Flipkart–owned online fashion retailer Myntra, which acquired smaller rival Jabong earlier this year, aims to hit $2 billion in revenue run rate and also turn profitable by the end of the 2017-18 fiscal year, driven mainly by a rapidly growing user base. Myntra chief executive Ananth Narayanan on Thursday said… Read more »
US-based investment firm Vanguard Group has marked down the value of its holding in Flipkart by a third, further queering the pitch of India’s most valuable internet start-up amid its current fundraising efforts. Vanguard Variable Insurance Funds, which invested in Flipkart in the series G and H rounds it raised… Read more »
Ranjan, who joined Flipkart in May 2015 from Google (Alphabet Inc.), had moved back to the US in June and given up his day-to-day responsibilities of overseeing Flipkart’s engineering function.
A mutual fund managed by Morgan Stanley has slashed its estimate of Flipkart’s valuation down to just $5.54 billion, which is about two-thirds lower than the company’s peak valuation of $15 billion and nearly 40% lower than Morgan Stanley’s previous estimate. The mutual fund holds 1,969 shares in Flipkart and… Read more »
At a time when India’s most valuable internet firm Flipkart is looking to raise a fresh round of funding, it has faced another valuation markdown by one of its mutual fund investors. On Tuesday morning, a mutual fund managed by Morgan Stanley drastically marked down the value of its holdings… Read more »
Software products think tank iSpirt is attempting to boost crowdfunding for Indian ventures with the latest edition of a day-long technology entrepreneurship event, as part of a broader effort to encourage innovation and manufacture of local tech-powered products for the masses. Crowdfunding refers to the process of raising funds from… Read more »
As start-up exits continue to be elusive, venture capital (VC) firms have been forced to seek more time from investors to return their money. Most VC firms in India started out in 2006 and 2007. Now, many of them, including Nexus Venture Partners, Kalaari Capital, Matrix Partners and IDG Ventures… Read more »
The India business of Twitter Inc. is in disarray after the abrupt departures of six senior executives and the failure of ZipDial, the $35 million acquisition that was meant to drive the social network’s growth in the country, but was junked by chief executive Jack Dorsey, three people familiar with… Read more »
Flipkart CEO Binny Bansal on Flipkart’s fundraising plans, the Amazon India competition, and key new categories that it is betting on
Amazon.com Inc. will continue investing heavily in India, the chief of its local operations said, dispelling concerns of slower spending by the US e-commerce company after its CFO Brian Olsavsky said that while the India investments were starting to show results, they had hit margins.