Search Results for:Saritha Rai
From WhatsApp to Ant Financial, internet giants are joining a race to provide financial services in the world’s fastest-growing mobile arena.
Warren Buffett, Berkshire’s chairman and CEO, wasn’t directly involved in the investment in One97 Communications Ltd.
The changes would tighten restrictions on global giants like Amazon.com Inc. and Google and may bolster local startups such as digital payments provider Paytm.
The outlook for Indian online retailer Flipkart was decidedly gloomy when Kalyan Krishnamurthy became chief executive officer in January 2017. The startup’s valuation was dropping, fundraising was more difficult and Amazon.com Inc. was pledging $5 billion-plus to siphon away customers.
The deal should give Flipkart’s Sachin and Binny Bansal a fortune of about $1 billion, although that status may be short-lived as the pair may have to pay 20% capital gains tax on any shares they sell in the company.
“I think we announced it last night,” he said, during an investor call after his own company’s earnings. “If not, well then that means I’m just spouting this out. In any case, it’s been decided.”
SoftBank will sell all of the 20-plus percent stake it holds in Flipkart at a valuation of roughly $20 billion.
Ola aims to build out an existing pilot project in the central Indian city of Nagpur, where its first electric vehicles have already travelled more than 4 million kilometres.
Walmart faces fewer regulatory hurdles because it has no online retail presence in the country now, while Amazon is the second-largest e-commerce player and Flipkart’s primary rival.
In India where groceries account for half of the almost $1-trillion retail market, Bigbasket is using knowledge learned the hard way during the dotcom era.