Digital payments major PhonePe has received another fresh infusion of $100 million from existing backer General Atlantic and its affiliate funds as part of its $1 billion primary funding, according to ET report. The new tranche has been raised at a $12 billion pre-money valuation, just as in the previous tranches. With this, the digital…
FirstEnergy Corp. has announced that Soubhagya Parija has been named vice president and chief risk officer, effective August 16. In this role, he will develop and execute a risk program; establish standards and implement robust processes and procedures to identify, mitigate, and prevent risks across the company; and support efforts by the Board of Directors…
India’s e-commerce major, Flipkart, has raised $3.6 billion in a fresh round of funding. The round was led by Canada Pension Plan Investment Board (CPP Investments), Singapore government’s sovereign wealth fund GIC, SoftBank Vision Fund 2 and Walmart along with participation from existing backers like Qatar Investment Authority, post which the company has now been…
Walmart has announced its plans to acquire Zeekit, a virtual fitting room platform. Zeekit, a female-founded, is Israeli-based company that combines fashion and technology through its dynamic virtual fitting room platform. The company said in statement, “Zeekit will help us deliver an inclusive, immersive and personalized experience for our diverse customer base.” “Through Zeekit’s technology,…
Walmart has elevated its India head Sameer Aggarwal as the chief operating officer of the Sam’s Club unit’s US ecommerce vertical, the ET report said. The move comes eight months after the US retailer announced that its flagship India entity, Flipkart, had acquired its local chain of wholesale stores. Aggarwal had joined Walmart India as…
Walmart has reported record annual revenue of nearly $560 billionwhich has resulted in $35 billion of growth and $40 billion of growth in constant currency. Walmart also continues to build the next generation business model, investing in automation to fuel future sales and earnings growth. The FY22 capital investments of the company are expected to…
Flipkart has reshuffled its board as it prepares to go public in the upcoming years. The Walmart-owned company has added Flipkart Group CEO Kalyan Krishnamurthy along with HDFC CEO and Vice Chairman Keki Mistry to the board. Walmart directors – Suresh Kumar, global CTO & Chief Development Officer with Leigh Hopkins, Executive Vice President of…
Digital payments platform, PhonePe is looking to fill 700 open job positions in the coming few months, as per reports, owing to the business growth on account of the increased usage of digital payment platform due to the coronavirus pandemic. Manmeet Sandhu, Chief People Officer, PhonePe told to ET – “We have over 700 open positions…
Flipkart, e-commerce marketplace, has announced a partial spin-off of PhonePe, digital payments platform. The development is made so that PhonePe can access dedicated capital to fund its long-term ambitions over the next three to four years. The partial spin-off also provides payments platform an opportunity to constitute a new Board of Directors focused on supporting…
India’s e-commerce giant Flipkart and its US-based parent Walmart have invested $30 million in Ninjacart, a fresh produce supply chain startup, according to the ETtech report. Flipkart and Walmart said in a joint statement that the investment would deepen their partnership with Ninjacart and would improve its offerings and enhance customer experience. “The e-grocery market…
MoneyGram International, a global leader in cross-border person-to-person payments and money transfers, announced a three-year extension of its relationship with Walmart, the world’s largest retailer, through March 2024. MoneyGram’s services at Walmart, including Walmart2World, the white-label money transfer service powered by MoneyGram, are available at more than 4,700 Walmart locations in the United States and…
Walmart, a multinational retail corporation, announced it has invested $560 million in Flipkart as part of its $1.2 billion round announced in July, according to the regulatory filings made in Singapore show. The news was first reported by Entrackr. According to the filings, Walmart had been allotted 39,57,960 equity shares in Flipkart’s Singapore unit at…
Indian e-commerce giant Flipkart recently said that it is raising $1.2bn in funding led by majority owner Walmart Inc. The investment, also funded by other existing shareholders, values Flipkart at $24.9 billion, and comes two years after U.S. retail giant Walmart bought the company from its founder for $16bn acquiring more than 70% stake. Flipkart…
Retail giant Walmart’s tech arm Walmart Labs is reportedly planning to hire about 2,800 employees in India this year. According to a report by the Times Of India, the company will hire around 800 employees for operations in Chennai and another 2000 employees will be hired for joining the Bengaluru center. In Chennai, where it…
Flipkart, India’s leading e-commerce marketplace, announced that it has pumped an additional $28 million into PhonePe, taking the total infusion till date to $928 million, according to regulatory filings made by the Company’s Singapore-based parent. PhonePe Singapore is a fully-owned Flipkart Internet entity. “Walmart will continue to bankroll PhonePe,” said a person in the know.…