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Flipkart could face huge fine🛒
ixigo buys AbhiBus, Ola to sell used cars, and even more.
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ED warns Flipkart of $1.35 Bn fine🛒
Flipkart, its founders, and current investors have been warned by India's financial-crime investigator that they might face a $1.35 billion (Rs 10,008 crore) penalty for allegedly breaking India's foreign exchange laws and foreign investment guidelines. It's a case from back in 2012.
Walmart Inc. picked up a 77% stake in Flipkart for $16 bn in 2018. Its founders and many of its investors had partially or fully exited at that time.
Flipkart's valuation doubled to $37.6 bn in less than 3 years after a $3.6-bn funding round in July.
Ixigo buys AbhiBus in cash and stock deal🚌
In order to increase its footprint, IPO-bound ixigo acquired a bus platform called AbhiBus. The slump sale includes a mix of cash and Ixigo stock as consideration.
AbhiBus was the second-largest bus aggregator in India in 2019-20, according to industry statistics, selling 26,000 bus tickets each day.
The deal will help Ixigo consolidate its presence in Tier II/III/IV markets with a combined user base of 255 million users.
Ixigo is planning to file preliminary papers for its IPO by mid-August, to raise ₹1,500 crores.
Earlier this year, ixigo acquired the train booking app Confirmtkt.
Hot Shorts ⚡
Neobank Jupiter has raised $45 million in a fresh round of financing. Jupiter is one of several Indian fintech businesses that have entered the nascent neobanking sector, including Open, EpiFi, Razorpay, and Niyo.
Blisswater Industries — the maker of Indian craft vodka Rahasya — has raised ₹2.48 crore in a seed funding round. The capital will be used to expand the brand’s retail and catering industry presence in India and abroad.
After EV, Ola wants to sell used cars online🚗
Ola is set to enter the retailing of used cars, a rapidly rising industry as consumers seek affordable personal mobility in the midst of the pandemic. The used car business will likely be called Ola Cars.
Ola has started building a team for Ola Cars. The company is expected to start a pilot project in Bengaluru this month, Entrackr reported a few days ago.
The used-car market in India is predicted to grow to $70.8 bn by 2030, up from $18.3 bn in 2020.
Tweet of the day🐥
🥈 Ravi Dahiya won a silver medal after losing his final.
🥉 India men's hockey team won bronze by beating mighty Germany 5-4, breaking their 41-year medal drought at the Olympics.
It’s not about money, it’s about the freedom to live the life you want.
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