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BigCommerce files for a $100 million IPO

14Jul By AnkitaNo Comments

Market

BigCommerce files for a $100 million IPO

BigCommerce Holdings, an on-demand Saas based platform that enables SMBs to build online stores, filed for IPO with the SEC to raise up to $100 million. BigCommerce simplifies the creation of online stores through ease-of-use, enterprise functionality, and flexibility. It powers both its customers' branded eCommerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems. As of June 1, 2020, it served approximately 60,000 online stores in approximately 120 countries. The Austin, TX-based company was founded in 2003 and booked $120 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BIGC. BigCommerce Holdings filed confidentially on January 9, 2020....

eBay invested $150 million in Paytm Mall, picks up 5.5% stake

19Jul By PriyankaNo Comments

FUNDING

eBay invested $150 million in Paytm Mall, picks up 5.5% stake

eBay Inc., a global commerce leader announced an agreement that will make eBay inventory accessible to tens of millions of Paytm Mall active customers in India. Additionally, eBay is making an investment of $150 million in Paytm Mall and will own approximately 5.5% of the company. “We are deeply committed to India and believe there are huge growth potential and significant opportunity in this dynamic market,” said Jooman Park, eBay Senior Vice President, APAC. “This new relationship will accelerate our cross-border trade efforts in a rapidly growing market, providing hundreds of millions of Paytm and Paytm Mall customers with access to eBay’s unparalleled selection of goods.” Paytm Mall makes international purchases frictionless for customers in the Paytm ecosystem. Through technol...

Shopify Launched its First eCommerce Report

11Jun By AnkitaNo Comments

ANALYSIS

Shopify Launched its First eCommerce Report

Ottawa, Ontario, Canada: Shopify Inc, the leading multi-channel commerce platform released its first global State of Commerce report with insights on what's driving direct-to-consumer (DTC) commerce and buying behavior. Over the last year, the retail industry has experienced tremendous disruption, and within this changed retail landscape, customers and merchants have found new opportunities to buy and sell goods. “It’s our mission to make commerce better for everyone, and we developed this report to share global insights that can help merchants better understand the needs of their customers,” said Harley Finkelstein, Chief Operating Officer, Shopify. “At Shopify, we’re inspiring the next wave of independent business owners with the tools and insights they need to succeed. We'll con...

Amazon buys warehouse robotics startup Canvas Technology

11Apr By NitishNo Comments

ACQUISITION

Amazon buys warehouse robotics startup Canvas Technology

Amazon has said it had acquired Canvas Technology, a robotics startup in Boulder, Colorado, that has built autonomous carts that can move goods around warehouses. An Amazon spokeswoman did not comment on the deal's price tag but said the companies "share a common vision for a future where people work alongside robotics to further improve safety and the workplace experience. We look forward to working with Canvas Technology's fantastic team to keep inventing for customers". The deal was earlier reported by TechCrunch. The world's largest online retailer has increasingly automated its fulfilment centres with robots, originally from Kiva Systems which it agreed to buy for $775 million in 2012, that transport shelves of inventory to workers to pick customer orders. Amazon has a...

Amazon Plans To Enter Event Ticketing In US

11Aug By reutersNo Comments

BUSINESS

Amazon Plans To Enter Event Ticketing In US

Amazon.com Inc is seeking to partner with U.S. venue owners to sell event tickets, four sources have told Reuters, a move that could loosen Ticketmaster’s powerful grip on the lucrative ticketing business. (more…)

Myntra Does a U-turn, To Re-Launch Website From June 1

4May By AdityaNo Comments

News

Myntra Does a U-turn, To Re-Launch Website From June 1

A year after going app-only, fashion e-tailer Myntra will now launch again its desktop website on June 1. Myntra, part of eCommerce giant Flipkart, had attributed the decision to the manifold growth in traffic from smartphones, which prompted it to go mobile-only from May last year. Myntra said the U-turn in its decision was based on consumer feedback and launch of new categories like home furnishing and jewellery. "The premises of going on an app only strategy were based on mobiles being personal devices that enable a tailored experience unlike desktops and that mobiles are the future of computing devices," Myntra CEO Ananth Narayanan said in an emailed statement. Both the premises were proven to be right and Myntra app became the most loved amongst leading Indian eCommerce firms,...

Alibaba’s Ma, Tsai to buy back $500 million in shares

29Feb By reutersNo Comments

News

Alibaba’s Ma, Tsai to buy back $500 million in shares

Alibaba Group Holding Ltd said on Monday Chairman Jack Ma and Vice Chairman Joe Tsai have agreed to buy back a combined $500 million in company shares, part of a $4 billion stock repurchase scheme announced in August. The buyback comes as the e-commerce firm's shares languish at $66.91, more than a dollar off their IPO price of $68, and as it struggles with slowing growth and a gloomy outlook for the Chinese economy. Sina News reported that Ma and Tsai had signed an agreement to use their private funds to repurchase shares worth $500 million. An Alibaba spokesman confirmed the news but declined to give details. In August, Alibaba announced the $4 billion share repurchase programme which would take place over two years and was aimed at offsetting the impact of its share-based compe...