Flipkart $90 Mn🛒, BharatPe🏦, Meta bans ads🚫

Flipkart arm gets $90 mn cash infusion; BharatPe gets RBI nod; Meta bans ads for teens based on gender, Funding Deals and more.

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Jan 11, 2023

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Flipkart marketplace arm gets $90 million cash infusion🛒

Flipkart Internet, the marketplace arm of ecommerce firm Flipkart, has received a cash infusion of close to $90 million (Rs 722 crore) from its Singapore parent, according to regulatory filings.

The resolution to infuse new capital was approved on December 29, 2022. The new capital is from two Singapore-based entities – Flipkart Marketplace Private Limited and Flipkart Private Limited.

Flipkart’s parent firm is domiciled in Singapore and it has several units in India for various businesses, including logistics. Flipkart Internet is one of the key entities of the Walmart-owned etailer in India.

BharatPe gets RBI nod for online payment aggregator🏦

Fintech unicorn BharatPe has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator (PA). The company said that the in-principle approval has been awarded to Resilient Payments, a 100-percent-owned subsidiary of Resilient Innovations.

"At BharatPe, we have been committed to empowering offline merchants and kirana store owners in the country and have already built a network of 1 crore merchants across more than 400 cities," said Nalin Negi, CFO and interim CEO, BharatPe.

The in-principle approval, he added, "will help catapult our expansion plans and enable us to reach out to millions of more unbanked and underserved merchants, providing digital payment acceptance solutions".

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Meta bans ads targeted teens based on gender🚫

Meta, owner of Instagram and Facebook, on Tuesday, said it will stop allowing advertisers to target ads at teens based on gender, as it fights accusations that its platforms are harmful to young users.

Beginning in February, the social media giant said advertisers, the source of the company's massive revenues, would only be able to use age and location when targeting ads at teens globally.

In another break with practice, a teen's previous activity on Meta-owned apps will no longer inform the ads they see, the company said.

In a blog post, Meta said that the changes came because it recognizes "that teens aren't necessarily as equipped as adults to make decisions about how their online data is used for advertising."