Economy

Flipkart Raises $1 Billion At $10 Billion Valuation

Flipkart Raises $1 Billion At $10 Billion Valuation

Along with the current investors, the company was in talks with EBay Inc as well early this month to raise anywhere between $1.2 billion to $1.5 billion. Flipkart witnessed United States dollars 15.5 billion valuation in 2015.

Previous year has been hard for Flipkart - in many months Amazon has performed better in terms of gross merchandise value (GMV) - as the company found itself torn between warding off competition, management changes and raising capital.

"The fresh round of capital will bring a lot of stability to the company", said an executive with a venture capital firm, not invested in Flipkart. He was named CEO after Flipkart narrowly outsold Amazon during the critical year-end shopping rush - becoming the company's third chief in the span of a year.

Centrica PLC (CNA) Rating Lowered to Reduce at HSBC Holdings plc
The stock was sold at an average price of GBX 146 ($1.80), for a total transaction of £290,572.12 ($358,863.92). The broker said it has now set a "Buy" rating on shares of Forterra Plc Ord 1p Wi with a price target of 233.

Finally, Flipkart seems to be ending its fund-drought phase, which has been going on since previous year. "The valuation of $10 billion is nothing to worry about, the funding environment is rather slow globally", Satish Meena, Delhi-based senior forecast analyst at Forrester Research told Bloomberg.

In September previous year, Bloomberg reported that Flipkart was in advanced talks with global retailing giant Wal-Mart to secure up to US$1 billion in funding for a minority stake.The retail giant was looking to gain from Flipkart's exposure to India's expanding e-commerce market. Tiger Global, Qatar Investment Authority and existing investors participated in the last round.

Till then, the founders, Sachin Bansal and Binny Bansal had a largely free hand. It was initially launched as a book-selling e-commerce website.

Apple's iPhone SE is now available for Rs 19999
This will likely mean that the device has a more curved back than what other recent models of the iPhone have had. Earlier reports have suggested that the design philosophy that was used for iPhone 4 will be used for iPhone 8.

At Amazon, too, there have been changes. The e-commerce giant, once considered as the poster boy of the Indian startup ecosystem, has been in a shambles for the past couple of years. Paytm E-commerce Pvt, backed by Alibaba Group Holding Ltd. - the company that defeated eBay and Amazon in China - has joined the race.

Whatever the outcome of the battle, consumers will benefit.

Bellway soars to record first-half earnings on rising sales
In early trading, Bellway shares were up 2.5%, or 70.0p at 2,898p. At time of writing, Bellway's share price was up 0.5 per cent. The operating margin improved from 21.4% to 22.0%.


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