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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...

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...

Online E-commerce Company Flipkart, Snapdeal & Amazon Raises Concern Over TCS Clause in GST

10Feb By AnkitaNo Comments

News

Online E-commerce Company Flipkart, Snapdeal & Amazon Raises Concern Over TCS Clause in GST

Online retailers Flipkart, Snapdeal and Amazon came together to raise concerns about the tax collection at source (TCS) clause under draft model GST law, saying it could result in a capital lock-down for sellers and discourage them from selling online. This is the first time that the three companies locked in intense competition for leadership of the booming Indian e-commerce market -- have come together to voice their concerns on an industry issue. In the past, they have even taken potshots at one another through social media platforms like Twitter and also offline. Stressing that GST is one of the most forward-looking tax initiatives, the players exuded confidence that it will have a transformative impact on the sector. However, the TCS clause would lead to a capital lock-down o...

Fidelity Marked Down Value of Investment in Flipkart

27Jan By NitishNo Comments

BUSINESS

Fidelity Marked Down Value of Investment in Flipkart

US-based mutual fund Fidelity Rutland Square Trust II has marked down the value of its shareholding in e-commerce firm Flipkart by almost half over a period of one year. In a regulatory filing on January 24, Fidelity reported value of its 52,096 shares in Flipkart at USD 2.7 million (USD 2,715,764), or USD 52.12 per share, as on November 30, 2016. Fidelity, which holds less than a percent in Flipkart, in its earlier filing had reported value of its holding at USD 5,416,421, or USD 103.96 per share, as on November 30, 2015. Flipkart did not comment on the development. At the same time, Fidelity has reported around 13 percent increase in its investment made in online retail major Amazon. Fidelity reported value of its 281,493 shares in Amazon.com at USD 211,280,201 implying value of...

30Dec By PriyankaNo Comments

News

Jabong Targets 5 million Shoppers, 5x Sales Growth in Myntra’s “End of Reason Sale” to Mark The New Year

All the shopaholics, get set to welcome the new year with style and aplomb. Jabong, India’s leading online fashion retailer, has announced its participation in Myntra’s sale event, the “End of Reason Sale”, which will start from the midnight of 3rd January and continue till 5th January 2017 midnight. More than 300,000 styles from a wide collection of more than 2,500 national and international brands will be available at up to 80% discount during this sale. Jabong is targeting a 5x growth in its sale during this period. Speaking about the End of Reason Sale, Mr. Rahul Taneja, Chief Business Officer, Jabong says “Jabong is excited and geared up to be a part of Myntra’s iconic End of Reason Sale (EORS). EORS has now become an annual high point for online fashion shoppers, and this is ...

Delhi/NCR Chooses Flipkart Over Other E-commerce Portals For Shopping

26Dec By AnkitaNo Comments

News

Delhi/NCR Chooses Flipkart Over Other E-commerce Portals For Shopping

E-commerce major Flipkart today said it saw the highest number of shoppers on its platform coming from the national capital region this year. "The National Capital has again raced ahead of all with most number of shoppers taking to e-commerce, closely followed by Bengaluru. Mumbai, Chennai and Hyderabad are the other metro cities that made the cut," Flipkart, in its #FlipTrends2016 report, said. Vellore, Tirupati, Bellari, Jorhat and Kottayam were the top five cities among tier III towns of the country for Flipkart, it added. Interestingly, men accounted for a larger chunk (60 per cent) of online shoppers in 2016, shopping more of electronics, personal audio, footwear and lifestyle product. The most selling categories in 2016 were electronic accessories, mobiles, women clothing, m...

Amazon Invests 2010 Crore into Amazon India, Total Investment 7000 Crore in Past 12 Months

20Dec By AnkitaNo Comments

FUNDING

Amazon Invests 2010 Crore into Amazon India, Total Investment 7000 Crore in Past 12 Months

It seems Jeff Bezos led American e-tailer Amazon launched full fledged e-commerce war against India's leading e-commerce firm Flipkart. According to latest information Amaon has invested Rs 2,010 crore into Amazon.in. The total investments in Amazon Seller Services to Rs 7,000 crore in the past 12 months, according to regulatory filings. The latest investment strategy from Amazon, making the points raised by Flipkart Founder Sachin Bansal and cab aggregator Ola Founder Bhavish Aggarwal, seeking government intervention and asking the country to protect Indian-origin startups to counter capital dumping by foreign rivals. Last week, Amazon rolled out Prime Video and prime service for which it is in discussions with content players and offers its users a host of features like quicker del...

Home Grown Startups Like “Ola and Flipkart” Losing Confidence: Saurabh Srivastava, IAN, Co-founder

14Dec By AnkitaNo Comments

Entrepreneurs Talk

Home Grown Startups Like “Ola and Flipkart” Losing Confidence: Saurabh Srivastava, IAN, Co-founder

Indian startups playing up the 'home-grown' card and asking government to shut doors to global companies indicate that companies are losing confidence, entrepreneur and angel investor Saurabh Srivastava said today. Instead, companies need to focus on ways to create an "enabling environment" without closing the doors for foreign players, he said. "One needs to have a balanced matured view... I think, we are losing confidence... there's no reason for that... We should make sure that the environment that we have is fair, free and level-playing field," Srivastava, who is also the chairman and co-founder of Indian Angel Network (IAN) said at a media briefing ahead of the TiE Global Summit. He added that while Indian companies should not be at a disadvantage, the focus needs to be on "how to c...

Alibaba Backed Out To Acquire Indian E-commerce Firm Snapdeal

2Dec By AnkitaNo Comments

News

Alibaba Backed Out To Acquire Indian E-commerce Firm Snapdeal

China's Alibaba Group Holding is not buying Indian e-commerce company Snapdeal and is not in talks to do so, a person familiar with the matter said on Thursday, dampening talk that an acquisition was in the works. Rumour rumour on the wall, which troll did you callYou said sold, they said bought, but whoever listened to you didn't get diddly squat.— Kunal Bahl (@1kunalbahl) December 1, 2016 Hangzhou, China-based Alibaba was also in talks with Flipkart for a potential buyout but it seems like the talks have fallen through as Alibaba takes an interest in acquiring Snapdeal, which has raised over $1.76 billion in 12 funding rounds. Alibaba had already invested in India's leading online payment platform Paytm in September 2015, also acquired 40% stake. A strategy likely t...

Flipkart eyes groceries; renewed push in furniture

20Nov By reutersNo Comments

News

Flipkart eyes groceries; renewed push in furniture

Led by Bansal's, India's top e-commerce player Flipkart plans to move into the groceries space and make a renewed push in the online furniture business, as it expands its product portfolio and looks to outmaneuver global giant Amazon.com in a burgeoning Indian market. Flipkart Chief Executive Binny Bansal said the home-grown e-commerce player plans to begin experimenting with grocery sales next year and scale up operations over a three year period. "There's definitely room to build a profitable grocery business, but it's hard. That doesn't mean it's not possible, but it's hard," Bansal told Reuters in an interview on Sunday. Amazon has already began to pilot grocery sales in select Indian cities. More and more people in India, a country of over 1.2 billion people, are logging on to t...

Jabong Records 50% Growth in Net Revenues, 40% Increase in App installation

11Nov By AdityaNo Comments

News

Jabong Records 50% Growth in Net Revenues, 40% Increase in App installation

Fashion e-tailer Jabong said it saw 50 percent revenue growth month-on-month in October, closing the month with positive unit economics for the first time in its history. The Myntra-owned company achieved a positive gross profit for the first time ever, propelled by revenue growth and fulfillment cost reduction, Jabong said in a statement. However, the company did not specify the gross profit made or the total revenues for October. "Jabong has closed October with the first ever positive unit economics month, becoming only the second online e-commerce company in India to do so after Myntra," it added. Jabong said the growth was accompanied by a surge in customer net promoter score (NPS) -- a measurement of customer satisfaction -- to 50 percent. The company held its sale in October...

Ecommerce Firms Paytm & Amazon Temporarily Halting COD Orders, Issue Advisories

10Nov By PriyankaNo Comments

News

Ecommerce Firms Paytm & Amazon Temporarily Halting COD Orders, Issue Advisories

Ecommerce companies are struggling to handle cash on delivery (COD) orders, following the government's decision to demonetise Rs 500 and Rs 1,000 currency notes, with firms like Amazon and Paytm temporarily halting the facility for customers. Some companies like Uber and BigBasket have issued advisories urging customers to pay in lower denominations, while others like Flipkart and Snapdeal have set limits to the value of orders that can be delivered through COD. According to industry estimates, about 70 per cent of the shoppers opt for cash while buying a product. "We have temporarily stopped cash as a payment option for new orders. Customers who had already placed COD orders before midnight 8/11 can pay for their orders using debit or credit cards or currency of valid denominations ...