", Walmart India President and CEO Krish Iyer said at a select media roundtable. In the fiscal year ended March 31, Flipkart reported sales of $4.6 billion (roughly Rs. 31,000 crores). The latter has been a longstanding legal adviser to Walmart on a variety of matters, from high-stakes litigation to bribery allegations involving a subsidiary in Mexico.

The acquisition of the majority stake makes the $500-billion Walmart the largest shareholder of the Bengluru-based Flipkart group and will help accelerate its ambition to transform e-commerce through digital technology. After graduating, Sachin moved to Bengaluru to work in an IT services firm. They are selling their shares in a Singapore-based company - Flipkart Pte Ltd, which owns an Indian company - to a non-resident (US) company, Walmart.

Flipkart is, in some ways, an echo of Amazon.

Retailers Association of India said some e-commerce companies in the country have been flouting FDI (Foreign Direct Investment) policy for marketplaces. Flipkart now has over 100 million registered users and more than 100,000 registered sellers.

Its supply chain arm, eKart, serves 800 cities, making 5,00,000 deliveries daily.

Bank of England keeps rates unchanged
At its meeting ending on 9 May 2018, the MPC voted by a majority of 7-2 to maintain Bank Rate at 0.5%. These projections are conditioned on a gently rising path for Bank Rate over the next three years.


Walmart has been looking to expand in India for years and is flush with cash from recent U.S. tax cuts.

That could fan fears of some trader and farmer groups, who contend the United States company is using the deal as a back-door entry into India's bricks and mortar retail market, and that it could squeeze out small corner shops that dominate Indian retail.

Binny Bansal, who had co-founded Flipkart with Sachin 11 years ago, will retain some of his 5.5 percent stake in India's biggest online retailer and will be Chairman of the company's Board.

Walmart CEO Doug McMillon addressed Flipkart employees, emphasizing the fact that this deal happens to be among the best decisions since India was the best place to spring up at.

The deal hasn't gone down well with the tens of millions of small store owners who for years used political muscle to slow the arrival of worldwide retailers.

The Confederation of All India Traders (CAIT) have said the deal is nothing but a clear attempt to control and dominate the retail trade in India by Walmart through e-commerce in the long run. According to CB Insights, Accel Partners had invested in a $60 million secondary market transaction in 2010, when Atlassian was valued at $400 million. Amazon acquisition would also have faced regulatory challenges.

"This is certainly a great exit and it needs to be celebrated unquestionably", said Vaitheeswaran K, the founder of India's first ecommerce company Indiaplaza (now defunct) and author of the book Failing to Succeed. This would completely destroy India's retail trade that employs more than four crore people directly.

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