Flipkart’s Strategic Exit: Sells 6% Stake in Aditya Birla Fashion via Block Deal

Flipkart Investments, a subsidiary of Flipkart Pvt Ltd, has completely exited Aditya Birla Fashion and Retail (ABFRL) by selling its 6% stake through block deals worth ₹583 crore. The transaction involved selling 7.31 crore equity shares at a floor price of ₹79.50 per share, which was a 7.6% discount compared to ABFRL's closing price of 86 on the NSE.

Following the stake sale, ABFRL's shares plunged nearly 11%, trading at 76.94 apiece on the NSE. Goldman Sachs acted as the sole bookrunner for the deal. Flipkart's exit marks a complete divestment from ABFRL, which owns brands like Pantaloons, Van Heusen, and Louis Philippe.

As Flipkart is owned by Walmart, the decision could align with Walmart’s broader global strategy, possibly shifting focus to other high-growth areas.

Flipkart initially invested ₹1,500 crore in ABFRL in 2020, likely as part of a broader retail strategy. The exit suggests the investment has run its course. The stake sale was executed at a 7.6% discount to ABFRL’s closing price, indicating a calculated move to liquidate holdings amid market fluctuations.

While ABFRL has narrowed its net loss in Q4FY25 (₹23.55 crore vs. ₹266.36 crore in Q4FY24), Flipkart may have reassessed its long-term growth prospects in the fashion retail segment.

Flipkart’s exit from Aditya Birla Fashion & Retail (ABFRL) signals a strategic shift in its retail investments, while ABFRL undergoes structural changes to refine its market positioning.

This ₹582 crore divestment could be redirected towards strengthening Flipkart’s private labels, expanding grocery and electronics verticals, or enhancing supply chain capabilities. Flipkart might explore collaborations with emerging fashion-tech startups or global brands to diversify its offerings.

Post-demerger, ABFRL is expected to prioritize Pantaloons, ethnic wear, and digital-first brands leveraging e-commerce and omnichannel strategies.

ABFRL recently spun off its lifestyle brands into Aditya Birla Lifestyle Brands Limited (ABLBL), housing premium labels like Louis Philippe, Van Heusen, and Allen Solly. This move aims to sharpen brand focus and improve profitability.

Now Book Suzuki’s Two-Wheelers Online Via Flipkart

• Customers can now book Suzuki Avenis, GIXXER Series and V-Strom SX on Flipkart
• Online booking service launched across 8 states, to expand in phases

In a move to enhance customer convenience and accessibility, Suzuki Motorcycle India Pvt. Ltd. (SMIPL), the two-wheeler subsidiary of Suzuki Motor Corporation, Japan announces its collaboration with Flipkart, one of India’s leading e-commerce platforms. Through this collaboration, customers can now book Suzuki’s two-wheelers online, offering a hassle-free digital buying experience.

Starting 15 April 2025, customers from eight Indian states - Karnataka, Tamil Nadu, Gujarat, Maharashtra, Andhra Pradesh, Odisha, Meghalaya and Mizoram can book Suzuki scooters and motorcycles via Flipkart. The available range includes Suzuki’s ultimate street sport scooter, Avenis and domestic motorcycles: GIXXER, GIXXER SF, GIXXER 250, GIXXER SF 250, and V-Strom SX.

This collaboration marks a significant step in SMIPL’s efforts to strengthen its digital footprint and cater to the evolving needs of modern-day customers by providing a seamless online booking experience.

Commenting on the association, Mr. Deepak Mutreja - Vice President, Sales & Marketing, Suzuki Motorcycle India Pvt. Ltd., said, “As more customers now prefer digital platforms for their purchases, we are committed to meeting them where they are. By associating with Flipkart, we are leveraging the growing digital ecosystem to offer customers a convenient and trusted platform to explore and buy Suzuki two-wheelers. We believe this move will further strengthen our reach and customer engagement in the Indian market.”

Commenting on the partnership Mr. Sujith S Agashe - Senior Director, Electronics at Flipkart said, “At Flipkart, we are constantly working to enhance our customer journey offering greater convenience and choice, backed by Flipkart’s trusted digital ecosystem. Our partnership with Suzuki Motorcycle India is a testament to this commitment, as we enable customers across the country to explore and book premium two-wheelers from the comfort of their homes. We are excited to bring greater convenience and choice to today’s digitally savvy consumers.”

The entire booking process is designed for ease. Customers can explore Suzuki models on Flipkart, select their preferred variant and place the order online. The nearest authorised dealership will then assist with the documentation process, and upon completion of registration, customers can take the delivery of their new Suzuki two-wheeler.

Myntra Reports Loss of ₹1.1 Crore Due to Refund Scam in Bengaluru, Fraudster Exploits Refund Policy

Myntra, a Flipkart subsidiary, recently reported a significant loss of ₹1.1 crore due to a refund scam in Bengaluru. Fraudsters exploited the company's refund policy by placing bulk orders and then claiming refunds for non-existent, incorrect, or fake items.

The scam took place between March and June 2024, and involved around 5,529 fraudulent orders delivered to various addresses across Bengaluru.

The fraudsters would often claim that the number of products received was less than what they had ordered, or that the items were different from what was ordered.

Myntra has approached the Bengaluru police to investigate the matter. It's suspected that a gang from Jaipur, Rajasthan, is behind these fraudulent activities. The police have registered a case under the Information Technology Act and IPC sections 419 (cheating by personation) and 420 (cheating and dishonestly inducing delivery of property).

Myntra's case of fraud comes within a few days after another e-commerce platform Meesho faced similar cheating by fraudsters. Cybercrime police in Surat arrested three individuals who cheated Meesho by posing as suppliers and customers. They placed orders and then claimed refunds or raised complaints about the products received.

Myntra is also working on tightening its refund policies and improving its fraud detection mechanisms to prevent such incidents in the future.

According to reports, Flipkart and Myntra may soon start charging cancellation fees for orders that are canceled. The reports, that are still speculative, suggest that Flipkart and Myntra customers will only have a limited amount of time to cancel their orders. After that deadline is crossed, the customers will not be able to cancel the order. However, the e-commerce giant has not confirmed the development yet.

Besides, Myntra has recently ventured into quick commerce with its new service, M-Now, which promises to deliver fashion and beauty products within 30 minutes.

Myntra has bounced back to profitability in FY24 after a loss of ₹782 crore in FY23. The company posted a profit of ₹30.9 crore in FY24, driven by a 14.71% growth in operational revenue and effective cost-cutting strategies.

Getting back to rise in cases of frauds, e-commerce frauds in India have been on the rise, especially with the increase in online shopping. About 57% of all fraud incidents in India are platform frauds, with over 26% of organizations losing over USD 1 million due to it, said a report by PwC India.

Payment Fraud accounts for 92% of all customer frauds, including unauthorized digital purchases and identity theft. Around 40% of platform frauds are conducted by internal actors, often in collusion with external perpetrators.

Flipkart Launches Its 1st Grocery Fulfillment Center in Rajasthan, Offers Delivery Slots as Per Consumer’s Choice

India's homegrown e-commerce marketplace, Flipkart, has recently inaugurated a new grocery fulfillment center (FC) in Jaipur, Rajasthan. Notably, this new FC is Flipkart's first grocery FC in the state of Rajasthan, which will help meet increasing consumer demand for online groceries through enhanced speed and serviceability across the region. Earlier, consumers in Rajasthan and nearby regions were reliant on Dharuhera FC (near Gurugram) in Haryana.

This move strengthens Flipkart's delivery capabilities and caters to the growing demand for online groceries in the region.

The new FC spans 69,000 square feet and is equipped to dispatch 6,500 orders daily to Jaipur and neighboring cities, including Bikaner, Jaisalmer, Jodhpur, and Kota. It features over 5,000 products, including local brands, to offer a wide range of quality grocery items to customers.

Flipkart's new Grocery FC in Jaipur

Delighted to launch our first grocery Fulfillment center of Rajasthan state in Jaipur; This will boost MSMEs/farmers’ digital market access on @Flipkart , help boost their income and also create over 600 local jobs in addition to boosting supplier job ecosystem. Consumers will… pic.twitter.com/PLEOaVkyIh

— Rajneesh Kumar (@rajneeeshkumar) June 20, 2024

The establishment of this FC will create 600 direct and indirect jobs, benefiting the local economy and supporting small businesses, micro, small, and medium-sized enterprises (MSMEs), and Farmers.

Flipkart aims to enhance delivery services and meet the growing consumer demand for online groceries in Rajasthan. The center aligns with their commitment to strengthen partnerships with local farmers and businesses while fostering sustainable growth

Consumers in Rajasthan can now expect quicker deliveries and better value, along with services like cash on delivery, pay later options, no-cost equated monthly installments, easy cancellation, and unified payments interface for digital payments.

This initiative reflects Flipkart's dedication to providing convenient grocery shopping experiences while empowering local communities economically.

Smt. Manju Sharma, Member of Parliament, Jaipur, said, “Flipkart's first grocery fulfillment center in Rajasthan is a significant milestone in our state's digital and economic growth. We are happy that Flipkart’s expansion in its supply chain infrastructure in the state will provide local consumers with faster and more convenient access to essential goods. At the same time, it will empower the local MSMEs and farmers, thereby uplifting the overall livelihood opportunities of the local ecosystem. I commend Flipkart for their commitment to enhancing our PM Shri Narendra Modi ji's vision of 'Digital India' by giving benefits of digital commerce and contributing to enriching the economy of our New Bharat.”

Rajneesh Kumar, Chief Corporate Affairs Officer at Flipkart Group, said, “As a customer-first organization, Flipkart leverages its homegrown technology to keenly identify high-demand hotspots and address consumer needs for quality grocery products. The launch of our first grocery fulfillment center in Jaipur marks a significant advancement in our efforts to enhance delivery services and meet the growing consumer demand for online groceries in Rajasthan. As we continue to expand our footprint, the new FC aligns with our commitment to strengthening partnerships with local farmers, MSMEs and other local businesses. We remain committed to furthering our vision of empowering these communities economically and fostering sustainable growth while creating new livelihood opportunities.”

Hari Kumar G, Vice President, Head of Grocery, Flipkart, said, “We have been witnessing significant demand for online groceries among local consumers of Rajasthan, which offers an opportunity to bridge the digital gap and make online shopping more convenient for consumers. With the launch of the new FC, consumers will now have access to a vast assortment of high-quality local and national selections at the right value at the delivery slot of their choice. We aim to address the needs of value-seeking consumers of tier 2 and 3 cities by elevating consumer satisfaction and improving the growth of the overall regional ecosystem.”

Flipkart-backed BlackBuck to Raise Upto $300 Million from IPO

BlackBuck, the largest trucking network in India, is gearing up for an initial public offering (IPO) in the next fiscal year. Backed by Flipkart, BlackBuck aims to raise up to $300 million from the IPO. The company has already converted itself into a public entity, which will enable it to raise funds from a broader pool of investors.

According to a report by Moneycontrol, the company has recently appointed merchant bankers and lawyers to advise on their IPO. The company has also started working on preparation of their draft red herring prospectus (DRHP).

This move comes as the company seeks to expand its services and grow its core freight business. Flipkart's backing has been instrumental in BlackBuck's journey, and the IPO is a significant step toward realizing their vision.

BlackBuck's platform connects over 700,000 truckers, 10,000 shippers, and 500 partners, streamlining load transportation 1. By leveraging real-time tracking and telematics services, they've made logistics more efficient for all stakeholders.

Founded in 2015, by IIT Kharagpur alumni Rajesh Yabaji, Chankaya Hridaya, and Ramasubramaniam, BlackBuck has been a pioneer in digitizing and simplifying trucking operations in India. BlackBuck connects companies looking to ship goods with truckers efficiently. The company has revamped the trucking infrastructure to facilitate payments, insurance, and financial services.

What sets BlackBuck apart is its focus on making the trucking industry accessible and transparent for small fleet owners and truck drivers. By empowering them with better access to business and revenue, BlackBuck has significantly improved their economic prospects.

BlackBuck also offers GPS tracking devices, FASTags, and fuel cards.

The company is looking to hit the market with its IPO in the second half of FY25.

Flipkart Group Says It Recycled Over 67 Million Liters of Wastewater in One Year

Flipkart's water conservation efforts have also resulted in the reduction of freshwater consumption and potential recharge of rainwater at scale

It has also received the Net Zero Water certification by IGBC for its facilities, validating its conservation efforts

Flipkart Group has announced significant strides in its water conservation efforts by successfully recycling over 67 million liters of wastewater in a year across four of its facilities in Rewari and Sanpka (Haryana), Ludhiana (Punjab) and Malur (Karnataka).

The organization’s water conservation initiatives are aimed towards promoting a judicious approach to water consumption, driven by key focus areas to reduce, reuse, and recycle. These conservation efforts have also resulted in the reduction of over 14 million liters of freshwater consumption, thereby playing a key role in the conservation of the nation’s natural resources. This has been enabled by a 30% reduction in the average LPCD (liter per capita per day) at all four facilities.

In addition to this, through the establishment of groundwater recharge infrastructure, Flipkart is also prioritizing the potential recharge of rainwater while fostering a strong sense of environmental conservancy.

In alignment with the government's ‘Jal Shakti Abhiyan: Catch the Rain’ campaign, aimed at encouraging water conservation at the grassroots level, Flipkart is proactively implementing a series of strategic measures dedicated towards water conservation.

Speaking about Flipkart Group’s water conservation initiatives, Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, said, “At the Flipkart Group, we acknowledge the importance of natural resources and are taking conscious steps to preserve them. We believe that it is our responsibility to ensure that we set in place best practices that can have a positive impact on the environment and business ecosystem at large. Our current efforts on water conservation are aligned with this intention to not only ensure conscious usage, but to also deploy the right systems to enable recycling and recharging. The Net Zero Water certification underscores our dedication to environmental stewardship and sets a new standard for water conservation in the e-commerce sector. We are committed to continuing our efforts towards achieving this status across all our operations, contributing to a more sustainable future for generations to come."

Mr. Gurmit Singh Arora, National Chairman, Indian Green Building Council, congratulated Flipkart on this milestone achievement, stating, "Flipkart's commitment to achieving IGBC Net Zero Water ratings for four of its facilities exemplifies their leadership in sustainability. By implementing effective water management strategies, Flipkart sets a commendable example for the industry. By adopting water-efficient practices, Flipkart becomes the first e-commerce organization to achieve Net Zero Water status for four of their facilities at different locations; thereby reducing their environmental footprint and setting a precedent for fostering a more water- resilient future."

Flipkart is the first e-commerce organization to partner with the CII’s Indian Green Building Council (IGBC) and has received the Net Zero Water certification for four of its facilities. Awarded by IGBC, this certification highlights Flipkart’s position as an environmentally-conscious organization and emphasizes its strong stance in promoting sustainable practices, thereby contributing to a greener future.

Flipkart Group’s efforts towards achieving Net Zero Water status are aligned with its broader sustainability goals. The Flipkart Group aims to expand these initiatives to more facilities across India, demonstrating its responsible approach towards the environment.

What is Flipkart's approach towards water conservation at its four facilities in Rewariand Sanpka (Haryana), Ludhiana (Punjab) and Malur (Karnataka)?

REDUCE WATER DEMAND

Water Meter Installation: Water monitoring ensured across all critical measurementpoints through installation of water meters

Flow Restrictors Installation: Reduction of the flow rate of water for all the taps Improvement in water filtration process: Increased RO output efficiency leading to lesswater wastage

Empowerment through Education: Building awareness on water conservation for all employees via creative showcases

USE OF ALTERNATE WATER

• Usage of treated wastewater for flushing purposes, thereby saving fresh water
• Usage of excess treated wastewater for landscaping purposes, thereby saving fresh
• Water Usage of RO reject water for floor cleaning purposes which saves on fresh water usage

WATER BACK TO SOURCE

Establishment of adequate water recharging infrastructure to cater water from roof and non roof spaces to recharge.

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 1.4 million sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created thousands of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs.

Flipkart has pioneered services such as Cash on Delivery, No Cost EMI, Easy Returns, and UPI. These customer-centric innovations focus on enhancing digital payment offerings for all customers while making online shopping more accessible and affordable for millions of Indians.

Former Flipkart Employees' E-commerce Firm POP to Launch Its Own UPI

Ecommerce firm POP is set to launch a marketplace that will feature a curated selection of new-age digital-first brands. This platform is designed to offer a no-frills approach, enabling brands to benefit from deeper data and insights. Additionally, POP will introduce its own UPI system, which will allow users to earn and use POPcoins as a reward currency.

The initiative aims to address the challenges faced by brands in terms of high customer acquisition costs and crowded marketplaces. POPcoins can be redeemed across various brands, acting as an alternative payment currency during shopping. The company has already onboarded 140 brands onto its network, offering POPcoins as a replacement for traditional loyalty programs and points systems.

Founded in 2023 by a team of former Flipkart employees, POP is aiming to revolutionize how today's Indian consumers shop and pay.

In a LinkedIn post the company announced, "UPI transactions are transactional. It's time to change that. In order to make them more rewarding, we need to redefine how payments are done. We're super proud to announce that we're launching our own UPI soon. With better luck everytime: you'll earn POPcoins on every UPI transaction you make."

"Predictable rewards applicable on every UPI transaction. Whether you're scanning the code at your local vegetable vendor or sending money to friends after a scrumptious meal you earn POPcoins, everytime... Say goodbye to scratch-cards & accumulation of millions of worthless points. It's time to get REAL. You might say, 'There are a multitude of UPI payment platforms available in the market, what sets POP UPI apart?' , Our answer? Rewards! Real rewards" the company’s LinkedIn post added.

The innovative platform, POP, is designed to empower brands with deeper data insights and offer a streamlined shopping experience. POPcoins, the platform's exclusive reward currency, will enable users to earn discounts and benefits across various brands, enhancing customer loyalty and engagement.

The marketplace aims to alleviate the high customer acquisition costs and the challenge of visibility in crowded marketplaces that brands often face. By providing a no-frills approach and a reward system that replaces traditional loyalty programs, POP is set to create a new paradigm in the e-commerce ecosystem.

Additionally, users will receive a 2% reward in POPcoins on every transaction made through POP's UPI handle. This initiative by POP is designed to address the high customer acquisition costs and crowded marketplaces that brands currently face.

To recall, earlier this month Flipkart too had launched its UPI handle for Android users to enhance its digital payment offerings for all customers including Flipkart’s 500+ million customers.

POP, known for its marketplace for D2C brands, was founded by Bhargav Errangi, a former senior director at Flipkart with a history of scaling loyalty programs like Payback and Flipkart Supercoins. Since its launch in early May of the previous year, POP has onboarded 140 brands, offering its rewards currency POPcoins, which can be redeemed across various brands.

Some of the brands that have joined the POP platform include Perfora, Slurrpfarm, Anveshan, and Khadi Essentials. These brands, along with others, have integrated their loyalty constructs with POPcoins, allowing customers to earn and redeem these coins across the network of brands.

Flipkart and IIT-Delhi Partner for Research on Personas to Improve Personalized Recommendations for Customers

Provide persona-based shopping experience to customers

Underscore machine learning models’ capability to handle large scale real world data effectively

Flipkart, India’s homegrown marketplace, has signed a memorandum of understanding (MoU) with the Foundation for Innovation and Technology Transfer (FITT), the industry interface organisation of the Indian Institute of Technology, Delhi (IIT-D) as part of its ongoing industry-academic alliance initiatives.

As part of the MoU, Flipkart will offer research grants and market insights to FITT to generate granular, data-backed segments of users linked to different e-commerce categories based on shopping behaviour, demographics, surrounding users’ behaviour, etc. On the technical front, the collaborative effort will help to develop a general purpose user activity graph that could be harnessed for different use cases leveraging state-of-the-art GNN (graph neural network) based techniques. The research aims to address the limitation of existing persona creation tools and to learn from a user activity graph that encompasses information about the various personas associated with each user.

Flipkart has been nurturing academic alliances to build an ecosystem of learning and development through industry-focused research to address critical industry problems. Flipkart and FITT will also jointly undertake a number of other initiatives that include organising seminars, offering conference travel grants and engaging in company-sponsored research to support a project on a topic of mutual interest between Flipkart and the researchers from IIT Delhi.

Mayur Datar, Chief Data Scientist at Flipkart, said, “As a home-grown brand, Flipkart has been committed to solving for India. We have developed numerous industry-first capabilities over the years and continue to focus on innovations that will enhance the experience of customers by making their online shopping journey simple through personalised recommendations. Through our collaboration with IIT Delhi, we hope to find a data-driven solution that will enable us to understand our customers requirements and preferences better thereby, allowing us to elevate the shopping experience by offering persona-based recommendations. This will also provide an opportunity for academicians to work on challenges that the industry is grappling with and build innovative solutions that will help in transforming the ecommerce industry.”

Prof. Preeti Ranjan Panda, Dean Corporate Relations, Indian Institute of Technology, Delhi, said, “By combining Flipkart's industry expertise with the academic prowess of IIT Delhi, this collaboration is poised to contribute significantly to the advancement of e-commerce technologies, ultimately enhancing the way businesses engage with and cater to their diverse customer base."

Prof. Sayan Ranu, Department of Computer Science and Engineering, Indian Institute of Technology, Delhi, said “Beyond conducting cutting-edge research in machine learning, which IIT Delhi is already engaged in, it is crucial to translate these technologies into tangible products that can make a real-world impact. Through our collaboration with Flipkart, we aim to achieve precisely that. This research partnership aims to enhance personalized recommendations by incorporating user personas. In addition to persona-fortified product recommendations, this collaboration is poised to have a far-reaching impact by advancing machine learning models capable of handling large-scale real-world data effectively.”

Flipkart has been working with students and faculty members from reputed academic institutions to develop indigenous solutions that address unique real-world challenges confronted in a diverse market like India. Over the last two years, Flipkart signed up five projects across IIT Delhi, Bombay, and IISc.

Flipkart Launches Its UPI Handle @fkaxis for Payments Using the Flipkart App

• With Flipkart UPI, users can now set up their own UPI handle for online and offline Merchant transactions within and outside of the Flipkart marketplace
• On the Flipkart app, Flipkart UPI can be used to pay for any product or service, including e-commerce transactions, Scan and Pay to UPI ID, and Recharges and Bill payments
• Customers can also seamlessly make UPI payments and enjoy many benefits that will be offered in time to come, including Supercoins, Cashback, Brand Vouchers, Milestone benefits and more
• In its first phase, Flipkart has partnered with Axis Bank, wherein users can register for UPI with @fkaxis handle for their digital transactions using the Flipkart app

Flipkart, India’s homegrown e-commerce marketplace, has launched its UPI handle to further enhance its digital payment offerings for all customers including Flipkart’s 500+ million customers. For a distinctive customer experience, loyalty features like Supercoins, Cashbacks, Milestone benefits, and brand vouchers will be made available post the UPI launch. With the tagline ‘India’s Most Rewarding UPI’, this innovative and secure solution marks a significant leap forward in enhancing the overall payment experience for users across India.

Flipkart has launched its UPI just in time when the central bank of India had put certain business restrictions on Paytm Payments Bank Ltd (PPBL or the bank), vide its Press Releases dated March 11, 2022 and January 31, 2024, and may revoke the banking licence of Paytm Payments Bank.

Powered by Axis Bank, Flipkart UPI will initially be available for Android users. Customers can now register for UPI with @fkaxis handle and can do fund transfers and checkout payments using the Flipkart app.

With UPI emerging as the preferred payment option, the launch of Flipkart UPI will provide unparalleled convenience and zero-cost solutions, democratizing access to seamless payment options. The UPI offering will enable smooth onboarding and allow users to conveniently avail of the feature for online and offline merchant transactions within and outside of the Flipkart marketplace. It also introduces one-click and quick functionalities for recharges and bill payments, enhancing overall payment efficiency for the users. With the new UPI feature, customers will get an intuitive, safe, and convenient digital payment experience through its integrated checkout funnel and a slew of delightful incentives including the benefit of instant refunds, making the transaction process a hassle-free and satisfying experience.

In 2023, UPI processed over 117 billion transactions worth INR 182.84 trillion, showcasing a dynamic landscape with participation from banks, payment service providers, and fintech companies (source). Flipkart UPI stands poised to substantially impact India’s digital payments system, aligning to the vision of the digital economy while strategically addressing the surging adoption of digital payments and providing an opportunity for millions of new users to avail the advantages of the UPI ecosystem.

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, said, "Recognizing the dynamic digital landscape, the launch of Flipkart UPI seamlessly merges the convenience and cost-effectiveness of UPI with the trusted efficiency customers expect from us. At Flipkart, we are committed to delivering the best-in-class commerce experience to customers by offering safe and convenient payment options along with a wide array of rewards and benefits such as Supercoins, Brand Vouchers, and others. Furthermore, Flipkart UPI underscores our dedication to shaping a digitally-empowered society and reaffirms our role as a leading catalyst in India's digital evolution."

Commenting on the partnership, Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said, “Axis Bank has always been at the forefront of extending multiple payments flows of UPI to its customers. We continue to scale our growth in UPI with partnerships and innovations. Our partnership with Flipkart has come a long way from launching one of India's most successful co-branded credit cards to now launching the Flipkart UPI service. Customers can now register for UPI with @fkaxis handle and can do all fund transfers and checkout payments using the Flipkart app. This solution is cloud hosted and hence provides one of the most stable and scalable UPI platforms for customers.”

About the Flipkart Group

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Started in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 14 lakh sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created lakhs of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns, which are customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians.

Flipkart Introduces 3-Hour Fresh Flower Delivery Service for 450+ Pin Codes Across India

• A first for India’s homegrown e-commerce marketplace, orders can be placed across cities including Bangalore, Chandigarh, Faridabad, Gurugram, Hyderabad, Jaipur, Lucknow, Mumbai, New Delhi, Noida and Patna
• Customers can choose from a range of high-quality exotic varieties (roses, orchids, carnations) and arrangements (bouquets, boxes) starting at INR249/
• This follows the recent announcement on same day delivery rollout to benefit millions of customers PAN India

Flipkart, India’s homegrown e-commerce marketplace, has announced the launch of a 3-hour fresh flower delivery service which allows customers to access high-quality flower arrangements at great deals, delivered via the trusted Flipkart network across 450+ pin codes. With special occasions like ‘Rose Day’ and Valentine’s Day around the corner, Flipkart will ensure 3 hour fresh flowers delivery for orders placed between 9:00 AM and 6:00 PM daily. In the run up to February this year, there has been a surge in demand for fresh flowers on Flipkart. Powered by Flipkart's robust logistics network and cutting-edge technology, this service guarantees swift and reliable doorstep delivery of flowers across a growing number of cities including Bangalore, Chandigarh, Faridabad, Gurugram, Hyderabad, Jaipur, Lucknow, Mumbai, New Delhi, Noida and Patna.

For centuries, flowers have played a positive cultural role in life - so it's no surprise that most of us believe in “saying it with flowers''. Whether gifting someone special or placing an order for yourself, flowers never go out of style.

• Flipkart will ensure 3 hour delivery for orders placed between 9:00 AM and 6:00 PM daily and customers can choose from a range of high-quality exotic varieties (roses, orchids, carnations) and arrangements (bouquets, boxes) starting at INR249/-
• Remaining customer-first and understanding the need for preferred timings, Flipkart has curated four delivery slots for fresh flower deliveries: 9AM to 12 PM, 12PM to 3PM, 3PM to 6PM and 6PM to 9PM
• Soon after an order is placed, customers have the option to choose their preferred timing via a simple call that they will receive
• Unique customer trends observed on Flipkart, leading up to ‘Rose Day’ and Valentine’s Day:
• The most popular search terms include Fresh flowers, Rose flowers, Bouquets and Red Roses
• The top 5 cities leading the search for fresh flowers are Bengaluru, Patna, New Delhi, Hyderabad and Kolkata. 

Flipkart has been the chosen gifting platform for millions of customers across India over the years and now, they have the option to choose from a wide array of fresh flowers to celebrate ‘Rose Day’ and make their Valentine’s Day extra special. Flipkart is also launching its “Your Wingman, This Valentine’s” campaign for GenZ across media platforms. The campaign highlights Flipkart’s role as the perfect fuss-free gifting solution with over 10 lakh plus gift options, accessibility to premium gifting through easy EMIs and express delivery. As Flipkart continues to innovate and expand its Valentine’s Day offerings, customers can look forward to more delightful experiences and greater convenience in their online shopping journey, in the days to come.

About the Flipkart Group

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Started in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 14 lakh sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created lakhs of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns, which are customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians. 

Flipkart Subsidiary Opens Dedicated Service Centers for Apple in Srinagar and Chennai

• Strategically located in easily accessible areas of Srinagar and Chennai, these dedicated service centers will cater to the diverse needs of customers using Apple products
• The post-purchase service requirements of Apple customers will be met by the skilled technicians working across 27 service centers of which 23 are customer-facing service centers across the country

Flipkart’s subsidiary and service arm, F1 Info Solutions & Services Private Limited, announced the opening of dedicated service centers for Apple in Srinagar and Chennai. At these dedicated service centers, one in each city, F1 Info Solutions & Services will deliver comprehensive post-purchase services for all Apple products, from mobile phones to laptops and beyond.

At the dedicated service centers in Chennai and Srinagar, customers can get their Apple products, both in-warranty and out-of-warranty, repaired by highly qualified Apple-certified technicians. Apart from these dedicated service centers, customers using Apple products can enjoy post-purchase services by trained technicians at 25 other service centers across the country. With a reputation for excellence, these technicians guarantee a swift turnaround time for repairs and services. The engineers undergo certified technical courses by the company.

With a collaboration spanning over a decade, Flipkart and Apple have cultivated a relationship built on trust and unparalleled customer service. Currently, F1 supports Apple customers through 27 centers across the country. These centers offer walk-in services, on-site repair services for all Apple products under warranty & out of warranty and help desk support for enterprise customers. Customers can also buy genuine accessories and warranty extension packs (Apple Protect+) from these centers.

Commenting on the collaboration, Dr. Nipun Sharma, CEO at Jeeves Consumer and F1 Info Solutions & Service, Flipkart Group, said, "We are thrilled to announce the inauguration of dedicated service centers for Apple in Srinagar and Chennai. This strategic expansion reflects our commitment to providing excellent and reliable post-purchase services to Apple users. With our team of highly skilled Apple-certified engineers and a decade-long partnership with Apple, we are confident in delivering swift and comprehensive support. We look forward to enhancing the overall customer journey and reinforcing our position as a trusted post-purchase service provider for Apple devices across India."

F1 Services has an extensive network of proprietary services and partner networks. It offers a wide range of comprehensive solutions such as repair, maintenance, installation, demo, and VAS (Value-added service), including protection and extended warranties, inbound, outbound, and non-voice customer care services covering over 40 product categories.

About the Flipkart Group

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Started in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 14 lakh sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created lakhs of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns, which are customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians.

Flipkart To Use Polygon's Blockchain for Brand Engagement Experience for Millions of Indian Users

• FireDrops, which is accessible via Flipkart, is a web3 brand engagement program built on Polygon’s Proof-of-Stake (PoS) to offer users a more transparent, secure, and personalized engagement experience
• Powered by GuardianLink, FireDrops utilizes Fireblocks’ wallet-as-a-service offering and embeds web3 wallets, providing a more user-friendly and integrated experience
• To date, Fireblocks has created 3.6 million web3 wallets for Flipkart users

Flipkart, India’s homegrown e-commerce marketplace, has announced its partnership with Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain. The strategic collaboration aims to revolutionize the way consumers safely and easily interact with the Web 3.0 ecosystem. This collaboration will also provide avenues for brands to innovate and enhance customer experiences, as being explored via the FireDrops platform.

FireDrops is an endeavor to create a safe and scalable brand engagement program on the blockchain, where wallets seamlessly spun by Fireblocks allow users to easily interact with web3. Fireblocks has set up 3.6 million wallets for Flipkart users, with a majority of them created in the past few months. Flipkart’s collaboration with Fireblocks is a testament to its commitment in enabling innovation in the Indian e-commerce industry. Flipkart has over 500 million users with more than 150 million products across 80 categories.

“India is fast emerging as the global hub for innovation in web3,” said Ravi Krishnan, Head of Flipkart Labs. “As we look ahead at how the new generation engages with brands, they seek a more personalized and interactive experience, and brands realize they can no longer apply broad strategies across audience segments. In this context, digital assets and web3 have become essential tools to engage with customers effectively. Fireblocks' role is crucial in safeguarding these assets, enabling us to develop and scale. FireDrops, one of the web3 offerings, is among many that we are excited about. In the next decade, web3 will be transformative for the e-commerce space, and India and Flipkart are the perfect sandbox for how digital assets may blur the lines between gamification and retail experiences.”

“We are excited to collaborate with Flipkart to provide them with a resilient, enterprise-grade platform upon which they are building their technology solutions, so they can enhance the shopping experience for users and redefine e-commerce,” said Stephen Richardson, Head of APAC & Managing Director, Financial Markets at Fireblocks. “Through FireDrops, a familiar user experience has been created for millions of Indians interested in collecting their first NFT, making digital ownership more accessible and lowering the barrier to entry into the world of web3.”

Fireblocks' Wallets-as-a-Service allows Flipkart to embed privacy preserving blockchain wallets directly into their mobile application, providing users with seamless onboarding into their first time web3 experience. With Fireblocks, Flipkart can automate and scale wallets and enable NFT creation to support millions of new users on FireDrops.

FireDrops is aiming to revolutionize how users connect with brands while shopping online. By providing engaging experiences with brands that enable customers to earn NFT-based rewards, FireDrops aims to foster greater community engagement and an enhanced user experience. Brands in the FireDrops ecosystem are also anticipating the benefit from deeper, more meaningful, and more tailored interactions with their customers, resulting in higher reward redemption rates and a reduction in customer acquisition costs.

About the Flipkart Group

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Started in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered user base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 14 lakh sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation, Flipkart has created lakhs of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI, and easy returns, which are customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians.

Fireblocks is an enterprise-grade platform that delivers a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves thousands of financial institutions, has secured the transfer of over $4 trillion in digital assets, and has a unique insurance policy that covers assets in storage and transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. For more information, please visit www.fireblocks.com.

Flipkart’s Service Arm Jeeves Ties With ANAROCK's ApnaComplex To Offer Hassle-Free Home Repair and Maintenance Services in Apartment Societies

• Flipkart Home Services (FHS) on ApnaComplex mobile app is currently live in 6 cities
• Starting with mobile, laptop repairs and appliance installation, Jeeves plans to expand the services to all large appliance repairs and AC cleaning
• Customers will enjoy a cost-effective service guarantee from highly trained technicians

Flipkart’s service arm, Jeeves, has recently announced its collaboration with ApnaComplex, ANAROCK India’s leading society management solution provider, to offer product repair, maintenance and installation service requirements of residents in communities automated by ApnaComplex, through Flipkart Home Services (FHS). This will enable approximately 6.5 lakh residents living across ApnaComplex’s network of 6000 gated communities to have hassle-free access to an extensive range of home services through highly skilled technicians.

Flipkart Home Services (FHS) is a one-stop solution for all repair, installation, cleaning, and maintenance needs. The services currently offered on the ApnaComplex mobile app include installation services of large appliances such as televisions, air conditioners, and furniture, repair of mobiles and laptops and cleaning services. Jeeves intends to broaden the range of services to include maintenance and repair of home appliances.

The residents can avail of these services using the ApnaComplex mobile app across six cities: Bangalore, Chennai, Delhi, Hyderabad, Mumbai, and Pune. These services can be availed irrespective of where the product was purchased.

Speaking about the partnership, Dr. Nipun Sharma, CEO at Jeeves Consumer and F1 Info Solutions & Service, Flipkart Group, said, “We, at Jeeves, are committed to building a comprehensive and customer-centric after-sales and home services network. So far, our offerings have received positive responses from customers using the Flipkart app, and we will continue to deliver cost-effective and reliable services to them. In our pursuit to provide customers with convenient home services that address their essential needs, we are excited to embark on this journey together with ApnaComplex, ANAROCK. The collaboration gives us an opportunity to explore a newer customer touchpoint and reinforces our dedication to delivering exceptional customer experiences both to Flipkart and non-Flipkart customers on ApnaComplex, ANAROCK.”

Shajai Jacob, Managing Director & Country Head, ApnaComplex & ANACITY, ANAROCK, added, “We are thrilled to collaborate with Jeeves, a trusted name in the after-sales services industry. By adding a wide array of home services offered by Jeeves on our platform, we are further providing last mile access to commonly required services by residents and societies using our mobile app, ApnaComplex.

Additionally, as the largest white-label community management solution provider in India & Middle East, this collaboration aligns perfectly with our commitment to enhancing the residential experience of our real estate developer partners and their communities. We are excited about this association because it’s at an opportune time as ApnaComplex accelerates its growth in India by leveraging its real estate developer relationships through its parent company, ANAROCK, and in the Middle East through its overseas arm, ANACITY. This partnership marks another significant milestone in delivering excellence and convenience to our valued societies, management committees and residents."

It was in January 2021, when ANAROCK Group has acquired 100% stake in ApnaComplex from NestAway Technologies for an undisclosed amount. Nestaway sold ApnaComplex to ANAROCK a year after buying the apartment management platform, due to recession post pandemic.

With a "customer-first” philosophy, Jeeves places a strong emphasis on delivering an exceptional customer experience. The wide range of comprehensive after-sales solutions such as repair, maintenance, installation, demo, and VAS (Value-added service), including protection and extended warranties, inbound, outbound, and non-voice customer care services spanning across 40+ product categories, has helped Jeeves scale. Along with convenience and expert service from skilled professionals, customers also get a service guarantee and access to genuine spares at a standard price.

The Flipkart Group is one of India’s leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

Started in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India's digital commerce revolution. With a registered customer base of more than 500 million, Flipkart's marketplace offers over 150 million products across 80+ categories. Today, there are over 14 lakh sellers on the platform, including Shopsy sellers. With a focus on empowering and delighting every Indian by delivering value through technology and innovation,

Flipkart has created lakhs of jobs in the ecosystem while empowering generations of entrepreneurs and MSMEs. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns, which are customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians.

Flipkart Co-Founder Binny Bansal Plans New Cross-Border E-Commerce Startup

Flipkart Co-Founder, Binny Bansal, who recently sold his remaining stake in e-commerce firm Flipkart, is planing to create a new cross-border e-commerce start-up, said a report by Moneycontrol, citing sources aware of the development.

Binny, who exited Flipkart in November 2018, is said to have received about $1-$1.5 billion from his shareholding in the home-grown e-commerce giant. 

In a latest, Binny is now looking to incubate a startup in the cross-border e-commerce segment, however unlike Flipkart – a consumer-facing internet entity, Binny is reportedly creating a startup that will provide design, product and manpower support to Indian and global e-commerce companies.

The report also affirmed that Binny is not looking for external funds and will most certainly bootstrap.

Citing one of the people privy to this development, the Moneycontrol report further said that the upcoming startup from Binny Bansal would be quite like a KPO (Knowledge Process Outsourcing) firm for e-commerce. "The idea is to build a global firm that can work with commerce companies and provide them backend support."

Moreover, Binny is also head-hunting for a CEO to run this new start-up venture. “While Binny (Bansal) will put his capital, he is not going to run the venture, unlike Sachin (Bansal, the other Flipkart co-founder), who is running Navi full time." said the report.

Last year, Binny Bansal sold his stake in Flipkart, which was worth $264 million (more than ₹2,000 crore), to Chinese Internet giant Tencent.

Last month, Walmart paid $1.4 billion to acquire VC firm Tiger Global's remaining stakes in Flipkart.

Walmart Buys Tiger Global’s Remaining Stake in Flipkart for $1.4 Bn, Valuing E-Commerce Giant at $35 Bn

US based retail behemoth Walmart has reportedly bought out hedge fund Tiger Global’s remaining investment in homegrown e-commerce giant Flipkart. It has reportedly paid $1.4 billion for the remaining stake under Tiger Global’s bucket.

According to a report by WSJ, Tiger Global, which has cashed most of its Flipkart shares earlier, overall made a gain of $3.5 billion on an investment of $1.2 billion. With this, Tiger Global has now fully exited from Flipkart. 

This transaction valued Flipkart at $35 billion, which is a dip from $38 billion at the time it had sold stakes to SoftBank, Walmart and other investors in 2021.

For Tiger Global, Flipkart is the only Indian startup in which it had invested more than $1 billion. Between 2010 and 2015, the New York based hedge fund had invested nearly $1.2 billion in Flipkart.

Prior to this transaction, Tiger Global held 4% stake in Flipkart. 

In an another separate reporting by Economic Times, venture capital firm Accel also sold its 1% stake in Flipkart to Walmart.

The acquisition of the stakes from Tiger Global and Accel would result Walmart holding about 77% majority stake in Flipkart, up from 72% previously.

Flipkart was valued at $37.6 billion in a funding round in 2021 however the valuation dip by approximately $5 billion after the payments startup, PhonePe, got separated from Flipkart.

Flipkart acquired PhonePe in 2016 and moved the payments firm's entire base to the country from Singapore. In December last year, both the companies announced that Flipkart no longer own any stake in PhonePe.

PhonePe is now valued at $12 billion, as of May this year.

Flipkart Partners Axis Bank to Facilitate Digitally-enabled Personal Loans for Customers

Joins hands with Axis Bank, its first banking partner, to co-create a digitally-enabled personal loan offering for Flipkart’s customers

Customers can avail instant, end-to-end digital personal loans up to Rs 5 lakhs with loan approval within 30 seconds on Flipkart

The loan purchase option offers a high repayment cycle ranging from a period of 6 to 36 months

Flipkart, India’s homegrown e-commerce marketplace has entered into a strategic partnership with Axis Bank, one of the largest private sector banks, to facilitate personal loans for its valued customers, adding additional convenience and enhanced benefits to its 450 million customers. The newly introduced personal loan service offers highly competitive loan options, granting access to amounts as high as Rs 5 lakhs, allowing customers flexible repayment cycles ranging from 6 to 36 months. Flipkart’s introduction to personal loans demonstrates its commitment to addressing customers’ demands in today's financial environment and leveraging the potential of digital lending.

As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles. Flipkart and Axis Bank have constantly innovated digital-first solutions to simplify customer journeys. The personal loan facility will empower customers with increased purchasing power and improve accessibility and affordability. Flipkart has made substantial commitments to create an extensive lineup of credit offerings and comprehensive financial solutions, including Pay Later, Product Financing, Seller Financing, Credit Cards, and an expansion into Personal Loans.

Dheeraj Aneja, Senior Vice President - Fintech and Payments Group at Flipkart, said, "Through strategic collaborations with leading banking institutions, we have successfully empowered our customers with a wide array of affordable payment options, including Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards. We are delighted to now introduce a Personal Loan service in partnership with Axis Bank. Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys. Our commitment lies in reshaping the online shopping landscape, ensuring accessibility and inclusivity for all."

Speaking on this launch, Sameer Shetty, President & Head – Digital Business & Transformation, Axis Bank, said, "Axis Bank is a full suite financial solutions provider and we continue to build on innovation led partnership models with a commitment to drive access to formal credit in India with offerings that will benefit the customer the most. In this endeavour, we are pleased to partner with Flipkart, to provide unparalleled lending solutions to a wider spectrum of customers offering customised solutions that cater to the specific needs of users. Together, we are set to bring forth a new era of convenience and accessibility for customers.”

Customers can expect the approval process for their loans to be completed in a mere 30 seconds. To initiate their loan application, they must provide basic details such as PAN (Permanent Account Number), date of birth, and work details. Once these details are provided, Axis Bank will approve their loan limit. Customers can then select their preferred loan amount and repayment method, considering their comfortable monthly repayment capability. Flipkart will present a comprehensive loan summary, repayment details, and terms and conditions for review before finalising the loan application.

The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+ and Cleartrip.

Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's digital commerce revolution, with a registered customer base of more than 450 million, offering over 150 million products across 80+ categories. Our efforts to democratize commerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem, and empower generations of entrepreneurs and MSMEs have inspired us to innovate on many industry firsts. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations have made online shopping more accessible and affordable for millions of Indians. Together with its group companies, Flipkart is committed to transforming commerce in India through technology.

For more information, please write to media@flipkart.com

Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 4,903 domestic branches (including extension counters) and 15,953 ATMs across the country as on 31st March 2023, the network of Axis Bank spreads across 2,741 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.

For further information on Axis Bank, please refer to the website: https://www.axisbank.com

Ministry Orders Against Amazon, Flipkart and Others for Selling Car Seat Belt Alarm Stopper Clips

Ministry of Consumer Affairs, Food & Public Distribution Centre issues order against top 5 e-commerce platforms for selling seat belt alarm stopper clips

The clips violate Consumer Protection Act, 2019 and compromise with the lives of car passengers

13,118 listings of car seat belt alarm stopper clips delisted from e-commerce platforms

In view of violation of Consumer Protection Act, 2019, the Central Consumer Protection Authority (CCPA) has issued orders against top five e-commerce platforms for selling car seat belt alarm stopper clips. The clips compromise life and safety of consumer by stopping alarm beep when not wearing seat belts.

Headed by Chief Commissioner, Mrs. Nidhi Khare, CCPA passed orders against Amazon, Flipkart, Snapdeal, Shopclues and Meeshofor violation of consumer rights and unfair trade practice.

The issue of the sale of car seat belt alarm stopper clips came to the notice of CCPA by the Department of Consumer Affairs through the letter of the Ministry of Road Transport and Highways (MoRTH). The letter highlighted the issue of blatant sale of car seat belt alarm stopper clips and requested for action on errant vendors / online platforms and issuance of an advisory. Further, Rule 138 of Central Motor Vehicles Rules 1989 makes it mandatory to wear seat belts. However, online sales of such items that compromise passengers’ safety by stopping the alarm beep when not wearing seat belts can be unsafe and dangerous to the life & safety of consumers.

It is imperative to say that using car seat belt alarm stopper clips can also be a hurdle for consumers seeking claim amounts in the cases of motor insurance policies, wherein an insurance company may deny the claim by citing the negligence of the claimant for using such clips. On the other hand, using seat belt acts as a restraint that allows the airbag to provide proper cushion and not hit the passengers at full force which also works as a protective shield in case of collisions.

CCPA is entrusted to protect, promote and enforce the rights of class of consumers. Therefore, CCPA took cognizance of the issue of the sale of car seat belt alarm stopper clips and with its eagle eye found that said clips were being blatantly sold on several e-commerce platforms in an easy-to-access manner resulting in direct violation of the Consumer Protection Act, 2019 and pose a high risk to the valuable life of the consumers. It was also found during the proceedings that some sellers were selling the clips by camouflaging them under the garb of bottle openers or cigarette lighter etc.

Taking into consideration the severity of the said product on the safety and precious life of consumers, CCPA referred the matter to DG Investigation (CCPA). Based on the recommendation in the Investigation Report and submissions made by e-commerce entities, CCPA has issued Directions to the e-commerce platforms where they were directed to permanently delist all car seat belt alarm stopper clips and associated motor vehicle components which compromise the safety of passengers and the public. They were also directed to apprise CCPA of the steps taken against errant sellers of such products and submit details of the sellers along with a compliance report on the above directions.

Taking note of the Directions issued by CCPA, Compliance Reports were submitted by all five e-commerce entities.Based on the initiative of the CCPA, approximately13,118 listings of car seat belt alarm stopper clips have been delisted from the e-commerce platforms.The details of the delistings are:

Name of E-commerce Company	Delistings (Numbers as per the submissions made by companies
Amazon	8095
Flipkart	4000-5000
Meesho	21
Snapdeal	1
Shoplcues	1
Total	13,118

The action taken in the present cases assumes significance given that as per the latest report published by the MoRTH more than 16,000 persons were killed in road accidents in 2021 due to not wearing seat belt, of which 8,438 were drivers and the remaining 7,959 were passengers. Moreover, approximately 39,231 persons were injured out of which 16,416 were drivers and 22,818 were passengers.

The report further provides that young adults in the age group of 18-45 accounted for more than one-third of victims in road accident cases.CCPA is working round the clock to promote and safeguard the rights of class of consumers in every nook and corner of the Country, in this regard, CCPA has written letters to the Chief Secretaries and District Collectors requesting them to take appropriate action as per law, against the manufacture or sale of car seat belt alarm stopper clips to prevent loss of life or severe injury to consumers. CCPA has also requested to submit an action taken report to protect the valuable life of the consumers.

To prevent the valuable loss to life of the public at large, CCPA has issued an Advisory among the stakeholder which includes Secretary of MoRT&H and DPIIT, Chief Secretaries of all States and Union Territories. E-Commerce Entities, Industry Associations and Voluntary Consumer Organizations for wide dissemination to desist from manufacture or sale or listings of Car Seat Belt Alarm Stoppers.

Ex-Flipkart SVP Founded Flash Raises $5.8 Mn in Seed Round from Global Investors and Marquee Angels

Founded by former Flipkart SVP, Ranjith Boyanapalli - Flash’s seed round witnessed participation from Global Founders Capital, White Venture Capital, Zinal Growth, Binny Bansal, Kunal Shah, and Arpan Sheth among others.

• Introducing a first-of-its-kind digital shopping identity to enhance the experience of power shoppers globally
• To mitigate hassles around post-order experience, lack of rewards, and cluttered communication for online shoppers.

With the mission to revolutionize the online shopping space globally, Flash, (Flash.co) announced raising $5.8 Million in a Seed round led by global funds like Global Founders Capital (GFC), White Venture Capital (a fund by Jitendra Gupta & Amrish Rau), Zinal Growth, Soma Capital, Emphasis Ventures, Peer Capital, and a host of India’s top angel investors including Binny Bansal - Ex-Co-founder, Flipkart, Kunal Shah - Founder, CRED, Arpan Sheth - Senior Partner, Bain & co, Sujeet Kumar - Co-Founder, Udaan, Nikhil Srivastava - PAG Venture, Lalit Keshre - CEO, Groww, Rishi Vasudev - Co-Founder, GOAT Brand Labs and others. 

Founded by former Flipkart Senior Vice President, Ranjith Boyanapalli, Flash aims to elevate the shopping experience of online power shoppers across the world. Launching in India initially, Flash aims to cater to the top 25 million power shoppers, who contribute to nearly 70% of the online shopping revenue and are estimated to further grow to 65mn by 2030. Flash looks to address the potential challenges for these power shoppers around post-order experience, lack of rewards, and cluttered communication - which are expected to magnify with a further increase in their span of online shopping across brands & frequency. Flash will be introducing a first-of-its-kind shopping identity - enabling an end-to-end ecosystem that empowers consumers to be in control of their shopping, and communication and unlock personalized experiences.

Commenting on the investment, Roel Janssen, Partner, Global Founders Capital said, "We are excited to back a founder like Ranjith who has extensive experience building great consumer products. Power shoppers are an important consumer segment and their challenges are bound to magnify with increasing eCommerce penetration in India and globally. We are impressed with the Flash team and product, and are confident that they will make a significant impact over the coming years."

Commenting on the funding, Ranjith Boyanapalli, Founder & CEO, Flash said, “With Flash, we aim to craft a digital shopping identity for Power Shoppers which will enable delightful shopping experiences. The unique digital shopping identity will allow online shoppers to access personalized experiences, rewards, and clutter-free communications. Our AI/ML-led platform will be backed by best-in-class encryption to protect privacy and give control back to the consumer. We are aiming to onboard two million users in our first year. With an elite guild of VC Funds and Angel investors on board, who have put their trust in us and supported us with their experience, we hope that Flash can undoubtedly change the way we shop”

Flash will be looking to direct the corpus toward product development, hiring, and global expansion.

About Flash:

Flash aims to solve the experience of Power Shoppers.

Flash has been founded by Flipkart’s former Senior Vice President - Ranjith Boyanapalli, and is built on the cornerstone of enhanced shopping experience.

Flash brings the world's first shopping identity- building an end to end ecosystem that consumers can own and experience the joy of shopping with. Conceptualised with power shoppers in mind, Flash intends to assist consumers through highly rewarding shopping and convenient post order experience, tackling the issues of cluttered promotional email content.

Post Covid-19, India stands as the third-largest online shopper base in the world with 180-190 million shoppers in 2021.With the Indian eCommerce market estimated to increase three folds to 600-650 million by 2030, Flash aims to tap on the underlying potential to elevate the quality of life of online shoppers across the world.

Onefitplus Launches Make in India Premium Bicycles Under Their Brand- Urban Terrain Exclusively Available on Flipkart

• This marks Urban Terrain’s entry into India’s fast-growing and mass scale-innovation segment
• Urban Terrain is an outdoor bicycle brand by OneFitPlus - India’s largest connected fitness company
• Priced between Rs 9,000 -- Rs 15,000, the launch expands Urban Terrain's bicycle portfolio into the mass-premium segment
• The company has witnessed 3x growth in FY2022
• Expects Urban Terrain to clock Rs 100 crore in ARR by FY23

Hyderabad, 2nd Sept 2021: OneFitPlus, India’s largest connected & at-home fitness company, announces the launch of ‘Made in India’ mass-premium bicycle range under its brand – Urban Terrain. With the Urban Terrain Bolt range, the brand expands its portfolio beyond the existing mountain, fat-tire bikes into the mass-premium segment. Urban Terrain Bolt will be available exclusively on Flipkart.

Urban Terrain offers functional and comfortable outdoor bikes with precise technological detailing to offer an ultimate riding experience. The bikes are priced between Rs 9,000 to Rs 15,000 and include pan India installation, diet plans and personal training videos.

Mohit Mathur, Founder & CEO, OneFitPlus, says “We are excited to bring a new range to match the growing demand for cycling in India. Cycling has become a worldwide trend. It ticks all the boxes in the pandemic-inspired fitness laundry list – from social distancing to a need for a healthy fitness regime. We aim to deliver quality coupled with great functionality to promote an active lifestyle amongst our users.”

The company stated that it has witnessed 3x growth in FY2022 and setting up its own manufacturing unit would help provide more value, range and improve demand fill rates.

Founded in 2017, Urban Terrain has a pan India presence, currently offering at-home free installations for over 27,000 pin codes, diet plans to users and has a ride tracking app that is free for all Urban Terrain customers. Recently, OneFitPlus announced Kiara Advani and Sidharth Malhotra as their brand ambassadors who will also be seen promoting the Urban Terrain range of bikes. Urban Terrain expects the cycling business to touch Rs 100 crore ARR (annual revenue rate) next year.

Nikunj Mathur, Vice President Manufacturing, Urban Terrain, says “The Pandemic has brought about a mindset change as customers are looking for fitness options which doesn’t take too much of their time. Cycling as a concept has also become a lifestyle necessity. Urban Terrain caters to health enthusiasts to provide a complete ecosystem of fitness needs. Our bikes have the finest design and endurance quality meant for adventurous biking ensuring a long and durable lifespan with added comfort. With this range, we hope to introduce bicycles as a fitness lifestyle in Tier II & III cities as well.”

According to industry estimates, the bicycle industry is expected to witness a growth of 20% this fiscal, with sales likely to reach 1.45 crore units compared to 1.2 crore units last fiscal. According to a report by KPMG, the Indian bicycle industry’s market size is expected to grow 3x times in the next 10 years, from $1.3 billion in FY19 to $3.51 billion in FY30.

About OneFitPlus

Founded in 2017, OneFitPlus is a Fit-tech company promoting holistic health & wellness. OneFitPlus, one of the early entrants in the Indian connected fitness segment, has emerged as the largest fit tech company that operates with a philosophy of making exercise sports-like and help people achieve their fitness goals in a fun & easy manner. They provide smart home-fitness equipment, live streaming sessions, fitness gaming, nutrition experts and a rewards program to make fitness accessible and enjoyable.

Flipkart Leap Demo Day: 8 Startups Showcase Their Futuristic Technologies To Innovate For India

Finalists of the Flipkart Leap program, including startups from retail tech, robotics, agri-tech and fintech space, showcased their offerings to potential investors and industry leaders

Applications for Cohort 2 of the program to open soon

Bengaluru - July 08, 2021: Flipkart, India’s homegrown e-commerce marketplace, hosted a Demo Day for its first Cohort of flagship accelerator program - Flipkart Leap. Through this platform, the finalists of the program presented their ideas, which evolved over the course of the 16-week mentorship training, to potential investors and industry leaders. Flipkart's Demo Day saw 900+ attendees from across the globe including investors, industry leaders and varied talent from the startup ecosystem - making it one of the most successful ‘Demo Days’ in the country. The audience included attendees from 15+ countries across the United States, The UK, The UAE, Canada, France, Germany, Japan, Malaysia and Singapore, among others.

The startups, shortlisted from close to a thousand applicants, comprised eight technology startups in sectors ranging from retail tech, robotics as well as those in agritech and fintech space. As part of the program, the startups were given access to world-class technical and business mentorship, tools, technology and business support services, as well as connect with the relevant investors in the industry. Each startup was mapped with senior leaders from Flipkart based on the industry in order to fulfil the gaps in the startups’ journey. In addition to this, Flipkart also partnered with leading technology companies such as Google and Microsoft to provide its cohort with ‘startup credits’ and relevant workshops that can boost their growth. The Demo Day now marks the beginning of their journey towards scaling their offerings and attracting potential investments.

Commenting on the occasion of the Demo Day for Cohort 1 of Flipkart Leap, Jeyandran Venugopal, Chief Product and Technology Officer, Flipkart said, "Flipkart is driven by a culture of innovation, and we believe in nurturing new, disruptive ideas that create value for the digital transformation of India. Tech innovation and digital transformation have become even more important in the last year. India has no dearth of good ideas; the challenge is to identify promising innovators, help them develop their ideas further, and give them a platform for presenting their ideas to potential investors. Our accelerator program is aimed at providing that platform to budding entrepreneurs. The first season has yielded some great insights and learnings, and we’re excited to see how we can further evolve this program to be even bigger and better, as we launch the second season."

As part of the Demo Day, Flipkart also hosted a panel discussion which saw participation from Mohit Bhatnagar, Managing Director, Sequoia India, Shanti Mohan, Founder, Let’s Venture and Mekin Maheshwari, Founder, Udhyam Learning, along with Aishwarya Kalakata, Product Innovation, Flipkart. The panel was on the theme of ‘How do we Strengthen and Grow a Holistic Startup Ecosystem’ and covered how the ecosystem plays a critical role to determine the success rate of Indian startups and in turn encourages young minds to take the path of entrepreneurship.

Technology and digital transformation have been the key themes throughout 2020 and 2021. Tech innovation and nurturing disruptive ideas will continue to be leading factors in the new normal. Being a homegrown platform, Flipkart - through its accelerator program, Flipkart Leap, is utilizing its reach to nurture and boost the ideas that have the potential to revolutionize the retail and technology space. Flipkart is already gearing up to invite the applications for its second cohort of the program and will soon be revealing the new program structure and offerings.

*Refer to the annexure for testimonials from the eight finalists of Cohort 1 of the Flipkart Leap program

The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, Flipkart Wholesale and Cleartrip. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's e-commerce revolution, with a registered customer base of more than 350 million, offering over 150 million products across 80+ categories. Our efforts to democratize e-commerce in India, drive access and affordability, delight customers, create lakhs of jobs in the ecosystem and empower generations of entrepreneurs and MSMEs have inspired us to innovate on many industry firsts. The recent launch of Flipkart Wholesale, our new digital marketplace, is a testament to our commitment to accelerate the growth of kiranas and MSMEs in India. Flipkart is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – customer-centric innovations that have made online shopping more accessible and affordable for millions of Indians. Together with Myntra, which holds a prominent position in the online fashion market, Flipkart Wholesale and Cleartrip, the Flipkart Group will continue to steer the transformation of commerce in India through technology.

Annexure

Vibhor Sahare, Founder, ANS Commerce

We benefited immensely from the various sessions that were organized as part of the Flipkart Leap program - especially for the supply chain sector. Flipkart is as big as it gets when it comes to e-commerce in India, and we got a peek into their e-commerce engine, which will go a long way in shaping our products and go-to-market strategy. We particularly enjoyed sessions with our mentors and fellow entrepreneurs.

Ranjan Kumar, Founder & CEO, Entropik

We are about a five-year-old company and about eighty members strong. One of the biggest takeaways for us as a part of this program is to be able to figure out scalable use cases within the consumer internet industry. We were in the space of emotional AI, so we always had the tech, but finding out use cases and validating them with the right mentors and business stakeholders was a great part of our journey with Flipkart Leap.

Shailendra Tiwari, Founder, Fasal

We landed up with Flipkart Leap when we were struggling with our hiring and other aspects. We have been able to make a lot of strides in that area through the program’s guidance. We had access to mentors who helped us understand our business and how we can navigate it better.

Pawan Gupta, Founder, Fashinza

Flipkart Leap was a great platform for us. We got access to top industry leaders across fashion brands and we could understand the direct problems that they are facing, especially with all the changes happening in the industry. This helped us structure our offering better and we have been able to gather a better understanding of the problems being faced by industry leaders and how to present our offering to them.

Ajay Nain, Founder, Gully Network

Master sessions on scaling, storytelling and product-market fit were really helpful. Validation of the business model is the key takeaway for us from the Flipkart Leap program. We also got to explore B2B synergies with the Flipkart Group which will be beneficial for our business growth.

Nikhil Mantha, Co-Founder, Piggy

It was great to be a part of the flagship accelerator program - Flipkart Leap. The program had the right balance of sessions with industry experts and mentoring sessions from Flipkart leadership with a focus on KPIs. These are going to be very helpful for us while scaling up. We are glad to see an established startup-like Flipkart contributing to the ecosystem by nurturing the growth of the next generation of startups like us.

Adarsh Kumar, CEO & Co-Founder, TagBox

We found the Flipkart Leap program very exciting. We got to do a couple of interesting projects with Flipkart. In addition, we had a chance to talk to multiple teams across groups to evaluate different kinds of use cases for our product. The insights from industry leaders was an added benefit.

Pramod Ghadge, CEO, Unbox Robotics

The Flipkart Leap program not only supported us as we worked with the team to deploy our solutions but we could also do deep dives in areas right from hiring to international go-to-market strategy and fundraising. I believe the program will act as a strong platform for us as we scale our venture further.