e-tailer Flipkart said it was well-funded and not looking for fresh investments, according to its co-founder.
“There is always a constant effort in our company to improve operational efficiency and also growth in all aspects of business. We are well-funded for a long period of time and so we don’t need to look at it,” Sachin Bansal, Co-founder and Executive Chairman, Flipkart said on Wednesday after a meeting with Karnataka Industries Minister R. V. Deshpande.
The Bengaluru-headquartered company said it is undergoing a restructuring process and when done, it would help in discovering fresh revenue streams.
Mr. Bansal said that Flipkart would continue to invest in Karnataka. Presently, the company employs about 5,000 people in the State.
“Our head count is growing. We have warehouses in the state. So we will continue to invest,” he said.
Difficult clauseAsked about a clause relating to Tax Deducted at Source (TDS) in the Goods and Service Tax (GST) Bill, he said it would be difficult to implement in practice. “We believe the TDS process, that has been recommended about holding tax and paying that on behalf of the seller, will be very difficult to implement,” said Mr. Bansal.
Mr. Bansal also said globally, the Internet cycle is going through a bit of a down-cycle.. “As positive cycles don’t last forever, the down-cycles also don’t last forever.” To a query on markdown on Flipkart’s valuation, he said, “Though Uber was marked down, it raised money at a higher valuation than previous rounds. We should focus on execution and customers, and then things will happen.”
