5 Minutes Read

Flipkart wholesale arm’s FY20 revenue jumps 12%, losses down 18%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The company’s total expenses were Rs 37,760 crore, up 9 percent year-on-year.

Flipkart’s wholesale arm Flipkart India Private Ltd saw revenue for FY20 jump 12 percent year-on-year to Rs 34,610 crore, while losses decreased by 18 percent to Rs 3,150 crore during the same fiscal, according to regulatory filings sourced from Tofler.

The company’s total expenses were Rs 37,760 crore, up 9 percent year-on-year.

The company is involved in the business of ‘cash and carry trading/wholesale trading’ and is engaged in wholesale distribution of mobile, television, laptop, tablet, mobile accessory, footwear, clothing, etc.

Also read: Amazon India fined over ‘Country of Origin’ rules violation, Flipkart spared

FY20 was the first full fiscal year after the FDI guidelines late December 2018 brought about several changes to how wholesale arms of companies that run ecommerce marketplaces can operate.

Press Note 2 of December 2018 had specified that no vendor on a marketplace can acquire over 25 percent of its inventory from any of the group companies of the marketplace entity.

Flipkart has been aggressively pushing its wholesale business, and earlier this year, the company also acquired the business of Walmart India, which operates 28 B2B modern wholesale stores under the brand name of ‘Best Price’. Flipkart launched Flipkart Wholesale, a B2B online marketplace post the acquisition.

Also read: Flipkart acquires AR firm Scapic to boost user experience

Walmart India had recently reported its revenues for fiscal year 2019-20, which came in at Rs 4,926 crore, a 20 percent jump since the last financial year. The company further reported a net loss of Rs 299 crore during the same period, a 74 percent increase from the last fiscal year. The company’s total expenses for the fiscal were Rs 5,225 crore.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

STARTUP DIGEST: Here’re the startup updates of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

There were many development on Monday in the startup space. These include Flipkart sellers have approached the CCI against its acquisition of Walmart India (cash and carry business) and Pine Labs appointed new CEO, among others. Here’s a closer look at today’s startups news and everything you need to know:

There were many development on Monday in the startup space. These include Flipkart sellers have approached the CCI against its acquisition of Walmart India (cash and carry business) and Pine Labs appointed new CEO, among others. Here’s a closer look at today’s startups news and everything you need to know:

1. Government reportedly bans 47 more Chinese apps; over 250 under scanner
A month after it banned 59 Chinese apps, the government has banned 47 more apps — largely clones of the apps banned previously — on privacy and national-security considerations, multiple media reports said. Some reports added that the government has drawn up a list of over 250 apps that it may consider banning, including popular gaming app PUBG.

An official word from the government on either the list of apps that have been or may be banned is awaited.

2. Non-personal data framework likely to be passed as Bill in Parliament: Kris Gopalakrishnan
A government-constituted committee, headed by Infosys co-founder Kris Gopalakrishnan, released the Non-Personal Data Protection Framework this month, and is seeking public feedback up to August 12. Non-Personal Data, according to the draft report, released on July 12, 2020, is any data that is not related to an identified or identifiable natural person, or is personal data that has been anonymised.

“The government will set up an authority through regulation in the Parliament, just as the Personal Data Protection Bill. This will also go through as a Bill that will be passed by the Parliament, which is what I am given to believe. We recommended a separate authority since non-personal data is different from personal data. We have said the authority should be harmonised with the personal data protection authority and Competition Commission of India. We have recommended that an industry representative should be part of the authority,” said Gopalakrishnan.

3. Sellers’ body approaches CCI against Flipkart’s acquisition of Walmart India
Flipkart’s recent acquisition of Walmart India (cash-and-carry business) seems to have already run into trouble, as the All India Online Vendors’ Association (AIOVA) has approached the Competition Commission of India (CCI) against the move.

AIOVA has said that an investigation by the CCI against Flipkart is currently underway for abuse of dominant position, and hence the acquisition can’t be allowed.

In a letter to CCI sent on Monday, AIOVA has alleged that the acquisition of Walmart India will lead to preferential treatment for a few sellers. The association also claims the combination will lead to deep discounting by Flipkart in its grocery segment.
Flipkart is yet to respond CNBC TV 18’s queries.

4. Google using internal program to access user data on Android apps: Report
According to a report, the search engine giant is using an internal program known as “Android Lockbox” to access data on how Android users interact with popular, non-Google apps such as Facebook, Instagram and TikTok.

The covert program, which reportedly works via Google Mobile Services, allows Google’s employees to see how often users engage with a particular app and how long do they use them.
The report says that Google’s employees have to request permission to see this data in some cases and that these requests are sometimes denied. “Android Lockbox” works after Google users agree to share information as part of the Android setup process.

Users are told that this data allows Google to offer a more personalised experience. The company has previously admitted that it has access to usage data from rival apps.

5. Google extends its work-from-home order till July 2021
Search engine giant Google will extend its work-from-home order for its employees until July 2021, a report said. The change will affect “nearly all” of Google’s 200,000 employees, including contractors and full-time workers, reported CNBC.

According to the report, Sundar Pichai made the decision himself last week after debate among Google Leads, an internal group of top executives that he chairs.

Earlier, Google had said employees should expect to return to the office in January 2021.

6.Pine Labs appoints Nitish Asthana as its new COO
Noida-based digital payments company Pine Labs has appointed Nitish Asthana as its chief operating officer and President to drive the company’s technological innovations and expand acceptance across South East Asia.
He brings more than two decades of experience in senior executive roles across payments, fintech and finance to the table. Asthana was Managing Director, India and Sri Lanka First Data Corp, Fiserv, before Pine Labs.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Sellers’ body approaches CCI against Flipkart’s Walmart India acquisition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Flipkart’s recent acquisition of Walmart India’s cash-and-carry business seems to have already run into trouble, as the All India Online Vendors’ Association (AIOVA) has approached the Competition Commission of India (CCI) against the move.

Flipkart’s recent acquisition of Walmart India (cash-and-carry business) seems to have already run into trouble, as the All India Online Vendors’ Association (AIOVA) has approached the Competition Commission of India (CCI) against the move.

Sellers’ body AIOVA has said that an investigation by the CCI against Flipkart is currently underway for abuse of dominant position, and hence the acquisition can’t be allowed.

Flipkart last week announced its acquisition of Walmart India’s cash-and-carry business, which it runs under the Best Price brand across 28 stores in the country. With the acquisition, Flipkart is also set to launch a digital wholesale marketplace under the brand Flipkart Wholesale.

Flipkart said Walmart India has 1.5 million members. The NCLAT in March had asked CCI to investigate allegations against Flipkart after setting aside the competition watchdog’s order of 2018 that had given a clean chit to Flipkart on allegations by AIOVA.

In a letter to CCI sent on Monday, AIOVA has alleged that the acquisition of Walmart India will lead to preferential treatment for a few sellers.

The association also claims the combination will lead to deep discounting by Flipkart in its grocery segment.

“When Flipkart was acquired by Walmart, we had raised objections to certain parts of the deal in sellers’ interests. Over the years it has been seen that sellers have been neglected by them. Among the objections raised then, we had raised an alarm over Walmart’s existing operations being merged with Flipkarts operations, which is detrimential to sellers interests,” a spokesperson of AIOVA said.

Flipkart is yet to respond CNBC TV 18’s queries. AIOVA had in 2018 sought investigation against Flipkart on alleged violation of Section 4 of Competition Act on abuse of dominance, but it was quashed by the CCI. The NCLAT in March reversed that order, asking the commission to investigate Flipkart.

The CCI had in a separate January 13 order commissioned a probe against Amazon and Flipkart on alleged anti-competitive practices
That CCI probe has been temporarily stayed by the Karnataka High Court.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

STARTUP DIGEST: Here’re startup stories of the day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

There were many developments in the startup space on Thursday these include Flipkart acquired Walmart India’s wholesale business, Vernacular language learning app startup Entri raised an additional $1.7 million, and Amazon Pay launched car and bike insurance, among others.

There were many developments in the startup space on Thursday these include Flipkart acquired Walmart India’s wholesale business, Vernacular language learning app startup Entri raised an additional $1.7 million, and Amazon Pay launched car and bike insurance, among others. Here’s a closer look at today’s startups news and everything you need to know:

1. Flipkart acquires Walmart India’s wholesale business to launch Flipkart Wholesale in August
E-commerce platform Flipkart has acquired 100 percent interest in WalMart India, which operates the Best Price cash-and-carry business. This acquisition was announced with the launch of Flipkart Wholesale, a new digital marketplace to help transform the kirana retail ecosystem in India.

Flipkart Wholesale will launch its operations in August 2020 and will pilot services for the grocery and fashion categories. It will be headed by Adarsh Menon, a veteran at Flipkart. Sameer Aggarwal, Chief Executive Officer at Walmart India, will remain with the company to ensure a smooth transition, after which time he will move to another role within Walmart.

2. Vernacular language learning startup Entri raises an additional $1.7 million led by Good Capital
Vernacular language-focussed learning app Entri, raises an additional $1.7 million to the $1.4 million it raised in February from a set of investors led by Good Capital, closing its Pre-Series A round at a total of $3.1 million.

The round also saw participation from several top angel investors in the Valley and in India, including HyperTrack Founder Kashyap Deorah and Hari TN, Head of HR at BigBasket.

Entri will be using the newly raised fund to capitalize on the opportunity ahead and ramp up marketing, and to produce more content in the coming months.

The local-language learning app for jobs also crossed 3 million users, and saw a 100 percent spike in new users and 150% growth in revenue since the lockdown.

3. Amazon India sets up 10 new warehouses to expand storage capacity
Amazon India has added 10 new warehouses and expanded seven existing buildings, ahead of its upcoming Prime Day sale. These new fulfilment centres will be set up in Delhi, Mumbai, Bengaluru, Patna, Lucknow, Kolkata, Hyderabad, Chennai, Ludhiana and Ahmedabad, a statement said.

Unlike traditional warehouses, fulfilment centres are equipped with highly automated pick, pack and shipping processes to facilitate safe and timely processing of orders. The company however did not give details about the expansion of the seven existing buildings and the investment made.

With this expansion, Amazon India has more than 60 fulfilment centres (FCs) in 15 states with a total storage capacity of over 32 million cubic feet and include the specialised network of FCs for large appliances and furniture category and Receive Centres, it added.

4. WhatsApp Pay’s rural push: From insurance, micro-credit to pension are the app’s next big bets
Providing access to financial services such as insurance, micro-credit, pension and lower income segments in rural India is WhatsApp’s next big bet on the payments front. “We want to open up with more banks in the coming year to simplify and expand banking services to rural and lower income segments,” said Abhijit Bose, head of WhatsApp India.

“Our collective aim over the next two to three years is to enable low-wage earners and the unorganised sector access insurance, micro-credit and pension.”

Bose admitted that extending payments to newer, rural customers can’t be done in isolation. “The goal is not to bring payments but services to the masses,” he said, adding, “Even the RBI’s five-year financial strategy highlights the need to extend financial services to the masses.”

5. Amazon Pay launches car and bike insurance
Amazon Pay has marked its foray in the insurance space by offering two and four-wheeler insurance policies, in partnership with Acko General Insurance Ltd. One can now purchase insurance in less than two minutes with no paperwork, the company claims.

The Amazon Prime members get extra benefits, including additional discounts.

Customers can pay using Amazon Pay balance, UPI, or any saved card and the policy will be in their email inbox in less than 2-minutes. A copy of the policy can also be downloaded from Your Orders page.

6. Saas based HR Tech platform Dockabl launches its new product Clink
Dockabl, an HR-tech startup, launches a new feedback-sharing mobile application – ‘Clink’ – in India. Clink helps in the continuous performance and development of teams by sharing, organizing, and analyzing feedback in real-time.

Dockabl has raised $1.3 million till date out of which they made an initial investment of $500k amount in building the new product. Clink plans to foray into Southeast Asian and North American markets by September 2020.

Clink is now live on Apple App Store and Google Play Store for users. The platform extends free membership to first 10,000 users for Clink’s team++ plan. With this new product, Dockabl plans to foray into Southeast Asian and North American markets by September 2020

7. WYN Studio raises angel funding from India Angel Fund led by Sanjeev Sinha
New age content startup WYN Studio raises angel funding from India Angel Fund led by Sanjeev Sinha, along with India Japan Partnership Fund based in Tokyo, Pranay Anthwal, Narendra Firodia, Founder of Sohamm Unicorp and Rahul Narvekar,Co-Founder, India Angel Network.

The startup plans to use these funds to further strengthen their team with new hiring and also create more original content. While currently they are more focussed on all things audio, with a bit of video content for brands, they are also working on a pipeline of original digital content for various platforms.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Flipkart acquires Walmart India’s wholesale business, to launch Flipkart Wholesale in August

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Flipkart Group, on Thursday, announced the acquisition of Walmart India and launch a new digital marketplace – Flipkart Wholesale to tap into the retail market in India.

Flipkart Group, on Thursday, announced the acquisition of Walmart India and launch a new digital marketplace – Flipkart Wholesale to tap into the retail market in India.

The e-commerce platform has acquired a 100 percent stake in Walmart India, which operates the Best Price cash-and-carry business. This acquisition was announced with the launch of Flipkart Wholesale, a new digital marketplace to help transform the Kirana retail ecosystem in India.

Flipkart Wholesale will launch its operations in August 2020 and will pilot services for the grocery and fashion categories. It will be headed by Adarsh Menon, a veteran at Flipkart. Sameer Aggarwal, Chief Executive Officer at Walmart India, will remain with the company to ensure a smooth transition, after which time he will move to another role within Walmart.

Adarsh Menon, Senior Vice President and Head – Flipkart Wholesale, said, “Flipkart Wholesale will further deepen and build on Walmart India and the Flipkart Group’s commitment to kiranas and MSMEs over the last several years. Thousands of kiranas have already partnered with Flipkart to enhance their business and income streams. I am excited to be part of this new initiative that allows us to expand opportunities for growth for them and bring further prosperity to their lives. We will leverage the synergies between Flipkart and Walmart India as we stay focused on transforming the wholesale experience for kiranas and MSMEs.”

Walmart India has more than 1.5 million members and runs 28 stores in the country.

With this reverse acquisition of the business-to-business segment of Walmart in India, Flipkart Wholesale will leverage Flipkart’s technology and its supply chain infrastructure to reach kiranas and MSMEs across the country.

Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, “The acquisition of Walmart India adds a strong talent pool with deep expertise in the wholesale business that will strengthen our position to address the needs of kiranas and MSMEs uniquely. With this development, the Flipkart Group will further build upon the synergies across its businesses to drive greater value and choice for end-consumers and businesses alike.”

With the acquisition of the Walmart India business, its employees will join the Flipkart Group and the home office teams will integrate over the next year.

Judith McKenna, President and Chief Executive Officer, Walmart International, said, “Today marks the next big step as Walmart India’s pioneering cash-and-carry legacy meets Flipkart’s culture of innovation in the launch of Flipkart Wholesale. By leveraging each other’s strengths and unique expertise, this combined team will break new ground in their shared mission to help Indian businesses grow and succeed. We look forward to a bright future for Flipkart Wholesale.”

The announcement comes a week after Flipkart had said it had raised $1.2 billion in funding from a Walmart-led investor group. In 2018, Walmart Inc had invested $16 billion for acquiring 77 percent stake in the group.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Walmart India sales jump amid coronavirus panic buying

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Amid the rise in coronavirus cases in the country, Walmart India on Wednesday said it has witnessed a spike in sales of items across categories such as personal care and hygiene as well as in few staples and processed food.

Amid the rise in coronavirus cases in the country, Walmart India on Wednesday said it has witnessed a spike in sales of items across categories such as personal care and hygiene as well as in few staples and processed food.

The company, which operates in B2B (business-to-business) segment here, is in touch with its supplier partners to ensure adequate stocking at its ‘Best Price’ stores, Walmart India said in a statement.

Moreover, the company has also imposed quantity restrictions for purchase of certain sensitive categories like hand sanitizers, it said.

“The company has witnessed a spike in sales of items across categories such as personal care and hygiene as well as a few staples and processed food. Walmart India is constantly in touch with its supplier partners to ensure adequate stocking at our Best Price stores,” a Walmart India spokesperson said in the statement.

The company is also working towards identifying future bottlenecks, if they arise, to ensure that the supply chains remain intact.

Walmart has also implemented comprehensive measures for the safety and hygiene of its staff as precautions against COVID-19 (coronavirus), the statement said.

Besides, Walmart is also maintaining “control over the number of members at its premises in order to maintain safe distance”. Walmart India owns and operates 28 Best Price wholesale stores and 2 fulfilment centres in India.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Sacked Walmart India executives write to US headquarters, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Over 30 executives who were recently fired by Walmart in India have termed their termination unfair in a letter to the US retailer’s headquarters in Bentonville, Arkansas.

Over 30 executives who were recently fired by Walmart in India have termed their termination unfair in a letter to the US retailer’s headquarters in Bentonville, Arkansas, reported The Economic Times. The executives alleged in the letter that the termination had nothing to do with their performance and against the assurances given by the retail giant, the report said.

“We have written to them individually as well as a group because the company went ahead with the firing process even after an assurance in December that there will not be any layoffs. Some had even threatened to be whistleblowers in recent real estate deals where due process was not followed,” three former executives were quoted as saying in the report. They further added that the company has responded to their mail and a team from Walmart US’s compliance and ethics department could visit the country to investigate the matter.

Earlier, the Indian unit of Walmart, the world’s largest retailer, laid off about a third of its top executives at its India headquarters in Gurugram.

The company said it “let go” of 56 associates—eight in senior management and 48 in middle and lower management—as part of its review to operate more efficiently. All the sacked employees have been offered enhanced severance benefits and outplacement services, according Walmart India.

Walmart, which operates about 28 wholesale stores across India and had planned to expand to 50 stores over the next three-four years, is also reportedly planning to reduce the pace of store expansion and focus in expanding its e-commerce business. This strategy relook comes after Walmart bought e-commerce retailer Flipkart in 2018 in an estimated $16 billion deal.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Walmart India elevates Sameer Aggarwal to deputy CEO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Walmart India has appointed a deputy CEO, elevating chief business officer, Sameer Aggarwal, to the new position effective January 1. Company sources say the move is part of the succession plan at the company.

Walmart India has appointed a deputy CEO, elevating chief business officer, Sameer Aggarwal, to the new position effective January 1. Company sources say the move is part of the succession plan at the company.

Aggarwal, who was the chief business officer at Walmart India, had earlier worked with KFC Thailand and Sainsbury in Europe.

This is the first deputy CEO role at Walmart India and in fact, there is a buzz in the company that Aggarwal may take over from current CEO, Krish Iyer, within this year itself. 

Walmart India did not comment on the succession plan but said in a statement, “Sameer Aggarwal has been appointed Deputy Chief Executive Officer, Walmart India effective 1st January 2020. He will continue reporting to Krish Iyer, President & CEO Walmart India and oversee Operations, Merchandizing, People, Marketing, Real Estate, Kirana Development Program, Digital, eCommerce and Strategy”

Walmart India owns and operates 28 B2B modern wholesale stores under the brand name”Best Price”. Walmart India’s revenues for FY 2018-19 stood at Rs 4,095 crore,  an 11 percent jump over FY18. Its losses for FY19 however nearly doubled to Rs 172 crore, a 90 percent increase from the previous financial year. 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Walmart to train 50,000 MSMEs in India through new initiative, traders body cries foul

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Walmart International has launched the Walmart Vriddhi initiative to train 50,000 micro, small and medium enterprises (MSME) entrepreneurs in India over the next five years.

Walmart International has launched the Walmart Vriddhi initiative to train 50,000 micro, small and medium enterprises  (MSME) entrepreneurs in India over the next five years. The first Walmart Vriddhi training hub is scheduled to be opened in March 2020.

Speaking about the initiative, Walmart International CEO and president Judith McKenna said: “Walmart Vriddhi program is part of a long term commitment to India. We will support MSMEs through 25 training hubs. The programme will give MSMEs hands on training and access to local and global supply chains.

“Walmart Vriddhi to setup first training hub in March 2020”.

E-commerce companies like Amazon and Walmart-owned Flipkart have been facing protests from traders associations in India. The Confederation of All India Traders (CAIT) recently wrote to commerce minister Piyush Goyal seeking action against online retailers for deep discounting and predatory pricing.

The CAIT has opposed the latest Walmart move.

“CAIT strongly oppose move of Nitin Gadkari-led MSME ministry’s move to join hands with Amazon and Flipkart for online sale of MSME goods”, Praveen Khandelwal, national secretary general, CAIT, said.

A Walmart official said that the company’s announcement to support MSMEs had nothing to do with the protests but was just one of the several steps being taken to support local entrepreneurs. India is one of the top five sourcing markets for Walmart and the company has set itself an ambitious growth target for the Indian market.

Explaining the Walmart Vriddhi initiative, a Walmart official said that the company would setup training institutes in clusters close to businesses and there would be tie ups with Indian universities as well. The aim is to provide hands on training, skill sets and capacity building which will help make Indian MSME exports more competitive globally, he added.

This training in best practices would not only help MSMEs in selling more goods to Walmart and Flipkart but to other rival companies as well, the Walmart official said.

Recently, Walmart’s global CEO, Doug McMillon wrote to Prime Minister Narendra Modi seeking a stable policy environment in India and an easier permit mechanism to open best price stores.

Officials at Walmart refused to comment on the current policy environment in India and said that they continue to have a positive dialogue with the government.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Walmart to pay over $282 million for violating anti-corruption regulations in 4 countries including India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

International retail giant Walmart on Thursday agreed to pay over $282 million to various US bodies to settle charges of violating anti-corruption regulations while conducting its business in India, China, Brazil and Mexico. According to the US Security and Exchange Commission (SEC), these violations were conducted by Walmart’s third-party intermediaries who made payments to foreign …

International retail giant Walmart on Thursday agreed to pay over $282 million to various US bodies to settle charges of violating anti-corruption regulations while conducting its business in India, China, Brazil and Mexico.

According to the US Security and Exchange Commission (SEC), these violations were conducted by Walmart’s third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the Foreign Corrupt Practices Act or FCPA.

SEC has charged Walmart with violating FCPA by failing to operate a sufficient anti-corruption compliance programme for more than a decade as the retailer experienced rapid international growth.

Walmart agreed to pay more than $144 million to settle the SEC’s charges and approximately $138 million to resolve parallel criminal charges by the Department of Justice for a combined total of more than $282 million, SEC said.

The enquiry into Walmart, which was conducted by the Department of Justice and the Securities and Exchange Commission, came after a New York Times investigation in 2012.

The questionable payments made in India were often recorded on the company’s books with vague descriptions like “professional fees” and “incidental”, the Times reported. As late as July 2011, Walmart received an anonymous tip that an employee in India was involved in a scheme to make improper payments to government officials, but the company never looked into it, the newspaper reported.

Last year, Walmart paid $16 billion for a majority stake in Flipkart, India’s largest online retailer.

Many of Walmart’s most senior executives in Mexico, India and Bentonville, Ark., left the company in the wake of The Times’s investigation, according to the Times.

“Walmart valued international growth and cost-cutting over compliance,” said Charles Cain, Chief of the SEC Enforcement Division’s FCPA Unit.

“The company could have avoided many of these problems, but instead Walmart repeatedly failed to take red flags seriously and delayed the implementation of appropriate internal accounting controls,” he said.

Walmart consented to the SEC’s order finding that it violated the books and records and internal accounting controls provisions of the Securities Exchange Act of 1934.

According to the SEC’s order, Walmart failed to sufficiently investigate or mitigate certain anti-corruption risks and allowed subsidiaries in Brazil, China, India, and Mexico to employ third-party intermediaries who made payments to foreign government officials without reasonable assurances that they complied with the FCPA.

The SEC’s order details several instances when Walmart planned to implement proper compliance and training only to put those plans on hold or otherwise allow deficient internal accounting controls to persist even in the face of red flags and corruption allegations.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?