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Flipkart Sells Front End Ops To Former OnMobile COO & Others: Report

E-Commerce major Flipkart has has sold its  front end retail operations WS Retail to a group of investors led by former OnMobile COO Rajiv Kuchhal (who was with OnMobile from May 2006 to June 2008), the Times of India reports. Kuchhal hasn't confirmed the development to the Times of India, but has asked them to check the Registrar of Companies. We're doing that and updating. The Times of India report contends Flipkart has informed the Reserve Bank of India about this change, and that with this move,Flipkart no longer has any shareholding in WS Retail, which employs over 5000 people. From The RoC MediaNama has written to Flipkart for a confirmation, and comments on this development and we'll update when we have more. Here's what we've got the Registrar of Companies on WS Retail: Update 1: WS Retail's Annual Report (uploaded on the 5th of February 2013): WS Retail reported a total income of Rs 4842304642, a total income of of Rs 480.65 crore for the financial year ended 31st March 2012 (FY12), up from around Rs 49 crore for the year ended 31st March 2011 (FY11). The company reported a profit for the year, of Rs 80.92 lakh up from Rs 65 lakh. The directors report states that "Your Company sources products from Flipkart India Private Limited under a valid and non-exclusive supply agreement. And resells it to the end-customer on the platform www.flipkart.com licensed to it by Flipkart India Private Limited." Directors who have signed the annual report:…

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