Brands
Beetel ropes in R Ashwin as its brand ambassador
NEW DELHI: Beetel and its accessory brand FLiX have roped in Indian cricketer Ravichandran Ashwin as brand ambassador. Ashwin will endorse the company’s products and services through advertising campaigns and several other promotional programmes.
FLiX business head Puneet Gupta said he is very much excited to join hands with one of the finest bowlers in the world, adding that Ashwin's inclusion in marketing campaigns could help to target the masses in India.
"R Ashwin is a popular Indian icon. He is the new craze and a household name and hence is the apt choice to represent our brand and establish connect with our target group. With this association we aim to instil our presence in the Indian market as we pave way for aggressive expansion and growth plans for the brand. We also wish Ashwin the best of luck for the upcoming IPL season," shared Gupta.
Ashwin said, "I am thrilled to join the Beetel and FLiX Team. Personally, I have always been passionate about gadgets and emerging new tech trends. In sync with my interests and brands passion for technology, this collaboration will go a long way."
Beetel was founded in 1985, and is a pioneer in the landline phone category. Flix entered the Indian markets in September 2020 with a range of products that include TWS, audio, power, etc. The company outlined plans to rapidly expand its presence and penetration across India by introducing more than 40 products and can be found in over 5,000 retail outlets.
Brands
Flipkart completes reverse flip to India ahead of IPO
Walmart-owned e-commerce giant shifts domicile from Singapore to Bengaluru
MUMBAI: Flipkart has completed its restructuring to move its parent company from Singapore back to India, marking a key milestone as the Walmart-owned marketplace prepares for a potential initial public offering on Indian stock exchanges, ET reported, citing people aware of the matter.
The move, often referred to as a “reverse flip”, relocates the company’s legal home to India and aligns its corporate structure more closely with its largest market. It also clears an important regulatory step for Flipkart as it explores listing plans.
As part of the restructuring, several Singapore-based entities have been merged into Flipkart Internet Private Limited, which will now serve as the main holding company for the entire group.
The consolidation brings a number of major businesses directly under the Indian parent company. These include fashion platform Myntra, logistics arm Ekart, travel booking platform Cleartrip, healthcare marketplace Flipkart Health, and fintech venture Super.money.
Under the new structure, global investors including Walmart, Microsoft, SoftBank, and the Canada Pension Plan Investment Board will hold their stakes directly in the Indian entity rather than through an overseas holding company.
The redomiciliation required approval from the Indian government because Chinese technology company Tencent owns around a 5 to 6 per cent stake in Flipkart. Under Press Note 3, investments from countries sharing a land border with India require prior government clearance.
Flipkart had already secured approval from the National Company Law Tribunal in December. With the latest clearance from the central government, the company has now obtained all the regulatory approvals needed to complete the relocation, ET reported earlier.
Flipkart had originally shifted its holding structure to Singapore in 2011 to tap global capital more easily. However, as India’s capital markets have matured, several start-ups have begun returning their domiciles to the country ahead of public listings. Companies such as Razorpay, Groww, and Meesho have taken similar steps.
The company is now expected to move ahead with its IPO preparations and has begun early discussions with merchant bankers. According to people familiar with the matter, Flipkart could file its draft prospectus later this year, setting the stage for what may become one of the most closely watched listings in India’s e-commerce sector.
Flipkart has been majority-owned by Walmart since 2018, when the US retail giant acquired a 77 per cent stake in the company for $16 billion in one of the largest e-commerce deals globally.
