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Indian e-commerce giant Flipkart has entered the home services segment through its subsidiary Jeeves.
Jeeves Consumer Services Pvt. Ltd. Is a one-stop service point for all electronics and IT products. The company has been operating since 2007 and has a presence in over 1000+ cities. The company has long-term relationships with large corporates like Future Group, Kodak, and Thomson.
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It has 40+ brand partners and has served over 3 million customers. Flipkart acquired Jeeves in 2014 after it had to shut down its large appliances category due to several complaints.
Flipkart's home services business has started with AC servicing and is currently live in Bengaluru and Kolkata. These services will be extended to other cities soon and are likely to include washing machines, TV, etc. servicing as well. Earlier, people could also get their electronics, furniture, etc. installed, provided they were purchased from Flipkart.
Now, the services are not limited to existing customers. This means that Urban Company now has a new competitor in the form of Flipkart. Urban Company managed to defeat several large competitors like JustDial and Sulekha, but will now be facing off against Walmart-backed Flipkart. This marks Flipkart's entry into the home-services segment. Flipkart has already entered into the pharmacy (Health+) and logistics (eKart) business among others as the company is expanding and diversifying its portfolio.
In April 2022, Flipkart announced that it was raising the valuation of its IPO to around $60-70 billion. The company's IPO has been due for some time and is expected to launch in 2023. The company is looking for a US listing since it is incorporated in Singapore.
Some sources suggest that the company is delaying its IPO to dodge the persisting market volatility on account of fragile geopolitical conditions. Others say that the company is postponing its IPO to boost its valuation by focusing on new businesses.
Article by Aman Agarwal.
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