Sastasundar Regains Control Post-Flipkart Exit

Sastasundar announced that Flipkart has ended its partnership in the pharmacy and healthcare sector. The company has regained full intellectual property rights and plans to launch its app. While it faced a technical accounting loss from selling a retained stake, no material investment was required for the transaction.

In a significant business development, Sastasundar revealed on Tuesday that e-commerce giant Flipkart has concluded its partnership, allowing Sastasundar to reclaim its intellectual property rights in the online pharmacy and healthcare space.

The Kolkata-based company stated intentions to launch its own app following the dissolution of the partnership. Chairman B L Mittal clarified that no material investment was needed for this reclaim transaction.

This move comes after Flipkart had acquired a 75% stake in Sastasundar Marketplace in 2021. Though it resulted in an accounting loss for Sastasundar, the rights recovery marks a strategic freedom for the brand.

(With inputs from agencies.)