Flipkart to invest $204 million in Aditya Birla Fashion and Retail Ltd.

Walmart backed the Indian e-commerce platform, Flipkart is set to pour $204 million i.e. 15 billion INR in Aditya Birla Fashion and Retail Ltd. It wants to be a part of the world’s fastest-growing retail market.

Kumar Mangalam Birla said in an exchange filing, this Friday, that his business authority is giving a 7.5% stake to Flipkart in return. The stock price hiked as much as 12.2% in Mumbai when the news regarding this investment was circulated.

Flipkart-Logo_TechnoSports.co.in

This deal will help both the platforms to enter into the relatively small towns in India. As per stats, 60% customers during the Big Billion Days sale and Amazon Great Indian Festival sale, this year, belong to Tire-II cities only.

Alongside Flipkart, its rival, Amazon India is not far Behind. It already tied knots with some Indian retail chains including Shopper Stop Ltd. and Future Group. According to Tehnopak Advisors, the Indian modern retail market will be double to $188 billion by 2023 from the valuation of $79 billion in 2018.

- Advertisement -720x200

Source

Do Check out 👇🏼

TechnoSports 🔥 Stay Updated

Untitled-13
Anupam Modak
A CS Engineer and Tech Enthusiast who likes to fiddle with the latest gadgets and tech happenings around the world.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Articles

Stay Connected

13,642FansLike
354FollowersFollow
88FollowersFollow

Hot Topics

300x600

Latest Articles

Trending

All the upcoming Indian Web Series in March 2021

As the situation is under control so many new Indian web series are going to launch in March.  The OTT platforms have tried their...

boAt Watch Flash will launch on 9th March, costs only Rs.2,499

boAt Audio is already one of the successful wearable brands, not only within the borders of audio market but outside of that too. In case...

How to watch the Bundesliga 2020-21 season in India after Star Sports ends deal?

Star Sports has been the exclusive broadcaster for the Bundesliga matches live in India. Star Sports and Bundesliga had been negotiating for a renewing...

Top 10 most valuable player in the world in 2021

Transfer window has reopened for the month of January already. CIES Football Observatory has released the list of most expensive players of the world. Here...

Featured