Ecommerce Behemoth Flipkart To Bolster ‘Relatable Indian Brands’

As PM Narendra Modi has shifted the campaign from ‘Positive India’ to ‘Progressive India’, ecommerce behemoth Flipkart is also set to unveil a new brand called ‘Naye India Ke Saath’ to focus on its ‘Progressive India’ initiatives.
 
The ‘Progressive India’ initiative aims to create a more ‘relatable Indian brands’, which will further help attract another 100 Mn customers, reports ET.
 
As per the report, relatable Indian brand currently contributes 15% of the overall gross merchandise volume (GMV). The Progressive India initiative focusses on bringing more monthly active users from Tier II and Tier III markets.
 
An email sent to Flipkart team did not elicit any response till the time of publication.
 
While rival Amazon India, was recently seen prioritising Indian sentiments in its ad campaigns, being a homegrown company, Flipkart aims to bank on being swadeshi in this regard.
 
The Swadeshi raga is not new for the users. Banking on Swadeshi campaigns, Yogacharya Ramdev’s Patanjali Ayurved, in a short span of the last few years, has already become one of the largest FMCG companies in India.
 
Earlier, Inc42 had also reported that the US-headquartered retail giant Walmart is looking to acquire a big stake in Flipkart. If the deal goes through, it would catapult Flipkart’s valuation to $20 Bn from its current valuation of $11.6 Bn.
 
According to Shoumyan Biswas, VP of Marketing at Flipkart, the company will come up with several solutions in the next 6-18 months to add 100 Mn more customers. “For example, only 35 Mn people have credit cards, so we want to create credit options for the remaining population that doesn’t have credit cards,” he added.
 
Meanwhile, despite heavy losses and ongoing litigation with the taxation department, Flipkart Group has reported a rise in its revenues by nearly a third on Y-o-Y basis for the FY 2016-17.
 
The ecommerce giant has reportedly registered a 29% Y-o-Y increase in its revenue, at a staggering amount of $3.09 Bn (INR 19,854 Cr) for the financial year which ended in March 2017. However, Flipkart continued to record high losses, which reached $1.3 Bn (INR 8,771 Cr) and translates to an increase of 68% from a loss of $814 Mn (INR 5,223 Cr) registered in FY16.
Shoot

Trending News

Xiaomi pumps Rs 3,500 crore into India business

BlackBuck's out to raise $150M in new round, valuation likely to jump to $800 M

With $21 Billion, Azim Premji among world’s top philanthropists

Google agreed on a $45M exit package for India-origin exec accused of sex abuse

HSBC pegs Zomato's valuation at $3.6 billion ahead of Swiggy

PayU in talks to acquire online payments firm Wibmo for $60M

Quikr close to acquiring refurbished goods marketplace Zefo in all-stock deal

What life looks like after a layoff from an IT company

General Atlantic & Tencent pump in another Rs 80 Cr in ed-tech unicorn Byju's

US Senator Warren vows to break up Amazon, Facebook, Google

SoftBank extends tech reach with $5B Latin American fund

Coverfox hits the market to raise $50M in new financing round

Cognizant faces US lawsuit alleging discrimination

China's Huawei sues US over federal ban on using its products

Germany's Delivery Hero acquires Zomato's UAE biz, invests in India ops

Ahead of deadline, debate rages on e-commerce policy

Flipkart rejigs reporting of Myntra-Jabong head Amar Nagaram

Grofers raises fresh funds from existing investors, valuation hits $425M

Sachin Bansal invests Rs 250 Cr each in NBFCs Altico & IndoStar: Report

I-bank Wolet files $800k suit over Flipkart’s Upstream buy

Flipkart FY18 revenue up 50%, but losses grow 5x

Pine Labs in talks to acquire Amazon-backed Qwikcilver for $100M

India can become 2nd largest 5G market in 10 years: Huawei

Alibaba rival Pinduoduo seeks to raise $1.5B

Twitter Q4 revenue grows to $909M as video ad sales surge

Mukesh Ambani to invest $1.4B in West Bengal, will help e-commerce expansion

Etail may lose Rs 40,000 crore, retail to get a 3rd of it

Steadview Capital invests $74M in Ola valuing it at around $6B

Byju’s ups revenue to Rs 490 cr in FY 18, losses drop by half

Agritech startups Sabziwala and LivLush merge their business under new entity Kamatan

Avail Finance lands $17.2M from Matrix Partners & Ola, Freecharge and Flipkart founders

RBI suggests tax sops, self-regulation to build fintech space

Swiggy hires new CEO for its Access Service, gets new CFO

Logistics company Delhivery registers 44% increase in FY17 revenues

WeWork to acquire one of the oldest social networks, Meetup

Qualcomm rejects Broadcom's $103 billion offer

EasyRewardz gets $2 million Series-A funding

'Anemic' iPhone 8 demand drags Apple shares lower

Lending platform Lenden Club gets Rs 3.5cr in Equity Investment

On festive sales, Flipkart says 65% clients from Tier-II cities