According to Binny Bansal, Flipkart's strategy during the festive month was to focus on the large appliances, smartphones and fashion, and "not to sell units or visits," which he claimed Amazon India did.
Michael Herzig, serial entrepreneur, and Ashish Lakhanpal, CEO of Kismet Capital have also co-invested as part of the fund raise.
Primary among these factors is the impending rollout of the proposed Goods and Services Tax, which would simplify selling to business across states.
Gowrappan is the fourth executive from Alibaba to join Paytm’s board. Besides Gowrappan, the other two executives who joined Paytm in the last one week are Google’s Amit Singhal and former vice-chairman of Goldman Sachs, Mark Schwartz.
Online markertplaces such as Amazon and Flipkart charge brands for advertising, distribution and customer insight for launch of models 'exclusive' to the platform.
Current round comes at a higher valuation than fund infusion in May, 2015 when company had raised Rs 506 cr from Tiger Global and others at a valuation of Rs 2,275 cr.
The move is similar to what express delivery companies like BlueDart and DTDC have done to expand their network in small towns and cities through a franchisee model.
Apple had partnered exclusively with Flipkart for the online launch of the phone which had to be pre-ordered by customers.
Uber says in a blog post that the experts will "roll right up at your doorstep" for a 10-minute pitch session which will be followed by 10 minutes of feedback. Those with the three best ideas get to meet Kalanick and Sitharaman.
"This indeed is a historic moment," said Binny Bansal, chief executive officer of Flipkart who reckons that millions of new customers have been drawn to buying online through these sales.
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