Even after beating Amazon in the first sale of this festive season, homegrown ecommerce giant Flipkart refuses to back down from its unwavering mission to emerge as the champion. To bolster its business against rival Amazon, the Bengaluru-headquartered company is reportedly looking to embark on the diversification route through investment and acquisition.
According to sources close to the development, the Sachin Bansal and Binny Bansal-founded ecommerce platform has expressed interest in backing online food delivery app Swiggy, hyperlocal services firm UrbanClap, furniture retailer UrbanLadder as well as startups in insurance and wealth management sectors.
The development comes days after Flipkart began exploratory discussions with Kishore Biyani to pick up an 8%-10% stake in Future Lifestyle Fashions Ltd (FLF). As per reports, top management from both sides recently met in Mumbai to discuss the matter. Follow-up meetings are due post-Diwali.
Two days prior to that, it was reported that Flipkart was preparing to forge a strategic partnership with online ticketing platform, BookMyShow. If the deal goes through, BookMyShow’s valuation is expected to reach $500 Mn-$700 Mn. The move, according to sources, is aimed at developing an integrated services vertical by bolstering Flipkart’s entertainment and payment offerings against rivals Amazon and Paytm.
Email query sent to Flipkart did not elicit any response till the time of publication.
Flipkart Aggressively Pursuing Growth Through Acquisition Investments
Since 2015, Flipkart’s growth strategy has primarily revolved around investment an, wherein it sought to act chiefly as a VC firm backing promising new startups and companies. Over the last two years, the ecommerce company has adopted a more aggressive diversification strategy geared mainly towards acquisition.