E-commerce company Flipkart and Paytm Entertainment have secured funding from their respective parent entities. Separately, e-sports gaming platform SoStronk has raised funding from IP Ventures.
Flipkart gets $224m from Singapore parent
Indian e-commerce company Flipkart has secured about $224 million (Rs 1,616 crore) from its Singapore-based parent entity as it gears up for the festive season starting next month.
This is the second infusion by the parent, Flipkart Pvt Ltd, after January this year, when it injected Rs 1,431 crore into Flipkart. In the latest transaction, Flipkart has allotted 4,64,403 equity shares to its parent entity at Rs 34,800 per share.
Flipkart’s flagship Big Billion Day (BBD) is expected to garner $3 billion in sales this festive season. The e-commerce firm accounted for 60 per cent share of the $2.5 billion sales by e-tailers during the five-day event in 2018.
Paytm Entertainment raises $4.4m from parent
One 97 Communications, the parent company of Indian digital payments major Paytm, has invested about $4.4 million (Rs 31.68 crore) into its wholly owned subsidiary Paytm Entertainment.
Paytm Entertainment, which deals in ticket booking for movies and other entertainment, has allotted the parent entity 35,20,000 equity shares for a consideration of Rs 90 per share.
Post investment, Paytm Entertainment will be valued at around Rs 580 crore, said an Entrackr report.
IP Ventures backs SoStronk
Founded in 2016 by Prashant Prabhakar (CEO) and Karan Mishra (CTO), SoStronk is a tech enabler in the esports industry, with its first product claiming to be a dominant playing platform in the Indian and South East Asian markets.
“…we will utilise the funds for R&D and growing the team, with a focus on marketing, development and QA,” Prabhakar said. It also aims to diversify the bouquet of games and expand into new geographies like Australia and Indonesia.