window.addEventListener('DOMContentLoaded', function() {
Connect with us

Funding

eBay Inc Acquires 5.44% Stake In Flipkart

Published

on

EBAY INC ACQUIRES 5.44% STAKE IN FLIPKART,Startup Stories,eBay Inc Acquires 5.4% Stake In Ecommerce Unicorn Flipkart,Ebay Inc. gets 5.4% stake in Flipkart after merger of India arm,eBay India Acquires 5.4% Stakes in Flipkart,eBay Inc got 5.44% stake in Flipkart in exchange for the eBay India biz & cash investment,Flipkart buys eBay India as it raises $1.4Bn in its biggest ever funding round


eBay Inc., the global ecommerce major, has acquired a 5.44% stake in India’s ecommerce firm Flipkart. According to eBay’s quarterly report filed with the US Securities and Exchange (SEC,) the company received the stake in exchange for their Indian business, which was worth $ 211 million and a $ 514 million cash investment in Flipkart.

In the SEC filing, the company also mentioned it gained $ 167 million through the sale of its eBay India business.  “The gain on disposal of our eBay India business of $ 167 million was recorded in interest and other net on our consolidated statement of income,” the company’s quarterly reported added.

The agreement between Flipkart and eBay India was made in order to move forward together and pursue cross border trade opportunities. The merger was completed in August this year after Flipkart raised close to $ 1.4 billion from global technology majors like eBay, Tencent and Microsoft. The merger provided all Flipkart users access to eBay’s global inventory while eBay users will gain access to a unique Indian inventory. According to sources, the Indian ecommerce major is also looking at using eBay India as a platform to sell refurbished goods globally.

Flipkart and eBay initiated merger talks after Flipkart’s plans of acquiring Snapdeal didn’t pan out. Earlier this year, eBay sold the majority of its stake in Snapdeal and invested in Flipkart by participating in a $1.4 billion investment deal. While Snapdeal lost significant market share in the Indian ecommerce industry, Flipkart claimed more than 50% of the market share.

Although eBay was launched in India two years before Flipkart, the global ecommerce firm lost the Indian market to new companies like Snapdeal, ShopClues, Flipkart and Amazon. In June this year, eBay and Flipkart received approval from the Competition Commission of India (CCI) for the acquisition of 100% share capital of eBay India. While Anil Goteti will head the eBay India business, eBay.in will continue to operate as an independent entity.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Funding

Carl Pei’s Nothing Invites Retail Investors 

Published

on

Carl Pei’s Nothing Invites Retail Investors,Startup Stories,Carl Pei’s Nothing invites users to invest in the company – $1.5 million worth shares available,Carl Pei wants tech community to invest in his new company build products together,Carl Pei offers $1.5 million worth of shares to general public after a splendid Series A funding in Nothing,Carl Pei offers $1.5 million worth of shares,Carl Pei,OnePlus co-founder Carl Pei,Carl Pei’s Nothing to raise $1.5 million via community funding

Carl Pei said the time came for him to leave OnePlus and focus on other interests, following which he resigned from OnePlus in October 2020.  Since then, Pei had been working on his new startup in the audio hardware sector.  Carl Pei unveiled the name of his startup which is now called as Nothing, on January 27th, 2021.  Since the unveiling of Nothing, Pei’s startup has attracted a lot of attention from Silicon Valley and venture capitalists.  

Carl Pei now seems to be emulating his success formula at OnePlus with his new startup Nothing.  OnePlus is highly customer centric, because as a company they take in inputs from their consumers and adapt them to their products.  Pei seems to be using the same strategy with Nothing, as he invited retail investors to invest in his new startup.  Normally a startup raises Series A funding to begin product development and then goes on to Series B and so on.  For a normal retail investor to invest in a stock, they could only do it at the time of an Initial Public Offering (IPO) at the time of which the company would be valued highly.  However, Carl Pei is letting in investors from the beginning.  

ALSO READ: Alphabet Invests In Carl Pei’s Startup Nothing

This lets the investors be a part of the product development process and makes Nothing more personalised.  Moreover the investors would also act as promoters for the products.  Currently, there are $ 1.5 million worth of shares available.  Users can invest a minimum of € 50 and a maximum of € 20,000.  However, the demand to invest is off the charts and was unexpected as Carl Pei confirmed there was an interest worth of $ 10 million from 8,700 users.

Nothing’s first wireless earphones will be unveiled in the summer of 2021.  Nothing aims to build an ecosystem of listening devices which talk to each other.  Initial investors of Nothing include the likes of Tony Fadell (Principal at Future Shape and the Inventor of the iPod,) Casey Neistat (YouTuber,) Kevin Lin (Co founder of Twitch,) Steve Huffman (CEO of Reddit,) Liam Casey (Founder and CEO, PCH,) Paddy Cosgrave (Founder of Web Summit,) Kunal Shah (CEO of CRED) and Josh Buckley (CEO of Product Hunt.)  Alphabet’s investment arm Google Ventures was the latest investor in Nothing as they invested $ 15 million.

 

Continue Reading

Funding

Startup India Seed Fund To Be Disbursed From April 1st

Published

on

Startup India Seed Fund To Be Disbursed From April 1st, Startup Stories, Startup India, Startup India Seed Fund, Startup India Seed Fund Scheme, SISFS, Boost Startup Ecosystem with SISFS, Startups Funding 2021, Startup Latest News 2021, Startup Ecosystem in India

There is no doubt India has a strong foothold in the startup ecosystem.  India currently ranks third in the world for the number of startups, next only to the United States of America and China.  This was possible due to the Indian Government’s initiatives to develop the startup ecosystem and also due to a strong presence of unicorn startups like PayTM, Zomato, Unacademy and many more.

The Government of India announced it would begin to disburse INR 945 crores seed capital from April 1st, 2021 under the Startup India Seed Fund Scheme in a  bid to boost the startup ecosystem in India.  These funds would be distributed through select incubator partners all over the country.  This scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DPIIT.) 

In a gazette notification, DPIIT announced that Startup India Seed Fund Scheme will provide financial assistance to startups that have been recognised by the DPIIT and incorporated not more than two years ago at the time of application.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

The Startup India Seed Fund Scheme will have a common central application on the Startup India portal for startups on an ongoing basis.  An Experts Advisory Committee (EAC) will be formulated to oversee and monitor the overall execution of the scheme.  The EAC will evaluate and select the incubators for allotment of the seed funds and place measures for the efficient disbursement of funds.

The government also mentioned preference will be given to startups working in the areas of agriculture, education, food processing, healthcare, social impact, waste management, water management, financial inclusion, biotechnology, energy, mobility, defence, space, railways, textiles and oil and gas.

 

Continue Reading

Funding

CRED’s Kunal Shah Invests In One Plus Founder Carl Pei’s Startup

Published

on

CRED’s Kunal Shah Invests In Oneplus Founder Carl Pei's Startup,Startup Stories,CRED founder Kunal Shah backs Carl Pei's upcoming venture in an undisclosed amount of funding,CRED's Kunal Shah invests in OnePlus co-founder Carl Pei's upcoming audio startup,Kunal Shah backs OnePlus co-founder Carl Pei's consumer electronics company,OnePlus co-founder Carl Pei’s startup bags funding from Cred’s Kunal Shah,OnePlus co-founder Carl Pei is launching a new brand on Jan 27 Kunal Shah is investing in it,CRED founder invests in One-Plus co-founder Carl Pei’s new venture,Cred founder Kunal Shah invests in OnePlus co-founder Carl Pei’s new venture,Kunal Shah bets on OnePlus co-founder Carl Pei's new consumer electronics company,Carl Pei’s Next Top Secret Tech Venture Gets The India Touch As CRED’s Kunal Shah Makes Investment,CRED’s Kunal Shah invests in OnePlus co-founder’s new venture

Carl Pei is one of the most well known names in the startup circles considering he gave the world one its best smartphone brands OnePlus.  Since the debut of OnePlus One. The smartphone maker earned the moniker ‘flagship killer’ and has grown in leaps and bounds.  Today OnePlus boasts on an impressive product line up apart from its smartphones and is one of the leading electronic brands in the world.  In October 2020, Carl Pei said the time came for him to leave OnePlus and focus on other interests.  Since then, Pei had been working on his new startup in the audio hardware sector.

The name of Carl Pei’s new startup will be unveiled on January 27th, 2021 but in the past three months the unnamed startup received almost $ 7 million in seed funding.  The investors include Tony Fadell (Principal at Future Shape & Inventor of the iPod,) Casey Neistat (YouTuber,) Kevin Lin (Co-founder of Twitch,) Steve Huffman (CEO of Reddit,) Liam Casey (Founder and CEO, PCH,) Paddy Cosgrave (Founder of Web Summit) and Josh Buckley (CEO of Product Hunt.)

The latest to invest in Carl Pei’s startup is Indian based CRED founder Kunal Shah who invested an undisclosed amount.  Shah is not new to being an angel investor as he already has a portfolio of investing in almost 80 startups.  “Carl is working on a new consumer electronics company that I am sure will be a disruptor in the tech industry. I am excited to be part of this journey (sic,)” the CRED founder said in a statement.

While Pei’s startup is headquartered in London, more details will be known on January 27th, 2021.

 

Continue Reading
Advertisement

Recent Posts

Advertisement