Flipkart receives infusion worth Rs. 1,616.12 crore from parent firm

by Apparel Resources News-Desk

12-September-2019  |  1 min read

Flipkart
Image Courtesy: https://dare2compete.com

E-commerce major Flipkart has received Rs. 1,616.12 crore in fresh capital infusion from its Singapore-based parent company called Flipkart Pvt. Ltd., according to the documents filed with Registrar of Companies (RoC).

Before this, the Singapore entity had injected Rs. 1,431.3 crore in Flipkart India in January this year.

Flipkart India has allotted 4,64,403 equity shares to its Singapore parent entity at Rs. 34,800 per share that includes a premium of Rs. 34,799 on each share.

The infusion comes right before the company’s flagship ‘Big Billion Days’ event, which is scheduled from 29 September to 4 October.

Flipkart is aiming to clock sales worth US $ 3 billion during the festive period this year.

In an email sent to select brands, the e-commerce firm said that it planned to launch special products during the Big Billion Days sale. The company has also offered brands to tap 50 to 70 per cent off and ‘buy one, get one free’. For some of these exclusive launches and BBD-branded products, Flipkart India is buying inventory from brands.

The wholesale units of online platforms have come under the scanner following a revision in the foreign direct investment rules for the sector in December.

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