Connect with us

Latest News

Flipkart Gets Credit Line Rs. 375 Crores From Axis Bank

Published

on

Flipkart Gets Credit Line From Axis Bank,Startup Stories,Latest Business News 2017,hypothecation agreement,foreign direct investment,Flipkart Latest News,Axis Bank,flipkart today news

The wholesale cash and carry arm of Flipkart, Flipkart India Pvt., Ltd., has received a working capital credit line of Rs. 375 crores from private lending firm Axis Bank.

VCCircle reported, the online retail company has entered into a hypothecation agreement with the lending bank according to documents filed with the Ministry of Corporate Affairs. A hypothecation agreement refers to the pledging of assets as collateral for a loan from a financial institution. The credit line was extended by Axis Bank in March this year.

The company, as per the filings, had previously raised a loan of Rs. 650 crores from Kotak Mahindra Bank that was later increased to Rs. 820 crores. They were also successful in securing a Rs. 300 crores credit line from HDFC Bank, which was increased to Rs. 453 crores afterward.

It was also previously reported the company, who was seeking an equity infusion at a valuation of $ 15 billion, would be raising close to $ 300 million in loans from Indian banks as external investment seemed like a long shot. Flipkart last raised $ 1.4 billion from Chinese Internet firm Tencent Holdings Ltd., eBay and software giant Microsoft Corp in April this year. Many media reports also suggest Japan’s leading firm SoftBank Group will also invest close to $ 2 billion in the company after the failed Flipkart and Snapdeal acquisition attempt.

The ecommerce giant Flipkart India registered a 42.8% rise in gross revenue at Rs. 13,177 crores for the financial year 2016, up from Rs. 9,226.5 crores registered in the previous year. The company also reported a decrease in their net loss to Rs. 544.3 crores in 2016 from Rs. 828.2 crores in the previous year. The financial report for 2017 has not been registered yet.

At present, Flipkart is gearing up to fight the rival global ecommerce giant Amazon. Amazon recently got the governments approval to invest $ 500 million in the food and processing industry in India. Apart from Amazon, Groffer and BigBasket have also received the green light from the government for foreign direct investment (FDI) in the food and processing industry. 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Zepto Prepares for IPO with $250 Million Secondary Share Sale to Boost Domestic Investor Ownership

Published

on

Zepto Prepares for IPO with $250 Million Secondary Share Sale to Boost Domestic Investor Ownership

Zepto, the Bengaluru-based quick commerce startup, is preparing for its initial public offering (IPO) by facilitating a secondary share sale worth up to $250 million. This strategic move aims to increase Indian investor ownership from approximately 33% to nearly 50% before the anticipated public listing later this year or early next year.

Funding and Investor Details

The secondary sale will involve private equity firms, including Motilal Oswal Financial Services and Edelweiss Financial Services, allowing existing investors and employees to liquidate their shares. Although Zepto will not raise additional capital through this transaction, it is expected to execute the sale at a valuation of just over $5 billion, consistent with its last funding round in November 2024.

Objectives Behind the Sale

The primary goal of this secondary share sale is to enhance domestic ownership in Zepto, aligning with regulatory preferences and making the IPO more attractive to local institutional investors. Co-founders Aadit Palicha and Kaivalya Vohra currently hold about 20% of the company, and increasing Indian shareholder stakes is seen as a way to strengthen governance and influence over the company’s future direction.

Market Context

Zepto operates in India’s competitive grocery delivery market, facing challenges from established players like Amazon India, Swiggy, Zomato, and BigBasket. Founded in 2021 by Palicha and Vohra after they dropped out of Stanford University, Zepto has quickly gained traction in the quick commerce sector.

Conclusion

As Zepto approaches its IPO, this secondary share sale represents a crucial step in solidifying its position in the Indian market. By boosting domestic investor participation, Zepto aims to enhance its credibility and appeal as it prepares for a public listing amidst a wave of Indian startups entering the stock market.

Continue Reading

Latest News

Regional OTT Platform STAGE Raises $12.5 Million to Expand Bhojpuri and Cultural Offerings

Published

on

Regional OTT Platform STAGE Raises $12.5 Million to Expand Bhojpuri and Cultural Offerings,Startup News,Startup Stories,Startup Stories 2025,Startup Stories India,Tech News,Latest News,OTT,Bhojpuri,Cultural,STAGE,Regional OTT Platform STAGE,Indian OTT Platform STAGE Nets $12.5M Series B,STAGE News,CEO Vinay Singhal,OTT News,OTT Platform STAGE Secures $12.5 Million,STAGE Secures $12.5M Series B,STAGE Bags $12.5 Mn In Funding,Regional OTT Platform STAGE App,STAGE OTT,STAGE App,Series B,STAGE Latest News

Regional OTT platform STAGE has successfully raised $12.5 million in its Series B funding round, a move that highlights the increasing demand for regional content in India. The round was co-led by Goodwater Capital and Blume Ventures, with participation from Physis Capital and several angel investors.

The funding includes $10 million in primary capital and $2.5 million from secondary share sales, allowing early investors to partially exit. This capital will enable STAGE to enhance its content offerings, particularly in underserved languages like Bhojpuri, while strengthening its technological capabilities.

 

Since its launch in 2019, STAGE has quickly established itself as a leader in the regional OTT market, reporting an Annual Recurring Revenue (ARR) of ₹180 crore (approximately $21.7 million) and over 4.4 million paying subscribers. The platform has achieved over 20 million app installs and experienced significant growth, with a 289% increase in revenue and a 286% rise in subscribers over the past year, driven by original series such as Videshi Bahu, Kaand 2010, and Bhawani.

 

CEO Vinay Singhal emphasized that this funding is not just financial support but a validation of India’s diverse regional cultures. He noted that dialects like Haryanvi and Bhojpuri should be celebrated rather than viewed as liabilities. With this new funding, STAGE plans to further invest in content creation and technology development to enrich its storytelling experience.

 

As the demand for regional language content continues to grow, STAGE’s strategic investments position it well to expand into more languages and cultural narratives, solidifying its place in the competitive OTT landscape alongside platforms like aha video and Chaupal.

 

Continue Reading

Latest News

From Space to Earth: Sunita Williams’ Inspiring Journey and Homecoming Celebration

Published

on

From Space to Earth: Sunita Williams' Inspiring Journey and Homecoming Celebration,Startup Stories,Startup Stories India,Inspirational Stories 2025,Latest Technology News and Updates,2025 Technology News,Tech News,startup news,Sunita Williams,Sunita Williams space journey,Sunita Williams homecoming,NASA astronaut Sunita Williams,Sunita Williams space achievements,Sunita Williams return to Earth,Sunita Williams Highlights,Sunita Williams Inspiring Journey

Sunita Williams, the celebrated Indian-American astronaut, recently returned to Earth after an extended nine-month mission aboard the International Space Station (ISS). Initially scheduled for just eight days, her mission was prolonged due to technical issues with the Boeing Starliner spacecraft, which rendered it unsafe for their return.

On March 19, 2025, Williams and fellow astronaut Butch Wilmore safely splashed down off the Florida coast. 

 

Their homecoming was celebrated in Jhulasan village, Gujarat, where special prayers and rituals were held to honor her safe return. Family members expressed their joy and gratitude, emphasizing her strong ties to her ancestral home.

Upon her return, Williams received accolades from Indian officials, including a letter from Prime Minister Narendra Modi, who expressed pride in her achievements and resilience. He highlighted the inspiration she provides to future generations of scientists.

 

While her return marks a moment of celebration, it also signals the start of new challenges. After spending 286 days in space, Williams will undergo a 45-day rehabilitation period to readjust to life on Earth and regain physical strength.

Sunita Williams’ journey serves as an inspiration not only for India but for aspiring scientists worldwide, showcasing the significant contributions of Indian-origin individuals in global space exploration.

Continue Reading
Advertisement

Recent Posts

Advertisement