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Flipkart take over eBay.in,raises $1.4 bn

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Bangalore, April 11: India’s leading e-commerce Flipkart announced raising $1.4 billion (Rs.9,042 crore) from Microsoft, eBay and Tencent on Monday.

“The latest funding round, at a post-transaction valuation of $11.6 billion (Rs.74,885 crore), is the largest in our 10-year history and the Indian internet sector,” stated the city-based e-commerce major in a statement here.

eBay made an unspecified equity stake cash investment in Flipkart.

However, eBay.in will continue to operate as an independent entity.

Flipkart declined to give break-up of investment with trio — global software product firm (Microsoft), US-based e-commerce major (eBay) and Shenzen-based Tencent as private equity.

“The landmark deal endorses our tech prowess and innovative mindset and the potential we have to disrupt traditional markets,” said Flipkart co-founders Sachin Bansal and Binny Bansal in the joint statement.

The huge investment is seen as an affirmation of the home-grown technology ecosystem and its ability to address the people’s daily problems across the country.

“The deal reaffirms our resolve to hasten the transformation of commerce in the country through technology,” asserted the co-founders for Flipkart..

In the 13 rounds of funding since January 2009, the company raised a huge $4.65 billion (Rs.30,038 crore at current value), including $700 million private equity from two investors in July 2015 and $700 million from 10 investors led by Steadview Capital in December 2014 when the company was valued at $11 billion.

eBay also signed an exclusive cross-border trade pact with Flipkart, which enables the latter’s customers access an array of global inventory on the former’s website.

“The pact will also give eBay customers access to Indian inventory from Flipkart’s sellers on the latter’s platform,” noted the statement.

“The combination of our position as a global e-commerce player and Flipkart’s market stature will allow us to maximize the opportunity for both companies in India,” said eBay’s Chief Executive Officer Devin Wenig in the statement.

“Our strategic partnership enables us to participate in the opportunities in e-commerce and payments in India. We look forward to helping Flipkart deliver experiences to users and contribute to the development of the internet ecosystem in India,” said by Tencent President Martin Lau.

In the previous rounds, total fund raised by Flipkart from 8 investors were $1 billion, led by Naspers and Tiger in July 2014; $210 million from four investors, led by DST Global in May 2014; $160 million from 5 investors in 2013; $200 million from four investors in July 2013; $150 million from four investors, led by Naspers in August 2012; $20 million from Tiger in June 2011; $10 million from Tiger in June 2010 and $1 million from Accel Partners in 2009.

The company also raised $40,000 from an investment in January 2009 and $100,000 from another in February 2009.

Launched in 2007, the Flipkart Group offers over 80 million products across 80 plus categories to its customers.
Wefornews Bureau

India

JNU students take out rally to demand VC’s removal

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JNU Student protesting against Vice Chancellor

New Delhi, Feb 20: At least 1,000 students of Jawaharlal Nehru University (JNU) embarked on a march towards the Human Resource Development Ministry on Tuesday, demanding the removal of their Vice Chancellor.

The students began their march from Mandi House with slogans, banners, and placards denouncing Vice-Chancellor M. Jagadesh Kumar for his “autocratic” ways in bringing an attendance rule into force which the students alleged was never passed in the Academic Council meeting.

More than 150 Delhi Police and Central Reserve Police Force (CRPF) personnel were deployed along with a water cannon truck at the Shastri Bhavan which houses several ministries.

IANS

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Soon, Parliament House to have a creche

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Parliament Of India

New Delhi, Feb 20: The Parliament House will soon open a creche facility on its premises so as to have an inclusive work environment for its women employees.

A 1,500 square-feet creche in the House will be guarded by professionals, ensuring all-round development of children and will also have a separate feeding room for mothers, a statement by the Women and Child Development (WCD) Ministry said on Tuesday.

The work is in progress and a senior official has also been deputed to oversee the work under the direct supervision of Lok Sabha Speaker Sumitra Mahajan.

The statement said this development will bring an impact by pushing other private establishments, Central and state-owned organisations to set up same facilities.

IANS

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Spell out stand on MPs’ salaries, allowances: SC to Central Government

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Supreme Court of India

New Delhi, Feb 20: The Supreme Court on Tuesday gave a “last opportunity” to the Central government to spell out its stand on constituting a permanent mechanism for determining sitting parliamentarians’ salaries and allowances.

Giving a seven days time to the Centre, a bench of Justice J. Chelameswar and Justice Sanjay Kishan Kaul stated the affidavit filed by the union government on September 1, 2017, had not made its position clear,  news IANS quoted.

“Government of India policy is dynamic. However, you can’t modify it every day,” Justice Chelameswar said to senior advocate Ajit Sinha, who appeared for the Centre and told the bench that the issue was under the consideration of the government.

“You have not stated your position. Your affidavit in September 2017 was not clear about a permanent mechanism. When are you going to do it,” Justice Kaul asked, as Sinha sought a week, for the last time, for the Centre to firm up its stand.

“What is the government’s view on it? You want it or don’t want it? Your counter-affidavit (response) does not disclose anything,” Justice Kaul observed.

Apparently not happy about the delaying by the Centre on the issue, the apex said: “You may not have a last word, but you may have a last opportunity” to state your position.

Appearing for the NGO Lok Prahari, its General Secretary S.N. Shukla said that it has been 11 years since all parties in a meeting convened by the Lok Sabha Speaker had unanimously decided to have a mechanism for fixing the salaries and allowances of the members of Parliament but nothing has moved so far.

The court is hearing a plea by Lok Prahari demanding a permanent mechanism for fixing salaries and allowances of MPs. It has contended that lawmakers can’t decide on their own.

The Plea has also sought direction that former MPs can’t be given pension and other benefits after they have ceased to be the representatives of the people.

Further proceedings will take place on March 5.

WeForNews 

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