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Naspers Invests $71 Million In Flipkart For 16.5% Holdings

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8 years ago

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The South African Internet and media conglomerate Naspers took hold of 16.5% of Flipkart stakes with a $71 million investment. In an annual filing, Naspers stated the group invested in Flipkart for an additional interest and now holds 16% in Flipkart on a fully diluted basis.

Nasper’s filing also estimates Flipkart’s share in monthly gross merchandise value increased to 55% in March 2017, after falling to 45% in June 2016. They added Flipkart remains a large opportunity with market estimates expecting the Indian online market to reach $50 billion by 2050.

Nasper’s first invested in Flipkart’s Series D round of funding in 2012 and later led Flipkart’s Series G investment round with Tiger Global in 2014. Earlier this year, Naspers also participated in Flipkart’s latest round of funding where they raised $1.4 billion at a valuation of $11.6 billion.

According to Naspers, Flipkart culbbed with PayU and MakeMyTrip are companies that will reach their full potential in the next 3 to 5 years. They also have invested $80 million in Bundl Technologies Swiggy and hold a 14.8% interest in Swiggy on a fully diluted basis.

Recently in June, Flipkart received permission from Competition Commission of India (CCI) regarding its acquisition of e-commerce site eBay India. The unicorn company is also in talks to acquire Snapdeal, another Indian e-commerce startup.

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Latest News

Blissclub Raises INR 33 Crore in Fresh Funding Months After Layoffs

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3 days ago

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May 8, 2025

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Bliss_StartupStories

Blissclub, the women-centric D2C apparel brand, has raised INR 33 crore in a Pre-Series B funding round led by Elevation Capital, with Eight Roads Ventures also participating. This funding comes just three months after the company laid off 18% of its workforce-about 21 employees from creative, sales, marketing, growth, and product teams-due to high cash burn and challenges in securing new capital.

The latest investment was made through the allotment of 16,076 compulsory convertible preference shares (CCPS) at a premium of INR 20,428 each. Elevation Capital invested INR 19 crore, securing a 24.5% stake, while Eight Roads Ventures contributed INR 14 crore, raising its stake to 15.79%. The capital will be used for working capital, capital expenditure, and general corporate purposes.

Founded in 2020 by Minu Margeret, Blissclub started as an online activewear brand for women and has since diversified its product range and established offline stores. Despite recent restructuring, the company’s revenue grew 27% to INR 86.9 crore in FY24 from INR 68.3 crore in FY23, though net losses also increased to INR 43.9 crore.

Blissclub’s successful fundraising, despite recent layoffs, underscores both the ongoing challenges and the resilience of India’s D2C startup sector in a difficult funding environment.

 

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Apple to Shift Entire US iPhone Assembly to India by 2026

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Apple is set to relocate all assembly of iPhones destined for the US market from China to India by the end of 2026, marking its biggest manufacturing shift in decades. The move is driven by escalating US-China trade tensions and steep tariffs—up to 145% on Chinese imports—making Chinese assembly increasingly costly for Apple. Although some smartphone imports are temporarily exempt, a 20% duty still applies to Chinese-made iPhones entering the US.

 

India, in contrast, offers a more favorable trade environment, with a paused 26% reciprocal tariff and ongoing negotiations for a bilateral trade deal with the US that could shield Indian exports from future levies. Apple plans to more than double its current iPhone output in India, aiming to assemble over 60 million units annually for the US market. The company already produces about 25% of its global iPhones in India, working with partners like Foxconn, Tata Electronics, and Pegatron.

 

This shift is part of Apple’s broader strategy to diversify its supply chain and reduce reliance on China amid geopolitical risks. However, the transition’s success will depend on how quickly India can scale up its manufacturing capabilities and the outcome of ongoing trade negotiations.


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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

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