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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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Flipkart, ASUS to launch Indian consumer-oriented products

The partnership would kick off with the launch of "ZenFone Max Pro" on April 23, the company said in a statement

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E-commerce player giant Flipkart and Taiwanese electronics company ASUS on Tuesday announced a long-term partnership under which Flipkart will become ASUS’ premier partner and seller for smartphones that have been customised to address Indian customers’ needs.

Asus Smartphone. Pixabay

On the marketing front, both companies would extensively support each other in the planning and execution of marketing activities for ASUS ZenFones. The partnership would kick off with the launch of “ZenFone Max Pro” on April 23, the company said in a statement.

Also Read: Flipkart announces Rs 50,000 allowance for employees to adopt kids

“With ASUS, we are multiplying our efforts by collaborating to leverage our individual strengths — data-driven research and insights, and technological prowess — to build smartphones truly customised for India,” said Flipkart CEO Kalyan Krishnamurthy. ASUS also announced aiding the digital education of the needy through its CSR initiatives.

“We see tremendous opportunity in creating products and services that address India’s special market needs. With Flipkart’s partnership, we aim to gain more insights about Indian consumers’ needs which can help us develop even more suitable products for the Indian market,” added Jerry Shen, ASUS CEO. IANS

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How Gionee Aims to be Among Top 5 Smartphone Brands in India

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After a brief hiatus, second-tier Chinese handset maker Gionee is geared up for a big splash in India with new smartphone launches amid a revamped strategy to be among the top five players in the country, a senior company executive has said.

The smartphone maker confirmed its restructuring plans last month, saying it will adopt a new business model under which distributors across the country would do their own marketing to enhance sales.

“India is becoming the second-largest mobile phone market globally and, for Gionee, it is as important as China or the European market. It is our commitment to invest further in this market to bring major change,” David Chang, Global Sales Director, Gionee India, told IANS in an interview.