Flipkart receives INR 1,616 cr from Singapore-based parent entity ahead of festive month

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When it comes to India’s widely celebrated festival Deepawali, Flipkart, India’s largest e-commerce space, is leaving no stone unturned to run-up to the annual festive sale of the year.

After partnering with 27,000 kirana shops ahead of the festive month, Bengaluru-based unicorn has received INR 1,616 crore from its Singapore-based parent entity, cited Economic Times.

Flipkart India allotted 4,64,403 equity shares to its parent entity at INR 34,800 per share.

According to the report by ET, Flipkart is aiming to clock sales worth $3 billion during the festive period this year, with the BigBillionDays sale happening from September 29 to October 4.

The company said that it planned to launch special products during the Big Billion Days sale, with some packaged as Flipkart exclusives, create buzz and intrigue with pre-orders, contests, cross-sell across different categories, and do a few select trial generation deals priced at INR 49/ INR 99.

Flipkart, owned by Walmart, is based out of Bengaluru, founded by Sachin Bansal and Binny Bansal together in 2007. The company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.

The company has also offered brands to tap 50-70% off and ‘buy one, get one free.’ For some of these exclusive launches and BBD branded products. Flipkart India is buying inventory from brands, report said.

Besides Flipkart, other e-commerce giants include Alibaba, Amazon, Shopclues, JabongMyntra, and many more.

Read more: Flipkart partners with 27,000 kirana shops to grow pan-India supply before Deepawali

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