PhonePe will function as an independent business unit. The details of the transaction were not disclosed, but the deal is not cash transaction.
Alibaba, a significant investor in electronic payments and marketplace Paytm, recently declared it was keen to begin operations directly in India.
Flipkart has consolidated all its engineering teams under chief technology officer Ranjan, as the online retailer looks for synergies across its growing technology groups.
The exchange of barbs between Bansal and Bahl was emblematic of the significant pressure they are under with investors’ becoming tightfisted.
Narayan said that Myntra is cutting discounts by a percent every month and instead focusing on curated exclusive brands to drive customer stickiness.
The unit is also launching a Fulfilled by Ekart (FBE) initiative to tap merchants selling goods on other etailers, which will be a big area of growth in future.
Flipkart reportedly considered selling itself to Amazon, upending the notion that India’s largest online retailer would go full distance as independent internet giant.
The Bengaluru-based payments firm, however, has multiple term-sheets and was in negotiations with other suitors as well, according to a source.
Naspers has been pumping money into the online travel company for nearly a decade, not bothering to broadcast it.
The two aim to create an integrated hyper-local delivery service at a time when fresh funding is drying up for consumer internet businesses that rely on discounting to win customers.
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