India's largest consumer e-commerce platform Flipkart.com has launched its lifestyle private label 'Flippd'. The firm is currently offering men's T Shirts, slippers and shoes through Flippd, and will soon add women's apparel, sunglasses and watches.
The development was first reported by Economic Times.
According to Ankit Nagori, VP (retail) at Flipkart, this move will help the firm address gaps in the price points in the current portfolio on its marketplace, which means providing cheaper options for consumers as against branded apparel.
Other e-commerce players such as Myntra, Yebhi, and Zovi are already running private label brands and some vertical e-tailers such Freecultr are fully private label ventures.
Flipkart also has an existing private label for digital accessories under DigiFlip brand.
The new development comes close on the heels of the company's extension of its own payment gateway service PayZippy to end users. The B2C version of PayZippy allows customers to store their card details and make payments on partner merchant sites. It has also tied up with merchants to give offers like cash backs, discounts on transactions, and gift vouchers to initial customers of the service.
In October last year, the firm had raised an additional $160 million (Rs 990 crore) in the fifth round of funding started in July this year (where it scooped $200 million), from new investors including Belgium-based Sofina, US-based Morgan Stanley Investment Management, Dragoneer Investment Group and Vulcan Capital (founded by Microsoft co-founder Paul Allen), along with participation from existing investor Tiger Global.