The news headlines are flooding in about India’s largest ecommerce Chairman Sachin Bansal, bidding adieu to Flipkart. Earlier this week, Bansal finalized the much anticipated $20 Billion deal with Walmart leaving everyone awestruck. It happens to be one of the largest mergers and acquisitions to take place in India till date. The deal values the 11 year old Indian ecommerce firm at $20.8 billion.
Post the deal, Bansal took to social media expressing his emotions about his exit from the company.
Bansal said on Facebook “Sadly my work here is done and after 10 years, it’s time to hand over the baton and move on from Flipkart. But I’ll be watching and cheering from the outside – Flipsters, you better continue to do a good job!”
Flipkart was founded by IIT alumnus, Sachin Bansal and Binny Bansal in the year 2007. As Sachin Bansal leaves the company, the latter will continue to stay on.
In an email to Flipkart employees Binny Bansal said “Sachin and Flipkart are parting ways.”
“Over the last 11 years, Flipkart has grown to be one of the most recognized brands and the No. 1 ecommerce platform in India. None of this would have been possible without the vision and leadership of Sachin,” he wrote. Sachin Bansal is probably emotional regarding his sudden departure from the firm. He also expressed his future plans saying, “I’ll be taking some long time off and focus on finishing a few personal projects which I haven’t been able to find time for. Will catch up on gaming and see what kids are playing these days and brush up on my coding skills.”
The man behind the country’s biggest eretail company is planning on investing his time in finishing off his pending projects. Alongside, he is concentrating on coding skills.
Bansal added “…But I’ll be watching and cheering from the outside.” Bansal was definitely a man who focused on his team and along with his college mate built a $20 billion firm. We can really expect him to come up with something interesting with his hands on coding!
We wish Sachin Bansal all the very best for his future endeavours!
SoftBank To Sell Off Entire Stake In Flipkart
SoftBank Group Corp., a Japanese multinational conglomerate, is in talks to sell off its entire stake in Flipkart. In a recent announcement, SoftBank confirmed that it will sell its stake of 23.6 % in the e tailer giant Flipkart, post the Walmart acquisition.
SoftBank spokesperson stated, SoftBank confirms the sale of its entire stake in Flipkart to Walmart.
The CEO Masayoshi Son, said its investment in the Indian e commerce Flipkart, was worth around $ 4 billion. The SoftBank Vision Fund also invested $ 30 billion in startups, last year. At a recent press conference held in Tokyo, Masayoshi disclosed that SoftBank’s $ 2.5 billion stake in Flipkart which was picked up last year, would be now worth $ 4 billion if it chooses to exit the firm. As the SoftBank’s fund is registered in Jersey, USA, there is no Double Taxation Avoidance Agreement (DTAA) as a buffer. However, SoftBank has now decided to sell the stake and work out the tax issues. SoftBank was earlier in discussions as well in order to stay invested in Flipkart and delay the sale due to tax issues related to short term capital gains.
According to a source, Walmart’s price implies Flipkart’s operating losses over the 18 months starting in August would be close to $ 2 billion. The overall hit to Walmart’s earnings from the Flipkart deal, including Flipkart’s losses, will be between $ 2.5 billion and $ 2.7 billion.
In the next coming years, Walmart’s approach toward Flipkart’s financial activities is likely to be determined by its investors in the United States. However, Walmart’s stock fell by 4% on the day it announced the Flipkart acquisition.
The buzz is SoftBank is also looking forward to exploring other avenues since it is not willing to miss out on Indian e commerce industry. Walmart also claims that SoftBank’s decision of selling its stake in Flipkart, will not make a major difference to its future plans for Flipkart.
Netherlands To Setup ‘Startup Link’ In Collaboration With India
The Prime Minister of Netherlands, Mark Rutte is all set to visit Bengaluru on 25 May.
The Country wants to strengthen the innovation ecosystem with India efficiently. This comprises the setting up of Startup Link in India. Startup Link is an umbrella initiative in order to help Dutch startups explore the Indian market. This trip for Mark Rutte plays a vital role in pertaining to Netherland’s focus toward India.
It could also be understood by the fact with a 120 member business trade delegation, with two ministers and the mayor of the Hague to Bengaluru, the Netherlands-India delegate is the country’s largest delegate to any foreign country!
Even larger than that of Netherland’s recent visit to China.
The Netherlands Minister for Foreign Trade and Development Cooperation, Sigrid Kaag, is expected to launch the Indo-Dutch Startup Link Digital Hub, on 25 May.
According to a source, Consul General Jaap Werner stated,
The delegates will be visiting Delhi, Mumbai and Bengaluru, signing a number of MoUs to promote technology and Innovations at all levels universities to SMEs and corporates. In Bengaluru alone, we are expecting to sign 15-20 MoUs. The Bengaluru visit will focus to strengthen the bilateral trades and relationships in the areas of healthcare, smart cities, life sciences, waste management and cybersecurity.
Recently, Netherlands also upgraded its Bengaluru, South India office to a fully operational Consulate General. It also amalgamated various ministerial departments under one roof.
The Senior Deputy Representative Consulate General Of Netherlands, Bengaluru, Meenakshi P.R., stated that the Consulate General would also help Dutch startups soft launch in Indian territory, specifically in Bengaluru.
She also added, IoT, 3D Printing, cybersecurity and blockchain are some of the areas where the startups under startup link can collaborate.
Apart from that, the events on 25 May also include an ‘Innovation power lunch’ where the Dutch PM will meet 30 top Indian CEOs.
However, there are over 200 Netherlands companies operating in India. While India is the fourth largest investor in the Netherlands, the latter stands fifth in India.
There are plenty of opportunities and challenges to do business in the Indian market. India has been abuzz with Startup culture now!
Google Launches YouTube Music Service
With more than 1 billion people visiting YouTube on a daily basis, it comes as no surprise that music is the most listened to service on the online streaming platform. With Netflix and Spotify gearing up to compete with YouTube, the new YouTube Music service comes as a refreshing change of pace.
To put it in simple words, YouTube Music is a service which lets you stream and play music, with discovery being a major part of the service. While Google Play lets you do the same, there are quite a few differences between the two services provided by Google. Unlike Google Play, YouTube Music lets you do more than stream music. The service gives you the remixes, covers, live versions and parodies YouTube hosts too, as well as music from people who do not have record or albums.
Furthermore, Google’s YouTube Music gives you music even with extremely vague key words. Not just that, it creates very specific playlists. For example, if you are at the airport, the app creates a relaxing and refreshing playlist perfect for traveling. With discovery playing such a major role in this new service, get ready to explore and experience music like never before!
“To preserve this incredible opportunity the music business has, we need competition in distribution,” said Lyor Cohen, YouTube’s head of music. “It’s not like it was 30 years ago, when some guy could rent a warehouse, buy a bunch of records and put a sign called Tower Records in front. Now you have to have a ton of engineers, a global footprint and a ton of money.” Scheduled to launch on 22 May, 2018, Google plans on integrating artificial intelligence into the music app! When it comes to the price, YouTube Music comes at $ 10 for a month. However, Google has not mentioned if there is going to be a family plan package (a service which both Netflix and Spotify offer.)
- SoftBank To Sell Off Entire Stake In Flipkart
- Netherlands To Setup ‘Startup Link’ In Collaboration With India
- Google Launches YouTube Music Service
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