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The buyout could help Flipkart cross the language barrier faced by most leading consumer internet companies.
Rajesh Raju, MD at Kalaari, may leave for other opportunities but will continue to manage the portfolio from its second and third funds in his capacity as GP. Sumit Jain, another partner, may join Singapore-based Sistema Asia Capital.
Samara and Amazon will jointly place their funds in a shell entity, which in turn will buy More from Aditya Birla.
Flipkart’s existing management team led by CEO Kalyan Krishnamurthy will continue to lead the business
Flipkart typically generates most of its business during Big Billion Days from high-value categories such as smartphones and large appliances.
In the six months to 30 June, gross sales at Flipkart jumped by roughly 50%, while Amazon India’s gross sales increased by 35-40%.
The latest capital infusion brings Amazon’s total investment in India to $4 billion in its five years of operations.
On Wednesday, CCI approved Walmart’s $16 billion acquisition of Flipkart but expressed concerns about the latter’s discounting practices.
Flipkart has launched its grocery offering called Flipkart Supermart in Bengaluru and plans to expand it to five to six other major cities by the end of the year.
The regulator said Flipkart’s discounting practices might need to be dealt with separately, an issue that assumes significance in the wake of the new draft policy that proposes further restrictions on discounting by online marketplaces.