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Infibeam is all set to receive investment from Mukesh Ambani-controlled TV18 Broadcasts worth about Rs 40 crore.
Lydia Jett, who resigned from Snapdeal board two months ago, has now been appointed to the board of directors at Flipkart.
The funding round is expected to close by the end of this year. The name of the investors are not known yet.
Raised capital will be spent to continue geographical expansion, accelerate product growth and innovation.
With ₹1.2 crore raised in the seed funding round, the company aims to enhance its product portfolio, develop its technology, and expand its team.
Fairfax Financial Holdings is looking to invest Rs 1,200 to Rs 1,500 crore in publicly listed eCommerce startup Infibeam for 10-12 percent stake in the company.
Paytm Mall is gearing up to spend Rs 32 crore to get over 50,000 sellers on board ahead of the festive season. It is setting up a dedicated team of 500 personnels for the same.
Myntra has onboarded Sane Retails as an exclusive vendor on the platform. With this move, it aims to comply with new norms set by DIPP for online marketplaces, and boost sales of its private labels.
Axis Bank has extended Flipkart's working capital credit line to Rs 375 crore, giving a major relief to the company during festive season.
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