"Subsidies won't last forever, and customers need to slowly get used to it. This is a step in that direction," said a person briefed on Uber India's plans.
By consolidating its largest competitor, the 42-year-old Maheshwari will now be the CEO of by far the largest baby and mothercare retailer in India, both online and offline.
First-Cry will acquire the unit of $18 billion software-to-automobiles congolmerate Mahindra & Mahindra, which in turn will invest in the Pune-based startup.
The deal is a stock transaction, under which Firstcry owner Brainbees Solutions will issue shares worth Rs 355 crore to Mahindra Group and pay Rs 7.5 crore in cash.
While valuation for the new round could not be ascertained, the deal has been done "at a premium" to its previous round valuation of Rs 1,700-1,800 crore.
Misra joined Softbank Group in 2014 as head of strategic finance and also works with SoftBank Internet and Media Inc.
Domestic ecommerce cos feel it would create a perpetually uneven playing field.
The early stage investment firm is looking to bag $150-m corpus
Flipkart said it sold 15.5 million units during its five-day sale, striding past closest rival Amazon which said it clocked sales of 15 million units on Wednesday.
50 merchants on Flipkart and 100 on Amazon have crossed Rs 1-cr mark in festive sales
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