Friday, March 29

Search Results for: Walmart

Myntra & Jabong Merge, Lay off 150 Employees

The e-commerce fashion players Myntra and Jabing that have played a major role in the industry are reportedly merging and this has come days after Walmart put the two fashion businesses of the Flipkart Group under direct control of CEO Kalyan Krishnamurthy. “Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key […]

Flipkart Co-founder Binny Bansal Resigns Following Allegations of Misconduct

Binny Bansal, the co-founder and group CEO of India based e-commerce giant Flipkart has stepped down from the company with immediate effect. This step has been taken following an investigation into “serious personal misconduct.” This move has come up in less than six months after Walmart acquired a majority ownership in the company. In an email to […]

Karnataka Govt Signs up 21 Firms to Turn ST/SC Youth into Entrepreneurs

In a bid to help startups grow and expand, the Karnataka state government has signed up 21 firms including Uber, Ola, Swiggy and Bata for its ambitious programme called Samruddhi. The programme aims at creating 10,000 entrepreneurs annually over the next three years from among the SC/ST youth. Under this, once the youth is skilled and certified by the […]

Amazon to Take up Stake in Kishore Biyani’s Future Retail

The e-commerce giant Amazon is all set to acquire a stake of just under 10% in Kishore Biyani-led Future Retail. The deal is likely to be approved by the latter’s board on October 29. The retail major is expected to pick up shares through the foreign portfolio investors route at a hefty premium to the […]

Two Myntra-Jabong Senior Officials to Exit by December

With senior executives resigning from various important companies, Chief marketing officer of Myntra and head of Jabong Gunjan Soni, and Myntra’s chief strategy officer and head of categories Ananya Tripathi have decided to leave the organization. Both the executives will work with their respective companies till the end of this year. “Gunjan has played a key role in firmly positioning the […]

Grocery Delivery Startup Instacart Secures $600 million

A startup that delivers grocery called Instacart has reportedly raised funds amounting to $600 million in its latest funding round. The funds have been basically raised to fight against its rivals as it competes against players like Amazon and valuing the company at $7.6 billion.  The company is based in San-Francisco-based and has been steadily growing […]

India’s DMRC has partnered with PhonePe to Facilitate Payments

The digital payment player PhonePe has tied up with Delhi Metro Rail Corporation (DMRC) to offer PhonePe users with the service of recharging their DMRC smartcards on the app itself. This service will be made available to the users through a micro app in the freshly created ‘Apps’ section on the PhonePe app. The fintech company stated that […]

Amazon, Samara Capital Acquire Aditya Birla Group’s ‘More’

In the era of growing acquisitions, retail giant Amazon and home-grown equity fund Samara Capital have entered into a deal to acquire Aditya Birla Group’s food and grocery retail chain known as ‘More’. After Future Group’s Big Bazaar, Reliance Retail and DMart, More is the fourth-largest supermarket chain in the country. The two companies acquired […]

Amazon Launches Hindi Version of its App and Website

The leading e-commerce platform Amazon has announced the launch of its first Hindi version of the Android app and website. This move has been primarily taken to make deeper footprints into India’s fast-growing e-commerce market, boosting up its battle with Walmart’s Flipkart. This move clearly signifies the importance of the Indian market in the e-commerce […]

Softbank Net Profit Surges Record 50 Fold After Flipkart Acquisition

Masayoshi Son led Japanese leading tech company SoftBank net profit soared more than 50-fold from a year earlier to 313.7 billion yen (USD 2.8 billion) in the latest quarter thanks to Flipkart acquisition and coworking space Wework growth in India. Last year in the same quarter, SoftBank‘s profits slumped to 5.5 billion yen due to […]

eBay.in Plans to Acquire ShopClues For India Relaunch

US-based online retailer eBay is reportedly in talks with ShopClues to acquire the Gurugram-based e-commerce company After announcing its plan to relaunch its India business. Last year, eBay sold its India operations to Flipkart for $200 million, who recently said it will stop using the eBay.in platform. Meanwhile, eBay and ShopClues have both declined to […]

SoftBank’s Kabir Misra Plans to Launch a Startup Fund

SoftBank’s managing partner Kabir Misra is reportedly in the advanced stages of launching a startup fund worth $200-250 million, which will focus on startups situated out of India, USA and Southeast Asia. According to the anonymous statements, Misra will make early-stage to mid-stage investments in US, India and Southeast Asia. Softbank will be the anchor […]