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Flipkart is looking to bring in all forces together to ensure that it beats the decade old experiential based talent of Amazon with its Big and Bold attitude. In the recent Diwali sale which happens to be giving away huge discounts seems to be extremely encouraging for Flipkart as they had outreached the numbers against Amazon consistently for the second year in the row.
According to the media reports Flipkart reached a GMV of INR 4,300 crore during its five day Big Billion Days sale which was significantly greater than last year sales amounting to a GMV of 2,300 crore (excluding fashion platforms Myntra and Jabong). On the other hand, Amazon registered a GMV of INR 2,500 crore during its Great Indian Festival Sale in September against its last year achievement of INR 1,800 crore worth GMV.
AROUND $800 MILLION CASH ALREADY ALLOCATED OUT OF $4 BILLION
With two funding rounds viz first round amounting to $1.4 billion from Microsoft, EBay and Tencent Holdings from China and next round of $2 Billion from Softbank, Flipkart is on its cash burning spree. The company has already allocated around $800 million to its various activities which would pave the way to the company’s success in the coming times. Here is the break up
|Flipkart ESOP buyback scheme||$100 Million|
|Fund allocation for Ekart||$460 Million|
|Big Billion Days + Diwali Sale||$250 Million|
Flipkart now is preparing to bring in more variety in one of its key contributor segment i.e Fashion and apparels and is in talks with Kishore Biyani’s lifestyle Fashion segment called “BigBazaarFashion”. The Future group has deep inroads in the retail segment and their Lifestyle brand is available for over 250 + BizBazaar outlets in more than 120 cities in the country. Apart from their retail presence they have their website fbonline.in which is yet to take off. If this merger happens Future group would be able to retain their retail glory while also will get the option to get huge and bulk orders through existing apparels platform like Myntra and Jabong.