flipkart | Pixr8 News

30Nov By PriyankaNo Comments

FUNDING

SoftBank Group To Acquire More Stakes In Flipkart, Valuing It At $10B

Japanese multinational telecommunications corporation SoftBank Group has offered to buy shares from investors and former and existing employees of Indian e-commerce website Flipkart, valuing it around $9-10 billion. SoftBank has offered to buy Flipkart shares at $85-89 per share, Mint reported. The price range values Flipkart slightly lower than the pre-money valuation it clinched in two funding rounds of $1.4 billion each, one from SoftBank in August and the other from eBay Inc., Microsoft Corp. and Tencent Holdings Ltd in April. SoftBank's move is a part of its August commitment to pick up additional stakes in the e-commerce giant. Out of the total $2.5 billion investment commitment, SoftBank will use around $1.2-1.4 billion in buying out shares of other investors and employees....

Bengaluru Businessman Filed Complaint Against Fraud By Flipkart

27Nov By AdityaNo Comments

News

Bengaluru Businessman Filed Complaint Against Fraud By Flipkart

Flipkart founders Binny and Sachin Bansal and three other executives have found themselves into another legal battle. As per the recent report by TOI a Bengaluru businessman Naveen Kumar, owner of C-Store Company has filed an FIR against them for a Rs 9.96 crore fraud. The copy of FIR with TOI quoted sales director Hari, accounts managers Sumit Anand and Sharauque among other employees. In his complaint lodged on November 21, Naveen has said that he had entered into a contract with Flipkart to supply laptops and other electronic goods, and had supplied 14,000 laptops to the company between June 2015 and June 2016 for its Big Billion Day sale. "Flipkart returned 1,482 units but did not pay for the remaining units. TDS and shipping charges for those units too were not paid. When asked...

Gang Posing As Sellers Robbed Flipkart Off Rs 17 Lakhs

18Nov By AdityaNo Comments

News

Gang Posing As Sellers Robbed Flipkart Off Rs 17 Lakhs

[dropcap]A[/dropcap] group of nine people posing as online sellers exploited Flipkart's Seller Protection Fund (SPF) and cheated the billion dollar e-commerce giant. The fraud was being committed since the early 2017 where a group of posers, registered as Flipkart's online seller found a work-around to cheat the company. As per the police report, they studied the SPF scheme that guarantees an automatic refund to the seller if the sold product goes missing or is damaged in transit in case of a return from the customer and plotted to take the company for a ride. Possibly operating out of West Bengal, the gang had registered as different sellers and started shipping their products via Flipkart's logistics services. Every time the customers returned the product stating that the product i...

Reliance Jio Sets An Eye At E-Commerce, Head-On With Paytm, Flipkart

15Nov By RishabhNo Comments

BUSINESS

Reliance Jio Sets An Eye At E-Commerce, Head-On With Paytm, Flipkart

After disrupting the telecom industry in India, Reliance Jio is now set to launch an ecommerce platform, leveraging its penetration and millions of subscribers. As per the reports by ET the company is working with kirana stores and consumer brands to let people buy locally using coupons via Jio Money platform or even text messages. The project is currently ongoing in Mumbai, Chennai and Ahmedabad, the report said. Having witnessed the huge success of Jio and the fact that it touched a 132 million+ subscribers base in about a year, now its entry in the e-commerce segment could be a very bad news for digital wallet and e-commerce players like Paytm and Flipkart. Although having investors like Softbank behind their back, this head-on battle will be interesting to watch. The online...

Alibaba.com Seeks CCI To Acquire Stakes In BigBasket

10Nov By RishabhNo Comments

FUNDING

Alibaba.com Seeks CCI To Acquire Stakes In BigBasket

Chinese e-tailing giant Alibaba has been reported seeking formal approval Competition Commission of India(CCI) to acquire substantial stakes in the Indian online grocery startup BigBasket. Earlier in July, Alibaba and SoftBank backed Paytm initiated a discussion to acquire stakes by investing $200 million in the online grocer. Although Paytm and BigBasket declined at that moment about the development. As soon as it gets the permit Alibaba Group Holding's Alibaba.com Singapore E-Commerce will carry out the transaction. As per the source VCCircle this acquisition will help the online grocery firm BigBasket to consolidate its numero uno position and help it compete with rival Amazon, who has committed $500 million towards its food retail unit in the coming 2 years. Also Recomm...

Flipkart’s Wallet Phone Pe Launches Calculator Lookalike PoS Device

31Oct By RishabhNo Comments

News

Flipkart’s Wallet Phone Pe Launches Calculator Lookalike PoS Device

Indian e-commerce Unicorn Flipkart's digital wallet Phone Pe has made a bold move to challenge Paytm, by launching a unique PoS(Point of Sale) device- which looks like a small calculator backed with Bluetooth technology as a payments solution for merchants. The device has several features that makes it fit for a Indian merchants. Priced at $10(around Rs 650), it can run for months, powered on a AA battery and relying on nothing the consumer's smartphone data connection. “It looks and feels and acts like a calculator, it costs less than $10 (nearly ₹650) and it is a plug and play product,” Phone Pe CEO Sameer Nigam told reporters at a conference in Bengaluru, launching the device. “Most payment solutions today do not address the basic problems. Merchants need a durable, cheap and ...

28Oct By RishabhNo Comments

News

Days After Snapdeal CFO’s Exit, CTO Rajiv Mangla Resigns

Merely two weeks after Snapdeal CFO Anup Vikal's exit, its Chief Technical Officer Rajiv Mangla quits the online retailer, a company spokesperson confirmed on Saturday. Rajiv Mangla is said to have resigned from his post on Friday, October 27; and will be transiting out of his role by 15 December. “Rajiv has played a key role in devising and implementing multiple technology initiatives at Snapdeal, including helping build Snapdeal Cirrus. His ability to continually align a range of ongoing projects with the evolving business needs of the organisation has been invaluable for Snapdeal,” said Rohit Bansal, co-founder of the homegrown e-commerce venture said. The development was first reported by Business Standard. Snapdeal has recently witnessed a string of top-level executives soon ...

18Oct By PriyankaNo Comments

News

Flipkart To Launch Its Loyalty Programme ‘Flipkart First’ To Take On Amazon Prime

India's Ecommerce Unicorn Flipkart is planning to relaunch its loyalty programme to compete with Amazon Prime that has become a key differentiator for the American internet giant. The online retailer is in talks with online travel portal MakeMyTrip and event and tickets booking platform BookMyShow and cab aggregator Ola to provide its consumers more value-added services through Flipkart First. Earlier when Flipkart launched its loyalty programme- Flipkart First, but later didn't worked much to make it work; and the service fizzled out. Also Read: Amazon Infuses $250 Mn In Indian Amazon Seller Services Flipkart In Talks To Acquire Stake In BookMyShow Flipkart, which has so far raised nearly $3 billion in two separate tranches this year, also plans to leve...

Flipkart In Talks To Acquire Stake In BookMyShow

16Oct By reutersNo Comments

ACQUISITION

Flipkart In Talks To Acquire Stake In BookMyShow

E-commerce firm Flipkart is in talks for a partnership with online ticketing platform BookMyShow in a bid to build out its services and transaction offering, the Economic Times newspaper reported. The talks are at a preliminary stage and may see Flipkart picking up a significant minority stake in BookMyShow, two people familiar with the discussions told the paper. ALSO READ Metro Cash & Carry To Start Ecommerce For B2B By Dec-End Be Intellectually Honest And Have The Courage To Change Says Apple CEO Tim Cook Flipkart, which secured nearly $2.5 billion in funding from Japan’s SoftBank Group in August, did not respond to a request for comment. BookMyShow, owned by Mumbai-based Bigtree Entertainment Pvt Ltd, was not immediately available...

Ola Confirms $1.1 Bn Fund Raise From Tencent Holdings

11Oct By RishabhNo Comments

FUNDING

Ola Confirms $1.1 Bn Fund Raise From Tencent Holdings

One of India's unicorn, Ola, operated by ANI Technologies Pvt Ltd has confirmed that it has closed a $1.1 billion funding from Tencent Holdings, a leading Chinese internet company. The round also saw participation from its existing investor- SoftBank Group and other new US-based financial investors. Ola also said that it is in advanced talks with existing and another investor to raise additional $1 billion, thus rounding off what may turn out to be a $2 billion funding round. After a billion scale funding received by Flipkart and Paytm, Ola is the third one to receive such massive funding this year. Flipkart leads them by having raised at least $2.8 billion in two separate tranches from SoftBank, Tencent, eBay and Microsoft, followed by Paytm which raised $1.4 billion from SoftBank....

28Sep By RishabhNo Comments

INDIA

Indian Unicorn Startups To Launch Nasscom Like Lobby Group- Indiatech.org

India’s Unicorn Internet startups Flipkart and Ola are grouping together with peers including travel portal MakeMyTrip to launch a Nasscom like industry body that will be representing their interests and aim to deal with deep pocketed rivals, and sustain their existence in one of the world’s most prized markets for digital commerce. The lobby group will be called Indiatech.org — and will be led by Sachin Bansal, as its President and Chairman; appointing a former IAS officer as its CEO, said four people aware of the matter. The former bureaucrat is expected to join in 2-3 weeks. The other founding members include online classifieds company Quikr and messaging platform Hike. “The group wants to become the Nasscom for the startup space,” said two of the people cited above. The formati...

Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms

25Sep By PriyankaNo Comments

BUSINESS

Amazon, Flipkart, Snapdeal Accused of Violation of FDI Norms

Confederation of All India Traders (CAIT), leading advocate for small traders and businesses in India, with around 6 crore merchants across 40000 affiliates, urged the government to take action against e-commerce firms like Amazon and Flipkart, accusing them of violation of FDI norms by undertaking retail trading activities. (more…)