MAM
Aadarsh’s Purple Turtle Adventures Are Heading to Sri Lanka
MUMBAI: Aadarsh Pvt. Ltd. has joined hands with leading publisher Sarasavi Book Shop Pvt. Ltd., to launch Purple Turtle story books in Sinhala Language in Sri lanka. India-based IP development company, Aadarsh Pvt. Ltd. (www.aadarsh.com), has signed with leading children’s book publisher in Sri Lanka, Sarasavi Book Shop Pvt. Ltd. to produce a line of children’s story book products for the company’s anchor property, Purple Turtle, (www.purpleturtle.com) for Sri Lanka.
Manish Rajoria, Director of Licensing and Publishing of the Purple Turtle brand, noted “The Purple Turtle books feature stories that guide and stimulate a child’s mind. Creative stories that provide great learning while having fun experiences. This deal permits us to expand the books growing popularity even further. Young audiences in Sri Lanka will now be able to enjoy many of Purple Turtle’s adventures through a variety of read and play opportunities. , Sarasavi Book Shop Pvt. Ltd. is a leader in providing children with only high quality reading material, a perfect partner to support our growing initiatives for the Purple Turtle brand.”
Originally introduced in 2012, the Purple Turtle books have been published in 21 countries including USA, UK, China, Russia, Kazakhstan, and 6 regional languages in India with over 1 million copies published to date.
The Purple Turtle (78 x 7 min, 3D HD) animation featuring the world’s cutest turtle, a little guy who stands out of the normal crowd because he tends to think differently than others, or better yet, a bit ‘out of his shell’ is in development.
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.
