Connect with us

Business

Flipkart expands furniture portfolio targeting metro and young buyers

Published

on

Perfect Homes Studio by Flipkart was launched in 2017 and has seen significant growth since then. (Mint)
  • The collection brings a range of multi-utility designs in wardrobes, tables, cabinets, drawers, shelves, shoe racks
  • Most of these products are made in India and in turn have played a key role in creating vibrant local manufacturing and new livelihood opportunities

Bengaluru: Flipkart, India’s homegrown e-commerce marketplace, on Wednesday announced ramping up its private brand furniture selection for the young urban population in metros and tier-one cities in the age group of 25 to 45 years.

The collection brings a range of multi-utility designs in wardrobes, tables, cabinets, drawers, shelves, shoe racks, stools and other small furniture, keeping in mind the space limitations most urban households face.

“Customer centricity is the ethos on which our private brands’ portfolio is built,” said Adarsh Menon, Senior Vice President, Private Brands, Electronics and Furniture at Flipkart.

“With this entirely new range, Perfect Homes is targeting a new segment of consumers who aspire to own the latest decor and aesthetics but may have budgetary concerns,” he said in a statement.

Perfect Homes Studio by Flipkart was launched in 2017 and has seen significant growth since then. It was conceptualised after realising the gaps that exist in online furniture offerings in the country and since then has been working on bridging them.

Most of these products are made in India and in turn have played a key role in creating vibrant local manufacturing and new livelihood opportunities, the company said.

The Flipkart Group has a registered customer base of over 20 crore, offering over 15 crore products across more than 80 categories.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

DLF plans to raise Rs 1,000 crore via issue of NCDs

Published

on

A meeting of the finance committee of the board of directors is scheduled to be held on March 7 to consider this proposal, the company said in a regulatory filing. 

DLF said it is “desirous of offering listed redeemable secured non-convertible debentures (NCDs) aggregating Rs 1,000 crore in one or more tranches”. 

Last month, the company had reported a 24 per cent increase in consolidated net profit at Rs 414.01 crore for the quarter ended December as against Rs 335.15 crore in the year-ago period. 

Total income in the third quarter of 2019-20 fell 36 per cent to Rs 1,533.34 crore from Rs 2,405.89 crore in the corresponding period previous year. 

The company’s net sales bookings rose 21 per cent to Rs 2,156 crore during April-December in 2019-20 on better demand for its completed inventories.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

Continue Reading

Business

OLX Brazil, the 50/50 joint venture between Adevinta ASA (OSE: ADE) and Prosus NV (AMS: PRX), and one of the fastest growing tech companies in Brazil, has entered into an agreement to acquire 100% of the shares of Grupo ZAP for a total cash amount of approximately R$ 2.9 billion.

Published

on

The investment will be equally financed by OLX Brazil’s two existing shareholders, with Adevinta financing its share through existing bank facilities.

OLX Brazil and Grupo ZAP, currently among the most relevant players in the online  real estate classifieds and advertising sector in Brazil, are highly complementary platforms. The acquisition therefore will offer a great opportunity for synergies and value creation. The merger will help boost the real estate market, offering a better range of services with a broader database of properties. With Grupo ZAP, OLX Brazil will be able to offer its users more than 12 million listings from more than 40,000 real estate agencies and thousands of private listers, as well as allowing its advertisers to reach a larger audience. In 2018, Grupo ZAP had net revenues of R$ 217 million and EBITDA of R$ -18 million, with an average of 28 million visits per month in 2019. 

“OLX Brazil and Grupo ZAP are at the forefront of helping players along the Real Estate value chain become more digital. The transaction willboost OLX Brazil’s capabilities to drive innovation and develop a superior customer experience, ultimately making buying, selling and rentingreal estate in Brazil much safer, simpler and more efficient for all players involved,” says Andries Oudshoorn, CEO of OLX Brazil.

Rolv Erik Ryssdal, CEO of Adevinta, comments: “Expanding in territories where we see significant growth opportunities is a key pillar ofAdevinta’s strategy. The large Brazilian real estate market has low penetration of online listings and is poised for a migration to digital. I amdelighted to see OLX Brazil strengthening its position in the real estate vertical in order to capture part of the upcoming growth potential.” 

Martin Scheepbouwer, CEO of OLX Group, the classifieds business of Prosus, says: “We are excited to take our partnership in Brazil into a newstage of growth. The acquisition of Grupo ZAP promises to advance the real estate sector in Brazil, and develop technology that better servesall our customers. We already have a strong presence in the online real estate market in Europe, South Africa and other Latin Americancountries, and we look forward to exploring further growth opportunities in Brazil.”

The transaction coincides with a period of high growth for online advertising. According to the IAB (Interactive Advertising Bureau) Brazil, in 2018 the industry represented an estimated investment of R$ 16.1 billion, with online classifieds forming just 10% of that. As the real estate industry is moving quickly from offline to online, boosted by low interest rates – online advertising is set to make significant gains. These gains look to be particularly substantial for online classifieds, as real estate classifieds platforms grow in popularity and traffic. In addition, with the real estate industry still to reach the maturity levels seen in other markets, there is plenty of opportunity for high-value growth overall. 

The transaction is subject to approval by Brazil’s Antitrust Agency (CADE) and other customary closing conditions. Closing is expected in the second half of 2020.

About Adevinta ASA
Adevinta is a global online classifieds company with generalist, real estate, cars, jobs and other internet marketplaces in 16 countries, connecting buyers seeking goods or services with a large base of sellers. Its portfolio spans 36 digital products and websites, attracting 1.5 billion average monthly visits. Leading brands include top-ranked leboncoin in France, InfoJobs and Milanuncios in Spain, and 50% of fast-growing OLX in Brazil. Adevinta was spun off from Schibsted ASA and publicly listed as an independent company in Oslo, Norway in 2019. Adevinta is majority owned by Schibsted ASA.

About OLX Brazil
In Brazil since 2010, OLX Brazil’s shareholders are two of the main technology investors in the world:  Adevinta ASA (50%) – listed in Norway and majority owned by Schibsted ASA – and Prosus N.V. (50%) – listed in the Netherlands and majority owned by Naspers Ltd. OLX Brazil’s mission is to empower people to achieve their dreams reinventing the way they buy and sell online. The company does this through technology designed locally, helping its users to buy and sell almost anything in a safe, transparent, smart and convenient way.

About Grupo ZAP
Grupo ZAP is the result of the merger of ZAPImóveis and Viva Real in 2017. ZAPImóveis was created in 2000 and is indirectly owned by some of Grupo Globo’s shareholders since 2013, while Viva Real, on its turn, was launched in 2009. Grupo ZAP has the mission to transform the way the real estate market operates through technology. With 26 offices across the country, it has a relevant database in the market, developing products, intelligence, services and information to generate gains and rightful decisions to parties involved.

About OLX Group and Prosus
OLX Group is among the world’s fastest-growing marketplaces networks, serving more than 300 million people every month. Building leading destinations for buying, selling, and exchanging products and services, it operates more than 20 consumer brands including Avito, letgo, and OLX. OLX Group’s technology is designed to enable safe and convenient transactions, encouraging reuse to help give items second, third, or even fourth lives. It’s estimated to facilitate approximately 17 million trades every month, ranging from cars and furniture to electronics and clothing. The Group is powered by a team of 6,000 people working from 35+ offices around the world.

Continue Reading

Business

Many global investors – including Allianz, Citi, UBS, and Fidelity invested in this issue

Published

on

Realty firm Lodha group’s UK subsidiary has raised over $200 million by issuing bonds in Singapore market to refinance part of its outstanding debt, sources said. The issue opened on February 27. The bonds will be listed on the Singapore exchange.

Lodha Developers International, a subsidiary of Mumbai-based Lodha Developers (which has been renamed as Macrotech Developers), had proposed to offer $225 million (around Rs 1,611 crore) aggregate principal of senior secured notes maturing in 2023.

According to the sources, Lodha group raised a little over $200 million in the bond-issue. Many global investors – including Allianz, Citi, UBS, and Fidelity invested in this issue.

Lodha International will use the proceeds of the issue to refinance a part of its outstanding $324 million (around Rs 2,320 crore) senior notes maturing this month.

“Earlier this week, we raised 86 million pound (Rs 800 crore) in the UK. With these proceeds and additional cash flows from our UK and India businesses, we look forward to fully repaying our US dollar bonds in March 2020,” Macrotech Developers MD & CEO Abhishek Lodha had said on February 27.

On Wednesday, Moody’s Investors Service said that refinancing risk for Macrotech Developers continues to remain high, even as it might be able to meet its near-term debt maturity.

Lodha group had made a foray into the London market in 2013 with the acquisition of the landmark MacDonald House at 1 Grosvenor Square in prime Central London for over GBP 300 million (Rs 3,100 crore).

Macrotech Developers is India’s largest residential real estate developer by sales and construction area.

The company has clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of over Rs 9,000 crore. It delivered over 10,000 offices and homes in FY 18-19.

In the first nine months of 2019-20 fiscal year, sales have reached around Rs 5,000 crore, up 15 per cent from the corresponding period of the previous year.The debt of India business is around Rs 15,000 crore.

Source: PTI

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

Continue Reading

Facebook

Advertisement
Advertisement

Trending

Copyright © 2020 Sthirasti.com All Rights Reserved