After completing its separation process from PhonePe, Flipkart announced a cash payout for the employees parting from PhonePe.
A spokesperson for Flipkart confirmed the development to Inc42, but the payout amount could not be determined. Just after the PhonePe separation process was completed in the morning, Flipkart reportedly sent an internal note to its employees informing them of a one-time voluntary cash payout. “This payout represents the value of the PhonePe holding within those Flipkart options,” said Flipkart CEO Kalyan Krishnamurthy in a note. The news comes just days after Flipkart announced that it had completed the separation of online payment platform PhonePe.
GoTo’s legal and corporate secretary said the company follows regulations for public companies and will prioritize the interests of shareholders. Source link
SUMMARY The due diligence is done, and both sides are negotiating final terms for the cash and equity transaction If the deal closes, it will mark one of the biggest consolidation in India’s auto tech sector Notably, CarDekho entered the unicorn club in October 2021 after raising $250 Mn at a $1.2 Bn valuation. It, however, shut down its used-car retail business in 2023 after high operating costs made it unviable Listed auto marketplace CarTrade is reportedly in advanced stages to acquire rival CarDekho in a deal valued at… Source link
From a brand known for its cool urban image and setting the Indian craft brewery benchmark, Bira 91’s survival hangs by a thread. The startup, which has raised more than $200 Mn in funding to date from investors such as Peak XV Partners, Sofina, and Kirin Holdings, among others, is struggling to move past the slowdown that hit its business last year. At the centre of the storm are 600 employees, the investors, and Ankur Jain, the CEO and founder of B9 Beverages Ltd, Bira 91’s parent company. Jain is under pressure to step down… Source link
