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The acquisition also expands InMobi’s presence in the US, the world’s biggest market for advertising.
The different approaches by Flipkart and its fully-owned, UPI-based payments arm PhonePe, highlights a broader strategy on Flipkart’s part to create large, independent, revenue-generating businesses inside the group.
As part of a broader push to invest more in technology this year, Myntra is looking to hire an executive to head a small team of data scientists in the US.
Flipkart raised nearly $3 billion in 2017 from Japan’s SoftBank Group Corp., China’s Tencent Holdings Ltd, eBay Inc. and Microsoft Corp.
The online retailer looks to invest heavily in technology and new categories such as groceries as part of a broader strategy to maintain its market-share edge over rival Amazon India.
Flipkart is also looking for AI-related acquisitions in India and in the US.
In the previous financial year of 2015-16, the wholesale business had registered growth of 34%.
Teabox, which raised $6 million in 2015 as part of a series A round, may extend the current round to $10 million as the Siliguri- and Bengaluru-based start-up continues talks with other interested investors
Over 3,000 existing and former employees of Flipkart, Myntra, Jabong and PhonePe had participated in the share buyback
SAP had earlier this year launched a global $35-million fund to invest in technology product startups