Flipkart, the Indian e-commerce giant, is looking for ways to diversify its portfolio to compete with the likes of AliBaba-backed Paytm and Amazon. First, it launched its mobile payments app PhonePe last year, which integrates with the UPI interface for connecting with bank accounts. If its latest strategic step falls through, it would be able to compete with Paytm in the movie and events ticketing space. According to a new report from The Economic Times, Flipkart is in talks for a strategic partnership with BookMyShow.
According to the report, the discussion between BookMyShow and Flipkart are in its preliminary stages. Flipkart is reportedly interested in picking up a significant minority stake in the ticketing platform. It also makes it easier for the companies for such a deal since both are backed by Tiger Global. BookMyShow is the most popular ticketing platform in India, and it offers tickets for movies, sports matches, and other events. The company also launched JukeBox, a section where people can download music tracks as a bonus for booking tickets. BookMyShows other investors include Accel India, Network 18, SAIF Partners, and Stripes Global.
Flipkart’s competitor Amazon offers a complete ecosystem wherein it offers customers a way to purchase products online as well as stream movies and TV shows through its Amazon Prime membership. Amazon is also the biggest seller of ebook reader Kindle as well as ebooks. The company has recently launched its AI-powered smart speakers – Echo, Echo Dot, and Echo Plus – in India and is looking to launch the Prime Music streaming service in the country. The company has also launched Amazon Pay, a mobile payments system.
Similar to how Amazon sells high-quality but affordable products under the Amazon Basics brand, Flipkart started selling products under its Flipkart SmartBuy brand a few months ago. The Flipkart SmartBuy brand includes audio products, home appliances, grooming products, mobile and PC accessories, and automobile accessories. The company had launched a service where people could purchase genuine music tracks, but the service was later shut down.
[Source: ET Tech]