Flipkart to Foray Into Food Retail With New Entity
Tuesday, October 15, 2019
By Sagar Malviya & Aditi Shrivastava
Newly registered Flipkart FarmerMart, with an authorised equity capital of Rs 1,845 crore, will sell items produced locally. Sales will initially be online although the company can also sell through physical stores.
“In line with the government of India’s FDI (foreign direct investment) policy, which allows 100% FDI in food retail for food produced and manufactured in India, Flipkart is applying for appropriate licences from the government,” said Flipkart Group CEO Kalyan Krishnamurthy. “We have secured all internal approvals for the same already.”
The entity will focus on food retail and help boost agriculture as well as the food-processing industry in the country, he said.
“We are looking forward to invest more deeply in local agri ecosystem, supply chain and working with lakhs of small farmers, Farmer Producers Organisations (FPOs), food processing industry in India, helping multiply farmers’ income and bring affordable, quality food for millions of customers across the country,” he said.
Photo courtesy of Market Development Facility.
Source: Economic Times (link opens in a new window)
- Agriculture, Technology