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28Nov By AnkitaNo Comments

INDIA

Indian eCommerce platforms reported USD 8.3 bn GMV during festive Sales

New Delhi, 28th Nov 2020: India's e-commerce festive sale season from October 15-November 15 this year delivered USD 8.3 billion (about Rs 58,000 crore) worth of gross sales for brands and sellers, up 65 percent from USD 5 billion (Rs 35,000 crore) last year, research firm RedSeer said on Friday. This was also higher than the pre-festive forecast of USD 7 billion, RedSeer said in its report titled 'The Festival of Firsts'. About USD 3.2 billion (Rs 22,000 crore) worth of gross sales was registered in September this year, which zoomed to USD 8.3 billion in the festive period, the report said. Of the USD 8.3 billion, USD 4.2 billion (Rs 29,000 crore) was logged in the first event, USD 1.2 billion (Rs 8,700 crore) in the second event and USD 1.4 billion (Rs 9,700 crore) and USD 1.5...

20Oct By PriyankaNo Comments

FUNDING

Bangladesh based ShopUp raises $22.5 Million in Funding

Dhaka, 20th Oct 2020: Bangladesh based digital store making platform ShopUp raises $22.5 million in a Series A round funding led by Sequoia Capital India and Flourish Ventures. VEON Ventures, Speedinvest, and Lonsdale Capital (Singapore) also participated in the round. The funding will use to extend its retail reach, as it deepens its partnerships with manufacturers and focuses on building tech-first infrastructure. ShopUp offers small businesses easy access to B2B sourcing, last-mile logistics, digital credit, and business management solutions. This helps these neighborhood mom-and-pop sellers achieve more profit with less effort, allowing them to focus their efforts towards engaging with their customers and business expansion. “COVID-19 has further underscored the need for ...

Info Edge invests $6.33 million in Bulbulive Shopping Network

30Jul By Press Trust of IndiaNo Comments

FUNDING

Info Edge invests $6.33 million in Bulbulive Shopping Network

New Delhi, Jul 28, 2020: Info Edge invested about USD 6.33 million (about Rs 47.3 crore) in Bulbulive Shopping Network. Bulbul is a video and Livestream-led commerce platform that aims to make online shopping engaging and social while offering consumers the opportunity to discover new products. "The IE Venture Fund I have acquired/agreed to acquire 416 ordinary shares and 2002 series A1 compulsorily redeemable convertible preferred shares, through a mix of the primary and secondary mode of acquisition," Info Edge said in a regulatory filing. Upon successful closing of the said acquisition of shares, the aggregate shareholding of the company in the said entity would be around 17.82 per cent on fully converted and diluted basis. "This is part of a larger round of about USD 8.7 m...

6Apr By NitishNo Comments

INDIA

Walmart India Encourages Customers to Order Online

Walmart India, which operates in the cash-and-carry format encouraging its users to buy online to avoid the rush on the streets amid the rise of coronavirus cases in the country. The company is witnessing an increase in the number of orders placed through its website and app and have added more capacity to serve them, said Walmart India in a statement. However, Walmart, like other retailers, is also facing challenges in getting sufficient supplies of the goods due to production shortages from the manufacturers and continued bottleneck in logistics and transportation due to lockdown. It is working closely with its suppliers and with the local authorities to minimise and address these challenges, it added. Besides, the company is also facing challenges in terms of shortage of ma...

Alibaba Single Day sales hit $10 billion in Less than 30 minutes

11Nov By AdityaNo Comments

CHINA

Alibaba Single Day sales hit $10 billion in Less than 30 minutes

E-commerce giant Alibaba's Singles' Day sales hit USD 10 billion in less than 30 minutes of the event going live. The Alibaba Group's various shopping platforms' total gross merchandise value (GMV) exceeded USD 10 billion in only 29 minutes and 45 seconds, while it took just 1 minute and 8 seconds to achieve a total GMV of USD 1 billion, after the Chinese e-commerce behemoth kicked off it's 11.11 Global Shopping Festival. Within the first two hours, the total GMV exceeded 120.7 billion renminbi (USD 17.24 billion), surpassing the total GMV of 2016 11.11. Some of the top countries selling to China by GMV included Japan, United States, South Korea, Australia, Germany, United Kingdom and France. According to Alibaba, the number of orders created at the peak of the 2019 11.11 Glob...

31Oct By PriyankaNo Comments

ACQUISITION

Singapore Qoo10 acquires Indian eCommerce Platform Shopclues

Indian e-commerce firm ShopClues has inked an all stock-deal with Qoo10 to merge operations with the Singapore-based firm. The collaboration presents "new strategic opportunities for both companies as it opens up cross border opportunities for consumers and sellers across Asia", ShopClues said in a statement. While the terms of the deal were not disclosed, the development would come as a breather for the Indian e-commerce platform that has been struggling to control costs in the hyper-competitive online shopping segment in India. Qoo10 is an e-commerce platform in South East Asia that serves small and medium enterprises (SMEs) via its localized online marketplaces in Singapore, Indonesia, Malaysia, China, and Hong Kong. Qoo10 also has plans to expand into other Asian countries...

Flipkart Registered $540 Million Loss in 2018-19

29Oct By PriyankaNo Comments

BUSINESS

Flipkart Registered $540 Million Loss in 2018-19

Flipkart India, the B2B arm of Walmart-owned Flipkart, has registered a higher loss of Rs 3,836.8 crore ($540 Million) during 2018-19 as compared to the previous financial year, according to regulatory documents. The unit had posted a loss of Rs 2,063.8 crore for the financial year ended March 31, 2018, documents filed by Flipkart India to the corporate affairs ministry showed. "...company incurred a net loss of Rs 38,368 million during the financial year under review as against the net loss of Rs 20,638 million in the previous financial year. There has been an increase in the net loss by 85.91 percent," the documents sourced by Paper.vc said. Flipkart India's revenue from operations, however, saw a 42.82 percent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the pr...

eBay draws new Logistics plan to fight against Amazon

26Jul By AnkitaNo Comments

News

eBay draws new Logistics plan to fight against Amazon

SAN FRANCISCO: Online retail giant eBay plans its own managed delivery for sellers through its platform to compete with Amazon prime service and boost its brand recognition. The new service will result in "hundreds of millions of eBay-branded boxes and packages being placed on front porches across the United States within the next few years," the company statement said. The move by eBay comes with Amazon growing its base of third-party sellers for its Prime subscription service that offers same day delivery. "These branded packages will not only deliver a better shopping experience for customers, but materially enhance eBay's brand identity as a popular consumer shopping destination." The new service will allow sellers to store inventory closer to buyers in warehouses across ...

Snapdeal delivers ‘fake’ products; company founders booked

26Jul By AnkitaNo Comments

News

Snapdeal delivers ‘fake’ products; company founders booked

The police here have registered a case against Snapdeal founders Kunal Bahl and Rohit Bansal after a local Congress leader alleged that the online shopping site sent him fake products. They were booked for cheating under section 420 of the Indian Penal Code after businessman Indermohan Singh Honey complained that instead of a Woodland belt and a wallet, he was delivered fakes. Singh had acted as a spokesperson of the party during the recent Lok Sabha election campaign. He placed the order on July 17, paying online for it, police said. In a complaint lodged at the city's Gumanpura police station, the businessman said he suspected the genuineness of the products delivered at his home, and took them to a Woodland showroom. The staff there examined the products and said they we...

19Jul By NitishNo Comments

News

ShopClues Lays off 200 people

E-commerce platform ShopClues has laid off about 200 employees as it struggles to rein in costs in the hyper-competitive online shopping segment in India. According to sources, ShopClues has sacked about 200 people as its efforts to find a buyer failed. When contacted, a ShopClues spokesperson said the company has been steadily reducing its workforce mostly in operating functions as it leverages gains from technology. "We have always been an employee first company and have ensured that impacted employees, if any, are outplaced proactively," it added. Recently, ShopClues was in talks with larger rival Snapdeal for a potential acquisition. However, after weeks of due diligence, Snapdeal decided against the acquisition as there are concerns regarding some of the findings emerg...

India’s listed E-commerce Infibeam Seeking Govt Nod to remove its Joint Auditor

12Jul By NitishNo Comments

News

India’s listed E-commerce Infibeam Seeking Govt Nod to remove its Joint Auditor

Indian E-commerce company Infibeam Avenues will seek shareholder approval for the removal of EY-affiliate S.R.B.C & Co. LLP as one of its joint statutory auditors through a special resolution, in compliance with the order from the Corporate Affairs Ministry. In May, Infibeam had said its board has recommended termination of S.R.B.C & Co. LLP's (Auditor) services as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information (UPSI) a charge that S.R.B.C. had refuted. Last month, the e-commerce company had informed that its proposal had been approved by the Corporate Affairs Ministry. "As per the order, the Regional Director has instructed the company to re-obtain the approval of shareholders within the prescribed time limit...

Not IPO, driving e-commerce growth in India is Prime Focus: Flipkart

24Jun By AdityaNo Comments

News

Not IPO, driving e-commerce growth in India is Prime Focus: Flipkart

An initial public offering (IPO) is a long-term strategy, but our prime focus is getting 200-300 million new Indians into the e-commerce space, said India's leading e-commerce portal Flipkart (owned by Walmart). The statement comes amid reports that Flipkart is looking at tapping into the US share market by 2022. "An IPO has always been part of Flipkart's ambitions and long-term strategy but right now, we don't have a time frame on that. Flipkart is currently focused on driving the growth of e-commerce in India to get 200-300 million new customers into e-commerce fold," a Flipkart spokesperson said in an e-mailed statement. Walmart Inc in May last year had announced that it is buying 77 percent stake in Flipkart for about USD 16 billion (Rs 1.05 lakh crore), its biggest deal whic...