Page 9 - Walmart

Walmart's PhonePe to move headquarters from Singapore to India: Report

Walmart group digital payments firm PhonePe is planning to shift its headquarters from Singapore to India, according to a source privy to the development. Flipkart, the largest shareholder of the firm, will continue to remain headquartered in Singapore and there is no decision to shift its base. When contacted, a PhonePe spokesperson confirmed the development. "We are in the process of moving our registered entity from Singapore to India," the PhonePe spokesperson said. An email query sent to Flipkart elicited no reply. Flipkart had partially spun-off PhonePe in December 2020 to enable the payments firm to access dedicated capital to fund its long-term ambitions over the next three to four years. The e-commerce firm continues to be its biggest shareholder. As per the last fundraise of USD 700 million, about Rs 5,172 crore, PhonePe was valued at USD 5.5 billion. PhonePe had crossed the 250 million registered user milestone, with over 100 million monthly active users (MAU) genera

BigBasket FY22 revenue up 17% to Rs 7,119 cr, loss widens 4x to Rs 813 cr

BigBasket expects GMV to grow 30% to Rs 13,000 cr in FY23 with quick commerce push; will scale up offline stores from 90 to 695 in a year, will double footprint to 70 cities

Walmart, Flipkart contribute over Rs 2 cr towards flood relief in Assam

The funds will help humanitarian organisation 'Doctors For You' support people impacted in the region, a joint statement said

E-commerce giants offer tech-friendly policies to woo offline sellers

They are offering new-age tech based products such as AI-led cataloguing, coupled with easy settlements and attractive platform fees that enable ease of doing business

US sues Walmart for facilitating money transfer scams worth $197 mn

The US Federal Trade Commission (FTC) has sued retail commerce giant Walmart for allegedly allowing its money transfer services to be used by fraudsters, who fleeced consumers out of more than $197 mn

HC quashes order on taxing Flipkart payment to Walmart for deputed staff

Court says assessing officer's stand on employer-employee relationship based on a wrong premise

Will Amazon be able to overcome challenges to its expansion plans in India?

A tougher global e-commerce environment and repeated policy and regulation problems are raising questions about the company's India expansion plans

PhonePe sells over 1 mn two wheeler insurance policies on its platform

Sees over 75% of overall insurance purchases from tier 2 & 3 cities

Flipkart aims to sell one bn fashion products in 2023, preps for sale event

Flipkart is betting on the fashion market and has announced its end-of-season sale (EOSS) event where it will connect customers to 200,000 sellers

Some suppliers working with retailer to cut prices amid inflation: Walmart

Investors have questioned Walmart's ability to ask suppliers to offer price reductions when they too are focused on protecting margins in the face of inflation hovering at a four-decade high

India lines up banks for e-commerce effort to take on Amazon, Walmart

The success of ONDC, which would promise equal access to all online sellers and buyers regardless of their size, is a priority for PM Modi

Cashing out of Asia

The German group has been completely focused on its European operations at a time when there have been quite a few setbacks

Walmart-owned PhonePe launches UPI SIP for investing in 24K gold

Setting up a gold SIP on PhonePe is a one-time, hassle-free process and all subsequent investments are completely automated

Amazon, Flipkart in talks to buy stake in $1 bn diagnostic chain Metropolis

Metropolis runs more than 3,000 diagnostics centers as well as pathology laboratories in India and Africa

Walmart's PhonePe set to acquire WealthDesk, OpenQ for about $70 mn

PhonePe to acquire WealthDesk and OpenQ for about $50 million and $20 respectively according to the sources. PhonePe has invested over $60 M on acquisitions as per the data analytics platform Tracxn

Walton family loses $27 bn in wipeout after Walmart cuts profit outlook

Walmart, controlled by the family, fell 11 per cent in New York trading after the Bentonville, Arkansas-based company reported earnings that lagged analysts' estimates

Walmart cuts full-year profit forecast as fuel, labour costs spike

Shares tumbled 6.5% to $138.51 in premarket trading, dragging down those of rival retailers including Target Corp

Dow Jones rises nearly 300 pts on gains in banks, strong retail sales data

Walmart slides after cutting earnings forecast; April retail sales rise in-line with estimates

India to launch open e-commerce network to take on Amazon, Walmart

The government's so-called ONDC platform will allow buyers and sellers to connect and transact with each other online, no matter what other application they use

Billionaire tech pioneer Nilekani takes on Amazon, Walmart in India

India has become a battlefield for some global retail behemoths that are either shut out of China or are struggling to compete with local rivals there