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Flipkart opens up logistics arm to other ecommerce firms; plans NFT play too


Mumbai/Bengaluru: Ecommerce main Flipkart has opened up its inner logistics arm Ekart to different ecommerce players, individuals briefed on the matter stated. Flipkart Group CEO Kalyan Krishnamurthy additionally mentioned this at an organization city corridor on Wednesday, in response to individuals aware about the matter.

Based on sources, Ekart has added about 30 shoppers and is trying to onboard extra because it doubles down on leveraging its inner logistics infrastructure to service non-Flipkart orders.

Earlier than the Walmart deal in 2018, Flipkart had as soon as tried opening up Ekart to exterior platforms on a small scale however the undertaking wasn’t expanded as the corporate was nonetheless determining how you can finest serve its personal order volumes. “This time, they (Flipkart) are going to double down on Ekart serving non-Flipkart group orders as current group companies are lined at scale by the in-house logistics infrastructure,” an individual conscious of the matter stated.

Going ahead, orders for corporations similar to Nykaa, FirstCry and others could possibly be delivered by Ekart. “The opening up was regularly achieved from January onwards and now it has about 30 corporations together with Snapdeal and others,” one of many sources stated. Sources in third-party logistics corporations additionally stated Ekart has held talks with a number of ecommerce platforms to meet their shipments. “It appears to be like like they’re critical about it this time,” an government at a logistics agency stated.

Flipkart and Amazon India service most of their orders by their in-house logistics corporations – Ekart and Amazon Transport Providers — whereas others similar to Meesho and direct-to-consumer manufacturers work with third-party corporations similar to Delhivery, Ecom Categorical and Xpressbees.

Whereas Ekart has opened itself as much as exterior clients, it’s unlikely to do enterprise with Amazon India or Meesho as they’re direct opponents.

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A Flipkart spokesperson declined to touch upon the matter.

NFTs coming to Flipkart?

Throughout Wednesday’s city corridor, Krishnamurthy additionally stated Flipkart was within the early phases of constructing its personal non-fungible token (NFT)-related enterprise. He stated this in response to a query by a Flipkart worker on whether or not the corporate was wanting to herald web3-related merchandise.

Whereas this can be a work in progress for the Bengaluru-based agency, it could possibly be the primary occasion of a homegrown etailer internet hosting NFTs. Sources stated, internally, the corporate is aiming to have the NFT undertaking prepared by BigBillionDays, its annual Diwali sale.

Based on individuals briefed on the matter, Flipkart is trying to deal with the ‘localisation’ issue for NFTs. Since NFT gross sales in India have been low, the corporate is more likely to double down on creating consciousness, offering utility-driven NFTs and presumably linking them with bodily merchandise.

“You’ll be able to’t simply clone a profitable mannequin within the West, like promoting a second in sports activities. They (Flipkart) need to go after what the Indian viewers and person understands and people are much more round a bodily product, worth and utility,” one other particular person aware of the plans stated.

This particular person added that totally different merchandise and types will take totally different approaches to monetising NFTs and that it may embrace infrastructure instruments for manufacturers to make use of.

Whereas plans should change, Flipkart at the moment is considering of utilizing its flagship sale occasion

later within the yr to unveil NFT-related merchandise.

When is the IPO?

Krishnamurthy stated the Walmart-owned etailer is engaged on its preliminary public providing however didn’t present a timeline on the city corridor on Wednesday. ET had reported final December that Krishnamurthy had advised choose executives about early
work on the Flipkart IPO and that the corporate was a timeline of monetary yr 2023 for its public providing.

Given the uneven markets and total correction in valuation for big startups and ecommerce corporations, this timeline could change, sources added. The matter is but to be taken to its board for formal approval.

Flipkart was final valued at $37.6 billion in July 2021, after elevating $3.6 billion in a spherical led by Canada Pension Plan Funding Board, the Singapore authorities’s sovereign wealth fund GIC, Japan’s SoftBank Imaginative and prescient Fund 2, and Flipkart’s largest shareholder Walmart, with participation from current backers similar to Qatar Funding Authority.

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