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Struggling E-commerce Company Snapdeal Rope in SBI Caps and Kotak Mahindra Capital For IPO in 2019

1Apr By PriyankaNo Comments

News

Struggling E-commerce Company Snapdeal Rope in SBI Caps and Kotak Mahindra Capital For IPO in 2019

Struggling ecommerce major Snapdeal has sounded out five merchant bankers, including SBI Caps and Kotak Mahindra Capital, to work on a public offer that is likely to hit the market in the second half of 2019. The third largest marketplace majority owned by Japanese giant SoftBank has also reportedly appointed Swiss investment banking major Credit Suisse as a special advisor for the share sale, people aware of the development told PTI. "The IPO process is on with in earnest and may open in the second half of calender 2019, depending on the market sentiment. The management has zeroed in on five i-bankers incluing SBI Caps and Kotak MahindraBSE 0.82 % Capital,"said the source. The source also said out of the five i-bankers sounded out, it will pick only one lead-banker that could be ...

Emaar Malls Confirms $800 Million Bid For Souq.com

28Mar By reutersNo Comments

ACQUISITION

Emaar Malls Confirms $800 Million Bid For Souq.com

Dubai's Emaar Malls, a unit of Emaar Properties, said on Monday it had submitted an $800 million bid for Middle Eastern online retailer Souq.com. The bid has so far not been accepted by Souq.com's shareholders, Emaar Malls said in a bourse statement. Local business magazine Arabian Business had previously reported the bid. Last week, sources familiar with the matter told Reuters that Amazon.com Inc had agreed in principle to buy Souq.com. Amazon declined to comment, and a spokesperson for Souq.com did not respond to a request for comment. Emaar Malls’ bid has so far not been accepted by Souq.com shareholders, the Dubai-listed firm said in a stock exchange announcement on Monday. Souq.com, which was founded 12 years ago by Syrian-born entrepreneur Ronaldo Mouchawar have to break...

Amazon India Head Amit Agarwal Promoted as SVP

17Mar By PriyankaNo Comments

News

Amazon India Head Amit Agarwal Promoted as SVP

Amazon India head Amit Agarwal has been elevated to the post of Senior Vice President, Amazon. The company confirmed the development in an emailed statement. "This indicates how excited Amazon is about the progress the company is making in India and the opportunity Amazon sees ahead," it added. The promotion comes within a year of Agarwals inclusion in a senior leadership team that reports directly to Amazon CEO and President Jeff Bezos. Agarwal will continue to head the India operations. Amazon, which has committed investments to the tune of USD 5 billion, remains one of the fastest growing for the US-based e-tailer. The company faces intense competition in India from local player, Flipkart. The competition is further heating up as Chinese e-tailer Alibaba gears up for a stron...

Pigeon Express in Talks to Buy Out Snapdeal Stake in GoJavas

17Mar By NitishNo Comments

ACQUISITION

Pigeon Express in Talks to Buy Out Snapdeal Stake in GoJavas

Logistics firm Pigeon Express is in talks to buy out entire stake of Snapdeal in its subsidiary parcel delivery firm GoJavas. "We are in discussion to buy out stake of Snapdeal in GoJavas," Pigeon Express MD Anand Rai said on sidelines of the launch of Aangadia mobile app for consignment booking by delivery personnel. Pigeon Express acquired 51 per cent share in GoJavas in August 2016, in which Snapdeal holds 49 per cent stake. Snapdeal has stopped using services of GoJavas and is currently delivering shipments mainly through its own new logistics venture Vulcan Express. Rai said that Pigeon acquired GoJavas after it was running in losses mainly due to reconciliation issues with e-commerce companies."There was no transparency in e-commerce deliveries. E-commerce wave in 2013 very ...

ShopClues Founder Aggarwal Files Defamation Case Against Wife, Co-founder Over Role Downplay

14Mar By Press Trust of IndiaNo Comments

News

ShopClues Founder Aggarwal Files Defamation Case Against Wife, Co-founder Over Role Downplay

NEW DELHI: ShopClues co-founder Sandeep Aggarwal today said he has filed a criminal defamation case against other co-founders -- Sanjay Sethi and estranged wife, Radhika -- in Delhi courts earlier this month alleging them of downplaying his role in creation of the online marketplace. The statement, issued by Sandeep's press team, comes a day after he made several allegations against Radhika in a series of Facebook posts. ShopClues was valued at over USD 1 billion last year. Its investors include GIC Pte Ltd, Tiger Global Managment LLC and Nexus Venture Partners. Apologising for the emotional outburst on social media and saying such acts will not happen again, the statement said, "Sandeep has been wronged on multiple counts by people he trusted the most. He is deeply hurt and while...

Flipkart in Talks to Raise About $800 Million

12Mar By NitishNo Comments

FUNDING

Flipkart in Talks to Raise About $800 Million

E-commerce major Flipkart is in advanced stage of discussions to raise about USD 800 million to further strengthen its operations in a bid to take head on the competition from American rival Amazon. The funding, however, would come at a much lower valuation of about USD 8-9 billion, sources close to the development said. The e-tailer had last raised funds in July 2015 at a valuation of USD 15 billion. The sources said that the fresh round would see participation from both existing and new investors. When contacted, a Flipkart spokesperson said: "As a company policy, we do not comment on market speculations". Till now, Flipkart is estimated to have raised over USD 3 billion with investments coming in from Tiger Global, DST Global, Steadview Capital and Accel Partners. However, t...

Snapdeal, Truecaller Partner to Make Your Shopping Experience Frictionless

2Mar By AnkitaNo Comments

BUSINESS

Snapdeal, Truecaller Partner to Make Your Shopping Experience Frictionless

New Delhi, ANI: India's largest online marketplace Snapdeal has partnered with Truecaller, one of the leading communication apps in the world to enhance consumer experience by integrating Truecaller Priority in the company's IVR and order confirmation numbers. Customers with Truecaller app installed on their mobiles will be able to easily identify and filter IVR or delivery verification calls when shopping on Snapdeal. Any calls received by users who have placed an order on Snapdeal, while be clearly marked as 'Snapdeal Order Team' or 'Snapdeal Delivery Team', and color coded in purple; thus, assuring the users that the call is important and from a reliable source, not spam. "We are very pleased to bring the Truecaller Priority feature to our platform. It will help reduce a key fricti...

Flipkart CEO Binny Bansal and Microsoft CEO Satya Nadella Announce Key Partnership to Expand E-commerce in India

22Feb By NitishNo Comments

BUSINESS

Flipkart CEO Binny Bansal and Microsoft CEO Satya Nadella Announce Key Partnership to Expand E-commerce in India

Microsoft and Flipkart, India’s leading marketplace, announced a strategic partnership to provide consumers in India with the best online shopping service. As a first step in the broad collaboration between the two companies, Flipkart will adopt Microsoft Azure as its exclusive public cloud platform. Microsoft CEO Satya Nadella and Flipkart Group CEO Binny Bansal announced the news today at an event in Bengaluru. “At Microsoft, we aim to empower every Indian and every Indian organization with technology and key to this is forging strategic partnerships with innovative companies like Flipkart,” said Satya Nadella, CEO, Microsoft. “Combining Microsoft’s cloud platform and AI capabilities with Flipkart’s existing services and data assets, will enable Flipkart to acceler...

22Feb By AdityaNo Comments

News

Snapdeal to Lay Off 600 People Over Next Few Days

SoftBank-backed Snapdeal will lay off around 600 people across its e-commerce, logistics and payments operations over the next few days. According to sources, the company started the process last week and will lay off 500-600 people across Snapdeal, Vulcan (logistics) and Freecharge (digital payments business). The sources added that the reduction will include employees across levels and the process will be completed in the next few days. A Snapdeal spokesperson said, "On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers." "We have realigned our resources and teams to further these goals and d...

Times Group Acquires Small Stake in Flipkart For 260 Crore

18Feb By NitishNo Comments

ACQUISITION

Times Group Acquires Small Stake in Flipkart For 260 Crore

Bennett, Coleman and Co. Ltd (BCCL) also known as Times Group acquires a small stake in India’s leading e-commerce firm Flipkart. As per the Times of India acquisition strategy, Flipkart’s stake dilution to BCCL is for cash and advertising space in the latter’s media properties. The story was first reported by Mint. Times group made a private investment about Rs 260 crore to buy a warrant for Class B equity shares in Flipkart as per the sourcing documents filed with the Registrar of Companies and from Tofler, a company research platform. The nature of the Flipkart-BCCL transaction is commonly known as a private treaty deal. Rs 26 crore hard cash will be paid instantly to Flipkart, the rest of the amount will be paid when it converts the warrant into equity shares of Flipkart. BCCL...

SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million

16Feb By AnkitaNo Comments

News

SAIF Partners Sold Its Entire Shares in Makemytrip, Received 16x Returns Around $400 Million

One of the leading Venture capitalist SAIF Partners has sold its entire 11 percent stake in MakeMyTrip and the transactions are estimated to be 400 Million, a largest cash exit in India’s venture capital industry. The news was first reported by economic times. Founded in 2000 by Deep Kalra, Keyur Joshi and Rajesh Magow, Makemytrip shares surged by over 50 percent following its merger with the Ibibo Group. The Nasdaq-listed company’s received about USD 25 million in travel company’s series B and series C round of funding between 2005 and 2008 and owned 41 percent stake in the company when it debuted in Nasdaq in 2010. This is an exceptional investment exit as venture capital firms in India are facing difficulties to generate cash from the investment as only few of the companies have o...

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

15Feb By NitishNo Comments

ACQUISITION

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

Gujarat based India's first listed e-commerce company Infibeam acquired 7.5% stake in CC Avenue by investing Rs 150 crore. The e-commerce company has already owns a 3.85% stake in CC Avenue through subsidiary NSI Infinium Global. The recent acquisition will merge CC Avenue with Infibeam online payment gateway at about Rs 2,000 crore. On Monday, Infibeam posted third-quarter net profit to Rs 12.8 crore from Rs 50 lakh a year earlier. Revenue rose 14% to Rs 102.7 crore. “Integration of the payment platform with logistic and warehousing, ad and domain registry along with its data centre and data analytics, the value-added services provided by Infibeam would make a full circle in providing all services under one roof,“ said Vishal Mehta, the managing director of Infibeam. “CC Avenue s...