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Home News

Flipkart In Talks To Sell Small Stake To Bennett Coleman

by Bhagya P
June 3, 2016
in News
Reading Time: 2 mins read
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Flipkart Is On The Move To Collect Its Dues; Plans To Knock Court’s Doors For The Recovery
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June 03, 2016:   Flipkart Ltd, India’s largest e-commerce firm, is in talks to sell an undisclosed stake to Times Group company Bennett, Coleman and Co. Ltd (BCCL) in a Rs.500 crore deal that will be funded partly by cash and partly by ads, four people familiar with the matter said.

Under the proposed deal, Flipkart will issue shares to BCCL in return for cash and ads over several years in its media properties such as The Times of India and The Economic Times newspapers and ETNow and Times Now channels, the people cited above said.

One of the four added that “the talks are progressing slower than what both companies want but a deal is likely to happen.”

Flipkart and Sivakumar Sundaram, chief executive of Brand Capital at The Times of India, didn’t respond to emails seeking comment.

Theoretically, at Flipkart’s presumed $15 billion valuation, aRs.500 crore deal would translate into a 0.5% stake

The proposed Flipkart-BCCL deal is a so-called private treaty deal. First introduced by BCCL in 2004 to build a large portfolio of holdings, such deals were once controversial, especially because they also involved positive coverage. Since then, however, such deals have become commonplace, transparent, and have to meet mandated disclosure norms.

If the Flipkart deal goes through, it will boost BCCL’s already strong connections with India’s booming start-up business.

BCCL struck a similar deal with online marketplace Snapdeal (Jasper Infotech Pvt Ltd) in February. BCCL also has investments in a large number of start-ups such as cab hailing service Uber, services provider Haptik and education start-up Coursera. It also owns real-estate listings site magicbricks.com and digital music start-up Gaana.

All told, BCCL owns or has investments in a few dozen start-ups and digital properties, many of which are held through its Internet arm, Times Internet Ltd.

Also Read:  Flipkart Introduces “No Cost EMI” for Expensive Products

Morgan Stanley Marked Down Flipkart Stake by 15.5%

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