According to Mint, the acquisition has been made through a new entity called Instakart Services Pvt Ltd, which was registered in June and has Ankit Nagori (Chief Business Officer, Flipkart) and Rajnish Singh Baweja (Finance controller of Flipkart) as the company’s shareholders and directors.
Earlier in January this year, WS Retail was looking to spin off its logistics arm, Ekart, into a separate entity to make the privately held company comply with regulatory requirements of different states.
With this deal, now WS Retail will only have trading business which is estimated to gradually sore down as Flipkart shifted to a marketplace model from a inventory-led one in 2013.
Understanding The Operation Of WS Retail Services Pvt. Ltd. As A Subsidiary of Flipkart Pvt. Ltd