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.
The commitment was in addition to the $75 million infused by Flipkart since it acquired PhonePe in April 2016.
New businesses such as sports and fitness accessories, stationery and general merchandise will sport the SmartBuy brand, which was launched in 2016.
Ola has obtained licences to operate in South Wales and Greater Manchester, and it will also launch operations in South Wales within the next month.