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Amazon India And Flipkart To Clash Over Luggage Category!

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The two of the famous e commerce platforms will now be competing in a new product category. Yes, this is the new product category luggage, Flipkart is striving hard to enter. With the online retailing getting intense by the day, these platforms would clash over in this category!

Rishi Vasudev, the vice president of Flipkart, is pretty confident of outpacing Amazon by the end of this year. He said, Right now, the gap between the market share of Amazon and Flipkart is marginal, we expect the market share to tilt in our favour to 60-40 by the end of this year.

However, Amazon India launched the luggage category on Amazon Fashion in the year 2014 and claims to have experienced an immense growth.

The business head at Amazon India, Arun Sirdeshmukh, said There is an increasing demand for travel merchandise across the country, with respect to the same, luggage is an important category for us.

Recently, Amazon entered the latest negotiations midway with an attempt to outbid Walmart by offering a deal valuation of $ 22.5 billion for Flipkart.

Flipkart was India’s largest e commerce company until Amazon entered India, giving Flipkart tough competition. Not only that but Flipkart leads the e commerce smartphone market with around 54 % share, while, Amazon trails with 30 % market share. Alongside, Flipkart’s Myntra is also set to expand offline stores from 12 to 100 in the next 2 years.  Well, looks like Flipkart is all buckled up to become the king of e commerce by expanding in almost all the e tail categories! Recently, the e commerce giant, Flipkart was in talks for its $ 20 billion deal with the US e tailer, Walmart. Post that, the co founder, Sachin Bansal left the company and the company was making headlines for all the right reasons.

Flipkart is all set to revamp its strategies and with its immense acquisitions, there is definitely much more to look for in the near future!

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Binny Bansal Sells ₹531 Crore Worth Flipkart Shares To Walmart

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Binny Bansal, an Indian billionaire, entrepreneur and co founder of the e-commerce website Flipkart, sold $ 76.4 million worth of his shares in Flipkart to Walmart’s Luxembourg entity FIT Holdings SARL.

Binny Bansal, along with his partner Sachin Bansal, co founded the Flipkart and served as its Chief Executive Officer until January 2016.

Walmart, a multinational retail corporation, bought Flipkart in 2018 and back then, Bansal sold a small portion of his shares and held 3.85 % of stake.

Now, according to the documents filed by Flipkart with the regulators, Binny Bansal transferred 539,912 equity shares to FIT Holdings SARL.  These shares are valued to be $ 76.4 million (approximately Rs. 531 crores.)  This latest deal left him with only 3.52 % stake in Flipkart.

Vivek Durai, the founder of Paper.vc, a business intelligence platform, said, “With this transfer, Binny Bansal has monetised a small portion of his shareholdings. He had sold 1,122,433 shares for about $ 159 million during the Walmart takeover.”

According to his contract with Walmart, Binny Bansal is entitled to sell more than half of his shares to Walmart by August 2020 and he could gain around $ 400 million from this transaction.

Bansal, who is mostly based in Singapore, is now an investor in India’s  startup ecosystem and is also the co founder of xto10X Technologies, which was launched last year.

In December 2018, Binny Bansal invested a sprawling $ 25 million dollars in the online insurance startup Acko.  He also invested in several AI and healthtech startups.

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Facebook Reveals Details Of Its Cryptocurrency Libra

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On the 18th of June, Facebook revealed details of its brand new cryptocurrency called Libra.  An alternative to cash, this cryptocoin can be used to buy things or send money to people with close to no fees.  The cryptocurrency is going to be launched by an association called The Libra Association, which consists of a group of companies interested in getting Libra out into the world.

You can use Libra to buy or cash out your Libra at local stores like grocery stores and through third party wallet apps.  To make using Libra an easier task, Facebook owned Calibra Wallet will be built into WhatsApp and Messenger, thereby simplifying transaction processes.  Although certain countries have banned the use of cryptocurrencies, Facebook is trying to break new ground with the launch of Libra.

While Facebook is launching Libra, the social media giant is not going to be in complete control of the cryptocoin.  The coin will be controlled by a consortium consisting of its founding members, Visa, Uber and Andreessen Horowitz. The three companies have invested at least $ 10 million each into the creation of this cryptocurrency.

Customers interested in holding or transferring the newly acquired token will be given multiple options to do what they wish.  To further simplify matters, Facebook will let customers access transactions through this cryptocurrency via a special app designed for iOS and Android.

To protect the identity of its users while making transactions through the new app, Facebook won’t require you to share personal details.  “The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world’s knowledge and information, high fidelity communication, and a wide range of lowercost, more convenient services,” the Libra Association said in a paper announcing the cryptocurrency.

Libra will be made available to the world during the first half of 2020.  As of now, Facebook is focusing on building relationships in international waters.

Stay tuned for more updates.

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Facebook Invests In Indian Startup Meesho

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On the 13th of June, social media giant Facebook announced, it invested an undisclosed amount in Indian startup Meesho.

A Bengaluru based startup, Meesho works with resellers and emerging brands using social media.  This is the first time Facebook invested in a startup based in India. Through this investment, Facebook aims to increase its commitment to the Country’s vibrant internet ecosystem.

“Facebook is an ally for India’s economic growth and social development. We are excited about India and its rapidly rising Internet ecosystem. With this investment in Meesho, we want to fuel a business model that can result in rapid job creation and the rise of a female entrepreneurial class in India,” Ajit Mohan, the Managing Director of Facebook India, said in a statement.

It was two primary factors which made Facebook invest in Meesho.  The first reason was how the startup is growing outside the Tier II and III cities, where new users are present.  The second reason is, Meesho has a larger user base, 80 % of which are women.

So far, Meesho has raised $ 50 million from a Series C funding round in November last year.  According to industry reports, the startup helps people using its service earn close to Rs. 25,000 every month!  With WhatsApp playing a crucial role in the app’s growth, it comes as an added blessing that Facebook invested in this particular startup.

Through investments like these, Facebook is capitalizing on the social media boom happening in India.

Stay tuned for more updates.

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