India’s largest e-commerce company Flipkart has reportedly raised about $38.7 (260 crores) million from the media giant BCCL ( Bennett, Coleman and Co. Ltd .) BCCI made an offer to Flipkart of about Rs 260 crore to buy a warrant for Class B equity share in Flipkart.
According to the sources, the funds were raised by selling a small stake to BCCI for cash along with advertising space.
According to the deal made them, Flipkart will issue shares to BCCL in return for cash, and ads over several years in its media properties which also includes The Times Of India, The Economic Times newspapers and media channels like ET now and Times Now channels.
BCCL had the similar deal with Snapdeal in February last year. Flipkart after entering 2017 had a major reshuffle in the organization. Co-founder Binny Bansal stepped down from the position of CEO of Flipkart.
Meanwhile, Kalyan Krishnamurthy who was the head of the Category Design Organisation became the new CEO of the company.
However, it is quite surprising that three of the top-level executives too resigned from their positions after these leadership changes were announced.