Flipkart Unveils Contactless Payment Facility for Pay-On-Delivery Shipments
Flipkart Unveils Contactless Payment Facility for Pay-On-Delivery Shipments

Flipkart has launched a new QR-code-based payment facility for shoppers across India. Available for all its pay-on-delivery shipments, the new contactless payment facility will be a safe option for consumers who earlier opted for cash on delivery (COD).

In order to use the new QR-code-based pay-on-delivery facility, Flipkart consumers just need to scan the QR code attached to their purchase and then make a digital payment for their order via any UPI app at the time of the product delivery.

The new payment facility will help ensure greater safety for consumers by eliminating direct physical contact whilst reinforcing consumer trust in digital transactions, thus contributing to an overall increase in the adoption of digital commerce.

Commenting on this development, Ranjith Boyanapalli, Head, Fintech and Payments Group, Flipkart, said, "As the lines between e-commerce marketplace and fintech continue to converge, it becomes imperative to solve for customers' evolving needs and attitudes. With "pay-on-delivery" technology, we want to ensure that customers have peace of mind with their payments and at the same time can shop within the safety of their homes."

Flipkart's QR-code-based feature is expected to further accelerate the adoption of UPI-based payments.

 
Stay on top – Get the daily news from Indian Retailer in your inbox
Retail India News: Convergent Finance and Samara Capital to Acquire Majority Stake in Agro Tech Foods Limited
Retail India News: Convergent Finance and Samara Capital to Acquire Majority Stake in Agro Tech Foods Limited
 

Convergent Finance LLP and Samara Capital have jointly declared the finalization of definitive documents for acquiring a 51.8 percent stake in Agro Tech Foods Limited (ATFL) from a subsidiary of Conagra Brands, Inc. ATFL, a listed company on the Bombay Stock Exchange and the National Stock Exchange, will undergo a mandatory open offer for an additional 26.0 percent of outstanding shares due to this acquisition. The deal is pending customary regulatory approvals and is anticipated to be completed in due course.

Conagra has been a controlling shareholder of ATFL since 2011, and during its tenure, ATFL expanded its food portfolio, featuring renowned brands like ACT II popcorn and Sundrop edible oils. Both brands are leaders in their categories, catering to both in-home and out-of-home consumption. ATFL will retain the license for the ACT II brand from Conagra for use in India.

Harsha Raghavan, Managing Partner at Convergent Finance said, “Agro Tech Foods’ category-defining brands have been beloved household names for the past three decades, thanks to the company’s relentless focus on quality, innovation, and customer delight. As India’s rapidly-growing consumer class expands and discretionary income levels continue to rise, we will expand ATFL’s distribution reach and product range, thereby transforming it into the country’s leading packaged and snack food platform.

Manish Mehta, Managing Director and Co-Chief Investment Officer at Samara Capital said, “We are delighted to lead the acquisition of a majority stake in ATFL in partnership with Convergent. The company’s brands have high recall value with India’s consumers, and we aim to complement this hard-earned recognition with our knowledge of India’s food and consumer sectors to increase ATFL’s presence in fast-growing, high-margin categories. We intend to create a large and unique branded food platform in the country with this acquisition.

Convergent Finance LLP, known for its investment management and advisory role, follows a value investing approach, emphasizing fair valuations through negotiated transactions. Samara Capital, founded in 2007, is a mid-market private equity firm in India with a focus on creating long-term value in partnership with entrepreneurs. Consumer and Retail form a significant focus area for Samara.

Conagra Brands, Inc, headquartered in Chicago, is a leading North American branded food company with a portfolio of iconic brands, including ACT II, Birds Eye, Duncan Hines, Healthy Choice, and Marie Callender’s, among others. The company is driven by a commitment to innovation and evolving to meet changing food preferences.

 

Next Story
Also Worth Reading