Flipkart to purchase a stake in BookMyShow to leverage upper middle class spend
Indian e-commerce giant, Flipkart is set to buy a stake in ticketing platform, BookMyShow to further strengthen its position in the Indian market and gain an edge over rival Amazon.
Flipkart to purchase stakes in BookMyTicket to strengthen its expansion
Flipkart is looking for a business partnership with BookMyShow to gain a higher share of the spending by upper middle class Indians. It also plans to launch groceries this year in order to push repeat purchases by customers, as reported by Livemint.
Flipkart's ambitions have been boosted by investment round from, SoftBank Microsoft, eBay and Tencent.
Flipkart, since inception, has bought or invested in over 20 companies. Its largest acquisition remains online fashion retailer Myntra for more than $330m in May 2014. Flipkart also recently completed the merger with eBay, despite the snapping of a Snapdeal merger.