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Flipkart Buys Back Shares Worth $350 mn

The decade-old company had raised a whopping $6.11 billion till date since 2009 through 14 rounds of funding

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Flipkart Buys Back Shares Worth $350 mn.
Flipkart Buys Back Shares Worth $350 mn. IANS
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Indian e-tailer major Flipkart completed another round of buyback of its shares valued at $350 million (Rs 2,275 crore) from its investors, according to its regulatory filing on Thursday.

The Chennai-based business intelligence platform Paper.vc, which sourced the filing from the Singapore’s Accounting and Corporate Regulatory Authority (ACRA), said Flipkart had bought over 18 lakh preferential shares from its institutional investors like Tiger Global, Accel and Naspers.

“The buyback will enable the e-commerce giant to bargain for a favourable deal with the US-based retail behemoth Walmart, which is eyeing a majority or controlling equity stake in it to foray into the multi-billion dollar Indian retail space,” a market analyst told IANS.

The buyback also paves way for the Singapore-registered Flipkart to become a private entity and sell its stake to bidders like Walmart at higher value.

Also Read: Flipkart, ASUS to launch Indian consumer-oriented products

“The company’s valuation is estimated to be $18 billion, which is based on the buyback price paid to investors, including premium,” added the analyst.

The decade-old company had raised a whopping $6.11 billion till date since 2009 through 14 rounds of funding.  (IANS)

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Samsung India unveils ‘Galaxy On6’ on Flipkart

The front camera also enables Face Unlock as an additional security feature

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The series includes 110-inch FHD, 130-inch FHD, 220-inch UHD and 260-inch UHD screens.

Samsung India on Monday launched an online exclusive “Galaxy On6” smartphone with Infinity Display for Rs 14,490.

The device, available on Flipkart and Samsung online shop from July 5, comes with 4GB RAM and 64GB internal storage that can be expanded up to 256GB via a microSD card.

It has 13MP primary camera on the rear and an 8MP front shooter for selfies. Both cameras come with f/1.9 aperture to work better in low-light conditions.

Samsung
Samsung Smartphone, Pixabay

“Packed with new ‘Make for India’ innovations such as ‘Chat-Over-Video’, My Galaxy Video and Samsung Pay Mini, Galaxy On6 is a perfect companion for multi-taskers,” said Sandeep Singh Arora, Vice President, Online Business, Samsung India.

The front camera also enables Face Unlock as an additional security feature.

Also Read: Samsung Releases Official Invitation For Presumed Galaxy Note 9

Galaxy On6 is powered by an Exynos 7870 1.6GHz, Octa-core processor, 3000 mAh battery and runs on the latest “Android Oreo”.

The device, that comes with Samsung’s Super AMOLED display technology, is also available on Samsung online shop.

The device is currently available in two colour variants — Black and Blue. (IANS)

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