Walmart-backed e-commerce giant Flipkart closed down its Gurugram-based unit ANS Commerce, three years after its acquisition for ₹300 crore.
The company was acquired by Flipkart in 2022.
“After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers,” Flipkart said, as per news agency PTI report.
“To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,” Flipkart also said.
Founded in 2017, ANS Commerce was providing all support including marketing tools, warehousing, etc to entities that wanted to sell their product online.
The number of employees impacted by the closure could not be ascertained.
At the end of fiscal year 2022, ANS Commerce’s employee count was at 600.
BharatX acquisition
In February, Flipkart-backed UPI platform super.money acquired BharatX, a checkout financing platform, in an all-cash deal.
BharatX enables credit products like buy now, pay later (BNPL) and pay in X (EMI solutions), and with the acquisition, super.money, a six-month-old company, is entering a new segment: checkout financing.
Prakash Sikaria, CEO and founder of super.money told Mintthat as part of the acquisition, the core team that developed BharatX will work with super.money. The team will lead BharatX for the next six months after which the arrangement will be evaluated, Sikaria added.
With the acquisition of BharatX, primarily for its tech stack, super.money aims to address the growing demand for innovative credit on UPI solutions, the Flipkart-run company said in a statement.
“With credit cycles tightening and increased competition in the segment, many players have exited the market. As a result, there is now far less competition in checkout financing compared to a few years ago. This as an opportune time to enter the market and develop new products,” Sikaria said.
