Valuation of the e-commerce firm Flipkart has decreased as of January 2024 compared to January 2022 by $5 billion (₹ 41,000 crore), according to equity transactions conducted by its parent Walmart, reported The Press Trust of India (PTI) on Sunday.
As a result of Walmart’s adjustment to Flipkart’s ownership structure, PTI’s report mentioned, the valuation of Amazon’s Indian competitor dropped to $35 billion as of January 31, from $40 billion two years ago.
The company, earlier this month, partnered with Axis Bank to launch its UPI handle to enhance its digital payment aid for all customers including over 500 million online shoppers of Flipkart.
The report of PTI also highlighted the factor affecting Flipkart’s valuation was PhonePe’s demerger into a different company.
Flipkart’s ownership increased from about 75% to nearly 85% by acquiring shares and settling liabilities related to PhonePe, according to Indian Startup News.
Flipkart, also on Sunday, was held accountable to pay a fine of ₹10,000 ($120.60) to a consumer on their iPhone order cancellation, despite receiving compensation, based on the order of the District Consumer Disputes Redressal Commission, Central Mumbai.
At the point of conversion, $1 = ₹ 82.92
To read more on Technology, head to the link.
