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MUMBAI: Tiger Global and Microsoft will fully exit PhonePe as the Walmart-owned fintech gears up for a debut on Dalal Street in the coming months. The first Indian business from Walmart’s stable to go public, PhonePe is seeking to raise about Rs 12,000 crore ($1.3 billion) through an offer for sale (OFS). Walmart, which holds…
NEW DELHI: In a setback to private equity player Tiger Global, the Supreme Court Thursday ruled that its $1.6-billion stake sale in Flipkart to Walmart is subject to taxes in India, setting a precedent for investors that use tax treaties.Setting aside a Delhi high court order, a bench of Justices J B Pardiwala and R…
Walmart-owned Flipkart, Swiggy and IPO-bound Zepto have stopped promoting their grocery businesses as “10-minute” delivery services following a government intervention prompted by road safety concerns, according to a Reuters report.The move comes after the labour ministry, at a private meeting on Saturday, asked some companies to discontinue the “10-minute” branding amid concerns over rash driving…
MUMBAI: The Bengaluru bench of Income Tax Appellate Tribunal (ITAT) has dismissed Flipkart co-founder Binny Bansal‘s non-resident claim, denying him the benefit of India-Singapore Tax Treaty sought by him. The tribunal passed the final order on Jan 9.In his appeal, Bansal argued that he had gone outside India (Singapore) for employment, and hence should be…
BENGALURU: Arvind Fashions said on Monday it will acquire Flipkart Group’s stake in Arvind Youth Brands Pvt Ltd for Rs 135 crore, making the entity a wholly owned subsidiary of the company.Arvind Youth Brands houses Flying Machine, the company’s youth-focused denim and casual wear brand. Arvind Fashions said Flying Machine has re-established itself over the…
MUMBAI: Reliance Retail Ventures has appointed former Flipkart executive Jeyandran Venugopal as president & CEO as the company prepares for an IPO.Jeyandran’s mandate is to strengthen the retail portfolio, accelerate omni-channel growth and drive technical and operational excellence. He will work closely with Isha Ambani, executive director at Reliance Retail Ventures and the leadership team…
MUMBAI: Walmart-owned Flipkart will no longer charge any commission to sellers for products priced within Rs 1,000, which covers a broad selection of the product listings on the platform. In a move that analysts say has been taken to fend off competition from value commerce player Meesho, Flipkart will also not charge commission for any…
