Seeking to calm employees rattled by reports of a cash crunch, the founders of Indian online retailer Snapdeal have gone directly to them with a string of townhall meetings in past weeks, according to sources, promising profit and brushing off takeover talk. The sources, familiar with the group, declined to be named as the meetings […]
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 […]
Global ride-hailing firm Uber Technologies is rethinking its car leasing strategy in India, its second-biggest market, as drivers have returned dozens of leased cars early after the company cut incentives, people familiar with the matter told Reuters. Uber had planned to buy 15,000 new cars last year and lease them out in a bid to […]
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 […]
Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and US internet giant Amazon. Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview that the online marketplace provider […]
India’s one of the leading e-commerce company, Snapdeal suspended its affiliate programme for customers amid cash crunch. The steps taken by the company seems a major setback to its operation and also the concern over cash crunch. The company finds it very hard to secure next round of funding. However, the company is in still talk with […]
In a major consolidation in the online realty space, PropTiger.com and Housing.com today announced a merger to create Indias largest online real estate services company and the joint entity will raise USD 55 million of fresh investment. News Corp-backed PropTiger.com and SoftBank-backed Housing.com announced “they will come together to become India’s largest online real estate […]
Realty portal Housing.com has tied up with real estate major Tata Housing to create an exclusive digital marketing platform for the sale of existing inventories and launch of new projects. Housing.com and Tata Housing have formed a partnership as part of which the realty portal would “offer a full stack solution by creating an exclusive […]
Leading ride-hailing firms have praised an Indian policy blueprint on regulating the taxi industry, saying it would offer their app-based services a chance to flourish despite their concerns about price caps. A committee set up by the Ministry of Road Transport and Highways recently published its findings, stating that India needed one regulatory framework for […]
NoBroker.com has raised USD 7 million (about Rs 50 crore) as part of its series B funding. This is the extension of the USD 10 million Series B round announced few months back this year, taking cumulative amount to USD 17 million. This extension round is led by Korean investor KTB Network and saw participation […]
Transport aggregator Ola today said its India-focussed innovations like offline booking and local language apps have helped the homegrown company “effectively hold onto over three-fourth market share”. The SoftBank-backed firm, which is locked in an intense battle with US-based Uber, also claimed that every bit of technology it has built has been “made from the […]
Positive on India’s prospects, Japan’s SoftBank today pledged that it will “surpass” the stated commitment of investing USD 10 billion in the country as it ramps up investments in solar power generation and Internet-led businesses. “We have already invested USD 2 billion in last few years… we will surpass my commitment of investing USD 10 […]