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Myntra has achieved its first full year of profitability in FY24, reporting a profit of Rs 31 crore, a significant recovery from a loss of Rs 782 crore the previous year. Revenue increased by 15% to Rs 5,122 crore, driven by reduced expenses, which fell by approximately 3% to Rs 5,123 crore. While costs for materials, advertising, and IT decreased, employee benefit expenses rose compared to FY23.
Flipkart, India's largest ecommerce firm valued at $36 billion, is set to launch its IPO within 12-15 months, following internal approvals to shift its domicile from Singapore to India. This move is seen as a significant step for the startup sector, which is poised for a wave of public listings in 2025. Additionally, mergers and acquisitions in India have rebounded in 2024, showing a 13.5 percent increase until November.
E-retailers on platforms like Amazon and Flipkart have argued in the Karnataka High Court that the ongoing Competition Commission of India (CCI) investigation against them exceeds its original mandate. The group, including Rocket Kommerce LLP and Sane Retail, is seeking exclusion from the probe, which the court has temporarily stayed. The case is being heard by Justice Hemant Chandangoudar.
PhonePe has appointed Manish Sabharwal, founder of TeamLease, as an independent director, succeeding Binny Bansal of Flipkart. Sabharwal will chair the audit committee and focus on enhancing the company's financial reporting integrity and risk management practices as PhonePe prepares for an IPO in the coming years. The fintech firm, which holds nearly 50% of the UPI market share, aims to strengthen its internal controls under his guidance.
Flipkart Group has appointed Dan Bartlett, Executive Vice President of Corporate Affairs at Walmart, to its Board of Directors, effective November 21, 2024. Bartlett, who has been involved with Flipkart since Walmart's investment in 2018, brings expertise in public policy and sustainability, aiming to enhance Flipkart's role in sustainable growth and job creation in India. CEO Kalyan Krishnamurthy emphasized that Bartlett's experience will be a valuable asset as the company continues to expand.
The Enforcement Directorate (ED) is set to file a complaint against Amazon and Flipkart for violating foreign direct investment (FDI) norms, following an investigation that revealed direct links between the companies and their preferred sellers. Interrogations of top sellers indicated that Amazon and Flipkart exert significant control over inventory and profit margins, supported by substantial evidence, including email communications. Neither company has received formal communication from the ED regarding the findings.
The Enforcement Directorate (ED) is investigating Amazon and Flipkart, focusing on their vendors to determine if there were violations of foreign direct investment (FDI) norms. The agency is examining whether these platforms influenced pricing and if sellers exceeded the 25 percent sales limit. A nationwide search was conducted on November 7 at major sellers associated with these e-commerce giants.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Myntra Achieves Profitability in FY24 with 15 Percent Revenue Growth
06:51 09.12.2024
Flipkart Plans IPO in 12 to 15 Months Amid Startup Surge
05:40 09.12.2024
e-retailers challenge CCI probe as Karnataka High Court hears case
12:11 27.11.2024
PhonePe appoints Manish Sabharwal as independent director ahead of IPO
12:29 22.11.2024
Flipkart appoints Walmart executive Dan Bartlett to board of directors
11:04 22.11.2024
ed probe reveals amazon and flipkart"s fdi violations with sellers
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