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Flipkart Big Shopping Days: A Sneak Peek into Discounts, Deals and Biggest offers!

7May By Lavina TolaniNo Comments

News

Flipkart Big Shopping Days: A Sneak Peek into Discounts, Deals and Biggest offers!

Indian e-commerce major Flipkart is all set to hold its 4-day mega sale event "Big Shopping Days" slated from May 13 to May 16. The company claims that customers will witness biggest deals and discounts of the year till date that will focus on making shopping affordable for all its customers through offers on debit and credit card transactions. The sale will allow customers to use multiple payment options on big purchases such as no cost EMI on Bajaj Finserv Limited and credit card transactions, buy now and pay later options. Moreover, customers will be able to avail valuable services such as Buy Back Guarantee and Extended Warranty on select products at the event. What is in-store for customers at Flipkart Big Shopping Days? To add on to more curiosity before the much-awai...

Facebook Eyes to Hit Indian E-commerce Market with Marketplace

5May By Lavina TolaniNo Comments

News

Facebook Eyes to Hit Indian E-commerce Market with Marketplace

Social Media Giant, Facebook is eyeing to enter a larger piece of country's e-commerce market which is currently gearing up a faceoff between world's largest retailers and arch-rivals Flipkart and Amazon. The company is ongoing talks with several businesses and brands to list on Facebook Marketplace. As per the sources are to be believed, it will begin testing business to customer transactions on the marketplace this month ahead of the soft launch tentatively titled to happen in June. A person familiar with the matter said: "Facebook will build more tools (on its marketplace) for businesses to upload products and manage inventory and orders, and will also add payments to it by the end of this year." The Facebook marketplace was announced in India six months ago as a consumer to co...

5May By Sheldan RungasamyNo Comments

News

Flipkart to Provide ‘Complete Mobile Protection’ For Rs 49 per year

Flipkart is launching its very own servicing subscription programme along with the sale launch of the Asus Zenfone Max Pro M1, which went on sale at noon on Thursday and was sold out within minutes. The servicing subscription programme is currently available for the Asus smartphone currently but the leading e-commerce platform intends expand this service to all smartphones it sells on its platform in the next three months. Despite growing reports of Walmart set to acquire the Bengaluru-headquartered Flipkart, the company is not letting the deal blind it from its other priorities. Especially since the company’s big sale season, beginning with the Big Billion Day Sale, starting 1 October is only five months away and preparations seem to have already begun with what Flipkart is calling a ‘...

Flipkart Sell 75% stake to Walmart for $15 Billion

4May By Sheldan RungasamyNo Comments

ACQUISITION

Flipkart Sell 75% stake to Walmart for $15 Billion

Flipkart, the Indian e-commerce giant came to terms with American brick-and-mortar mammoth, Walmart, to sell an equity stake of about 75% for $15 billion, according to a report from Bloomberg which cited anonymous sources. SoftBank, the Japanese multinational conglomerate holding company that holds 20% stake in the e-commerce business agreed to sell its shares of the company to the American firm. Bloomberg added that Google’s parent company Alphabet Inc is also participating alongside Walmart in this deal. Terms are still being negotiated and the deal can even fall apart at any moment, Bloomberg reported. However, the deal is expected to close within the next 10 days. None of the companies agreed to comment on the matter. Earlier this week, Indian TV channel CNBC-TV18 reported ...

Flipkart Wins 110 Crore Tax Dispute, First Such Case Won By Any Company

26Apr By Sheldan RungasamyNo Comments

News

Flipkart Wins 110 Crore Tax Dispute, First Such Case Won By Any Company

The Income Tax Appellate Tribunal (ITAT) rejected Indian tax authorities decision on Flipkart to pay INR 110 crores on the discounts offered by Flipkart in their capital expenditure account. As per the law, the tax authority targeting and demonstrating how e-commerce companies asked for tax exemption from earnings generated through discounted products, which deduct their taxable earnings considerably. However, the ITAT rejected the request of the tax government amounting Rs 110 crore from Flipkart for their year ended 31 March 2016 tax filings. This is the first favorable ruling given by the tax tribunal on this litigative matter and will certainly give relief to e-commerce companies across the country incurring similar expenditure Rakesh Nangia, managing partner at law firm Nang...

Flipkart’s ‘Big’ Announcement Highlights: Smartphone, Tie-up & Mobile Launch

17Apr By Lavina TolaniNo Comments

Tech

Flipkart’s ‘Big’ Announcement Highlights: Smartphone, Tie-up & Mobile Launch

India's leading e-commerce company, Flipkart has come with a big announcement on Tuesday. It had already hinted a mega device launch in partnership with a mobile company a few days back. Today, it announced an exclusive partnership with Taiwanese smartphone manufacturer, Asus. In the big announcement that took place Tuesday afternoon, Flipkart informed about its future plans for selling smartphones in India. After the partnership, the e-commerce giant is ready to launch Asus products in India, starting with Zenfone Max Pro which is scheduled to launch on 23 April. This live stream is going to unveil something BIG – a huge partnership that is all set to transform the mobile phone industry , was said in livestream at 12:14 pm today. Asus had launched Zenfone Max Pro ...

$20 Billion Indian E-commerce Acquisition Deal Reaches Final Stage

13Apr By Sheldan RungasamyNo Comments

News

$20 Billion Indian E-commerce Acquisition Deal Reaches Final Stage

Walmart, the American retail guru is keen to buy stakes in Indian e-commerce company, Flipkart and the rumors circulating suggest that the Indian firm would boast a valuation of $20 billion once the deal is completed. Anonymous sources close to the company suggested that Walmart is set to buy out the shares of Flipkart and the stakes of its investors as well. The deal is yet to reach a conclusion and the details are still in negotiations. The deal will most probably be paid in tranches and will include the purchase of primary and secondary shares, said one of the sources. Flipkart’s early investors such as Tiger Global look will most likely leave the company following the deal. Flipkart raised several funds last year, notably from eBay, Tencent Holdings and Microsoft Corp but the ...

Flipkart Refuses To Pay Rs 110 Crore Income Tax

12Apr By Sheldan RungasamyNo Comments

News

Flipkart Refuses To Pay Rs 110 Crore Income Tax

The income-tax department demanded Flipkart to classify its marketing expenses and discounts as capital expenditure and therefore asked the E-commerce giant to pay the sum of Rs 110 crore as tax demand for the financial year 2015-16 due to a reclassification order on how startups are taxed. However, Flipkart does not look likely to give up Rs 110 crore so easily and are challenging the order by appearing before the Income Tax Appellate Tribunal (ITAT) with the argument that tax cannot be collected from “fictional income”. Nothing in the IT Act mandates that a product has to be sold at a particular price, and revenue not earned (due to discounts grants) cannot be treated as capital expenditure, said Senior Advocate of Flipkart, Percy Pardiwala to the tribunal. The revenue departmen...

After FoodPanda, Ola Wants to Acquire More Food Delivery Startups

10Apr By Sheldan RungasamyNo Comments

News

After FoodPanda, Ola Wants to Acquire More Food Delivery Startups

Ola is reportedly considering setting up an independent food-tech company after acquiring food ordering app Foodpanda in December and began negotiations to acquire additional private food firms. Ola has already held talks with Freshmenu officials and another firm operating in the same market segment, according to three anonymous sources close to Ola. As of yet, no definitive decision has been taken on the matter. Ola is also ready to raise the capital of Foodpanda later in the course of the year especially since food-tech competitors are raising huge sums of funding. The anonymous sources also revealed that Ola is adopting a strategy similar to that of Flipkart as they see the prospects of a vertical integration in the food-tech market. Ola generates revenues from several outlets ...

Flipkart Forays in Travel Market by Partnering with MakeMyTrip

6Apr By Sheldan RungasamyNo Comments

News

Flipkart Forays in Travel Market by Partnering with MakeMyTrip

MakeMyTrip, the online travel company and Flipkart, the e-commerce marketplace announced on Thursday that it would begin a partnership intended for the travel services market. MakeMyTrip owns several branches such as Goibibo and redBus, and will use the large client base of over 100 Million registered users of Flipkart to increase the its online travel bookings. This new association will begin by providing domestic flight bookings in the coming weeks and will extend to hotels, bus and holiday bookings subsequently. "Flipkart is one of the most exciting companies of our times and we are delighted to partner with them to catalyse the massive online travel opportunity in India. This partnership will help us reach out to an even wider consumer base and further open up the online trave...

23Mar By Sheldan RungasamyNo Comments

News

Shopclues Sacked 45-50 Employees

It has been announced that Shopclues fired 45-50 employees from different domains. A company spokesperson confirmed the layoffs but pointed out that they were made according to the individuals’ work performance, which according to the firm “has impacted less than 4% of the company’s overall workforce.” "Unfortunate as it might be, the rigors of a merit-based system requires that we keep the bar high on individual performance. As we wrap up the review cycle for FY 2018, this decision has impacted less than 4% of the total workforce," the company spokesperson said. The firm currently employs between 1,150-1,200 individuals. The layoffs come at a time when Shopclues is losing long strides to India’s two biggest e-commerce companies – Flipkart and Amazon. Snapdeal is also changing ...

Kalaari Capital Planning Snapdeal Exit and Selling Stakes

15Mar By Sheldan RungasamyNo Comments

News

Kalaari Capital Planning Snapdeal Exit and Selling Stakes

Kalaari Capital, the venture capital and investor in Snapdeal, held talk with the company’s promoters about selling part or the totality of its stake in the e-commerce on the online market. According to anonymous sources, the discussions are still at an early stage and there are yet no guarantee that the request will be granted. However, the sources did mention that the venture capital firm is well capable of selling its stakes in Snapdeal for Rs 40- Rs 50 crore. The sum is a very small fraction of the total sum the company invested in the company, about Rs 135 crore. It is also being reported that Kalaari Capital are holding talks with other investors to buy out their stake in the company. This desperate move signals that all is not well for the e-commerce business. Snapdeal alre...