New Delhi: E-commerce giant Flipkart on Tuesday said it is setting up a new local entity - Flipkart Farmermart - that will focus on food retail in India, as it looks to take on arch-rival Amazon in the segment.
According to sources, Flipkart is expected to invest about Rs 2,000 crore initially in the business and pump in more funds as required as it scales up supply chain, storage and logistics.
"In line with the Government of India's FDI policy, which allows 100 per cent foreign direct investment (FDI) in food retail for food produced and manufactured in India, Flipkart is applying for appropriate licenses from the government," Flipkart Group CEO Kalyan Krishnamurthy said.
