MAM
Contract appoints Kapil Mishra as ECD
MUMBAI: Contract India has appointed Kapil Mishra as executive creative director.
Mishra will be based in Mumbai.
He will be working with Contract‘s clients across India with specific focus on Mumbai and Delhi. His work will cut across all verticals of Contract, which include Advertising, iContract, Designsutra and Core Consulting.
Mishra last stint was with Law & Kenneth.
“I am delighted to have someone of Kapil‘s calibre join Contract‘s senior leadership team. A dynamic resource with excellent creative capabilities, Kapil has worked on some of the finest brands and created outstanding work. I am certain he will add great value to Contract and our clients”, says Contract Advertising COO Rana Barua.
On his new role, Mishra says “Contract has built its reputation on great work and I am honoured to now be a part of the success story. I look forward to working with Rana again and create impactful advertising.”
Mishra has earlier also worked with Ogilvy and Leo Burnett. He has handled clients like ITC personal care, Heinz – Ketchup, Glucon- D, Dabur, Cadbury Dairy Milk and Godrej.
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.
