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In the last year, Binny, along with Excel and Tiger Global Management, sold their entire stake to Walmart, resulting in Binny earning around 1.5 billion dollars. Walmart had acquired a 77% stake in Flipkart for 16 billion dollars in May 2018. [84] In March 2024, Flipkart launched its UPI services, Flipkart UPI, in partnership with Axis Bank.
The highest year-over-year increases in visits took place on Cyber Monday and Black Friday with a growth of 16% and 13%, respectively. [ 149 ] In 2013, Cyber Monday online sales grew by 18% over the previous year, hitting a record $1.73 billion, with an average order value of $128. [ 150 ]
The average order was $131.66, flat with the preceding year, though the number of transactions was up and people were buying more items on average per order. [ 40 ] In 2016, according to Adobe Digital Insights, [ 41 ] Cyber Monday hit a new record with $3.45 billion, and was the first time that online sales in one single day surpassed $3 billion.
Flipkart introduced Shopsy in July 2021 [3] [4] as a mobile app that allowed people in India to launch their own online reseller business. [5] [6] [7] By August 2021, the app had adopted a zero-commission marketplace model. [8] [9] Later, Shopsy shifted its focus to become a B2C company. [10]
Binny Bansal resigned from the executive team on 28 January 2024, and has completely divested his stake. In the last year, Binny, along with Excel and Tiger Global Management, sold their entire stake to Walmart, resulting in Binny earning $1.5 billion. Walmart acquired a 77% stake in Flipkart for $16 billion in May 2018. [23]
[21] [22] Myntra reported a net loss of ₹151.20 crore in the financial year 2017–2018. [23] In January 2021, Myntra changed its logo, after a police complaint was registered that the logo resembles a naked woman. The complaint was filed by a woman named Naaz Patel, who runs an NGO called Avesta Foundation. [24]
In 2018, Bansal exited Flipkart following the Walmart deal. [6] In 2007, Sachin Bansal and Binny Bansal (not related) founded Flipkart whose valuation in 2018 was $20.8 billion. [7] In 2018, Bansal held a 5.5 per cent stake in Flipkart, which he sold to Walmart and his net worth then was a little over $1 billion. [7]
Reliance Retail is an Indian retail company and a subsidiary of Reliance Industries.Founded in 2006, it is the largest retailer in India in terms of revenue. [5] Its retail outlets offer foods, groceries, apparel, footwear, toys, home improvement products, electronic goods, and farm implements and inputs.