India Retail News

Mumbai-based mobile application and distribution firm, Onward Mobility has raised Rs 18 crore from the IndoUS Venture Partners and Qualcomm's venture capital investment arm, Qualcomm Ventures. The funds will be utilised to increase retail distribution reach, expand product offerings, and hire key employees. Onward Mobility has a direct-to-consumer distributing model, which is customer-oriented.
 
Bharti Walmart's accumulated losses have eroded its net worth as on December 31, 2011, even as the wholesale firm more than doubled its sales last year by adding around a dozen new stores. "The accumulated losses of Bharti Walmart as at December 31, 2011 amounting to Rs 765 crore has resulted in erosion of net worth as on that date," the joint venture between world's largest retailer Walmart and India's largest mobile operator Bharti Enterprises said in its latest filing to the Registrar of Companies (ROC).
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