Flipkart has launched its own payments app, Super.money, in a move to expand into the fintech sector. The app offers UPI payments, cashback rewards, and plans to expand into secured cards and lending. The launch comes over a year after Flipkart separated from PhonePe and follows a recent $350 million investment from Google.
Indian e-commerce companies are experiencing unprecedented growth, driven by increasing smartphone adoption and a vast consumer base. Industry experts believe that major players such as Reliance-controlled JioMart, Walmart-owned Flipkart, Amazon, and Tata Digital have the potential to rival Alibaba in China. These companies are expected to benefit from the country’s growing e-commerce landscape and the potential for vertical e-commerce businesses to thrive.
On May 24, various significant events occurred in India, covering business, politics, and criminal investigations. E-commerce giant Flipkart announced the addition of Google as a minority investor, while Hindalco reported a 32% increase in its quarterly net profit. In other news, the Pune Police revealed an attempt to frame a family driver in a car accident case. Additionally, the Ministry of External Affairs issued a notice to JD(S) MP Prajwal Revanna in connection with a sexual harassment case. India’s crude oil imports rose by 7% year-on-year, contributing to the net import bill’s increase. The S&P BSE announced changes to the Sensex index, replacing Wipro with Adani Ports and Special Economic Zones. Furthermore, the Delhi Police detained a key suspect in the Dombivali boiler blast case, and a Delhi court sent the personal secretary of Delhi Chief Minister Arvind Kejriwal to judicial custody for allegedly misbehaving with AAP MP Swati Maliwal.
Walmart’s international president and CEO, Kathryn McLay, has indicated that the company is exploring the appropriate time for its Indian subsidiary, Flipkart, to go public. During the company’s earnings call, McLay highlighted the strong performance of Flipkart, including positive EBITDA for Myntra in the last two quarters and growth in premiumization.
**Singapore’s Temasek and US investment fund Fidelity are in talks to invest in Lenskart, an omnichannel eyewear retailer.** The new funding round, led by Temasek, values Lenskart at over $5 billion. This is higher than the $4.5 billion valuation at which it conducted $600 million of funding last year. The funding will help Lenskart expand its operations and continue its growth trajectory.
**In other news, Flipkart’s Web3 and blockchain explorations are expanding beyond the metaverse and non-fungible tokens (NFTs).** The company is working with Polygon for its web3 initiatives and plans to go deep with this partnership this year. Flipkart aims to use blockchain technology to deepen its brand engagements and track promotional content and their conversion into sales.
**Zilingo’s former CEO, Ankiti Bose, has filed a case of sexual harassment against the company’s cofounder Dhruv Kapoor and its former chief operating officer Aadi Vaidya.** According to the FIR, in March 2021, the two allegedly threatened Bose and sought sexual favours.
**PhonePe is restructuring its ONDC strategy by exiting several non-food categories.** The Walmart-owned company unveiled its ecommerce venture Pincode on ONDC in 2023 offering grocery, food delivery, medicines, fashion and electronics among other categories on the network.
**Database company MongoDB sees a “great opportunity” in India as large banks, airlines and financial services companies here launch AI business models.** The company is introducing its new GenAI platform in India to help organizations develop and deploy AI models on its database platform.
The MacBook Air M2 is now available on Flipkart with a massive discount of Rs 29,910, bringing down its price to Rs 89,990. This deal makes it a great time to consider buying this Apple laptop. The MacBook Air M2 features a 13.6-inch display, M2 chip, 8GB of RAM, and 256GB of SSD storage. It boasts a slim and thin design, a brighter and bigger display, and a powerful M2 processor. While it handles regular tasks well, it may struggle with intense workloads. For better performance, consider the MacBook Air M3, which is slightly more expensive.
Apple enthusiasts rejoice! Flipkart has launched an irresistible deal on the highly sought-after iPhone 15. Originally priced at Rs. 79,900, the 128GB variant is now available for an incredible Rs. 65,999, a massive discount of 17%. Additionally, with alluring exchange options and exclusive offers, you could potentially own the latest iPhone for as low as Rs. 32,999.
Flipkart Leap Ahead (FLA) is a program that provides equity investments of USD 200,000 to USD 500,000 to early-stage startups leveraging GenAI in their core solutions. Applications for the third cohort are open from April 22 to May 26, and selected startups will receive two-month mentorship from industry veterans.
