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Flipkart Private Limited, which is the e-commerce major’s parent entity incorporated in Singapore, has infused $233 million in the wholesale arm of the business, Flipkart India Private Limited (or Flipkart Wholesale).
According to the company’s regulatory filings, 4,99,036 equity shares were allotted to Flipkart Private Limited as part of this transaction at face value of ₹1 each at a securities premium of ₹34,799.
The new equity shares allotted to Flipkart Private shareholders shall rank pari-passu with the existing equity shares of the company as to dividend, voting or otherwise, the filings added.
Revenue growth in FY21
Earlier this week, Flipkart Wholesale (Flipkart India Pvt Limited)reported ₹42,941 crore revenue from operations in FY21, which is 25 per cent higher than previous year. Further, the company’s losses shrunk 22 per cent to ₹2,445 crore. The revenue numbers have come at a time when the company is reportedly planning to list outside India by end of 2022.
Products range
Launched in 2020, Flipkart Wholesale is the B2B marketplace of Flipkart Group. It offers a selection of products spanning across categories including fashion, grocery and general merchandise. Flipkart Wholesale claims to serve over 1.5 million members across the country, which include kiranas , HoReCa (hotels, restaurants and cafeterias) and O&I (offices and institutions).
Latest offerings
The entity has recently launched a ‘Scan 2 Buy’ feature on its e-commerce app to enhance the shopping experience of kiranas and retailers. The feature aims to drive the adoption of e-commerce with walk-in members. It has been rolled out nationally across all 28 Flipkart Wholesale Best Price stores through the platform’s app.
In October 2021, Flipkart Wholesale partnered with Rupifi to offer Embedded Buy Now, Pay Later offerings to the MSMEs.
Prior to this, Flipkart Wholesale had also rolled out credit offerings, including ‘Easy Credit’ in partnership with IDFC FIRST Bank for kiranas . Through these offerings, kiranas could avail credit in two minutes at zero cost. The credit line will range from ₹5,000 to ₹2 lakh with an interest-free period of upto 14 days.
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