MAM
OkCredit launches OkShop
NEW DELHI: With a global pandemic, the year 2020 has been challenging for small businesses that have been struggling to stay afloat through this. OkCredit aka ‘Digital India ka Digital Bahi Khata’ with its aim and mission of helping small businesses to grow and empower them digitally has now taken it upon them to spread some festive joy amidst the Chanderi craftsmen community this Diwali.
OkCredit, continuing its pledge to empower small businesses by creating simple and easy to use products is all set to launch OkShop – Aapki Apni Online Shop. OkShop provides the ease of doing business to all the small merchants by allowing them to set up their online presence in two simple steps. It helps to create product catalogues with images, description and pricing, secure online payments, and easy sharing options of the inventories and offerings on WhatsApp. Vendors can also add or remove from the catalog as per their stock availability. It enables the local vendors to run a digital business-like a pro with the help of this truly Made in India app.
With the common vision of the Nation – ‘Vocal for Local’, OkShop launches its first campaign ‘Chanderi ki Diwali’. With this campaign OkShop is on its way to onboard more than 3000+ looms, and around 6000+ weavers from Chanderi working hard to thrive the culture and struggling to create a sustainable business, post-pandemic. This opportunity will now enable the weavers to reach to their potential consumers directly along with providing an incentive to increase their sales and gain higher visibility of their products across India. There is no commission attached to it, so the weavers can sell their products free of cost to end consumers.
OkCredit has also launched an exclusive website for weavers to add their products and for customers to buy directly: http://chanderi.okshop.in/
The Chanderi society has also seen a great support from the government and local authorities, and is one of the initial 100 per cent free Wi-Fi community, which motivates and enable the weavers to innovate and take next steps towards contributing to the digital economy of India. OkCredit via OkShop top up to this aim to lead the digital empowerment and grow such small Indian businesses go Atmanirbhar.
OkCredit co-founder & CEO Harsh Pokharna said, “As Shri Narendra Modi rightly says, these tough times have truly made us realize the significance of all local shops & businesses in our country, and we must take it upon ourselves to enable them to have a voice in the Indian digital economy. OkShop provides a platform to digitally empower them, and the Diwali campaign this year depicts gratitude and appreciation to the small merchants for their selfless support extended during this challenging situation; we hope we’re able to make a difference in the Chanderi society.”
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.
