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Walmart Interested In Investing in Indian E-commerce Giant Flipkart

9Feb By PriyankaNo Comments

News

Walmart Interested In Investing in Indian E-commerce Giant Flipkart

American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores- Walmart is actively looking to invest in Indian e-commerce giant Flipkart and is willing to pay billions for as much as 20 percent stake. Walmart is the world's biggest retailer and if it invested in the Indian unicorn, it is expected that it may increase Flipkart's valuation to as much as $20 billion, which as per the researcher CB Insights is currently $12 billion. It is also mentioned by the source Bloomberg that the talks are in advanced stage, but the terms could still change and the deal may not be finalized. “Walmart will make Flipkart a stronger rival to Amazon,” said Arvind Singhal, chairman of the New Delhi-based retail consultancy Technopak Advi...

Amazon Steps Forward, Plans To Launch Its Own Beauty Products

8Feb By Sabhyata AgarwalNo Comments

News

Amazon Steps Forward, Plans To Launch Its Own Beauty Products

Amazon India is ready to launch its beauty and personal care products, thus giving a cut-throat competition to other major Online beauty stores such as Nykaa, Purplle, Slassy, Jabong, Myntra etc. Previously Flipkart-owned Myntra has also announced to launch its own brand of Beauty and cosmetics products. Leaving no stones unturned, the top two businesses have acquired a much larger share of clients in the market. A person close to the development said "Amazon India is talking to contract manufacturers and will be launching private labels (in-house brands) in a few categories within skin care and makeup". Amazon India and Flipkart have been interested in the women oriented market as the cosmetics and beauty care line has taken a plunge of growth in the last few years. With other online co...

Flipkart To Invest $25M in Silicon Valley Based AI Startup To Enhance Tech

7Feb By Sabhyata AgarwalNo Comments

News

Flipkart To Invest $25M in Silicon Valley Based AI Startup To Enhance Tech

Arch rivals Flipkart and Amazon come up with strategies day-by-day, in order to surpass the competition and stand as number one in the market. In consideration to the fact, the domestic e-commerce giant, Flipkart is looking to invest $25 million (Rs 160 crore) in Silicon Valley to upgrade its technology heap by focusing on deep technology, a report in a financial daily said. Such expansion comes over a month after the E commerce firm created an Internal Al unit known as AlforIndia. It is reported that the Bengaluru based business is keen to invest such a huge amount in at least one artificial intelligence (AI) startup based in Silicon Valley. "They (Flipkart) are looking at tech acquisitions in the valley because differentiated tech is a new focus area for the company. The idea is...

Amazon Posts Largest Profit in its History on Sales, Tax Boost

2Feb By reutersNo Comments

News

Amazon Posts Largest Profit in its History on Sales, Tax Boost

Amazon.com Inc on Thursday reported a profit near $2 billion, the largest in its history, as the online retailer drew millions of new customers to its Prime fast-shipping club for the holiday season and as changes to U.S. tax law added to its bottom line. Shares rose more than 6 percent in extended trading, after previously closing down 4 percent on the Nasdaq. Seattle-based Amazon is using fast shipping, television shows exclusive to its website and forays into new technology, such as its voice-controlled Alexa devices, to attract high-spending Prime members. Amazon said price cuts at Whole Foods Market, which it acquired for $13.7 billion last year, are helping it win grocery sales, too. The world's largest online retailer said net income more than doubled to $1.86 billion, or $...

Walmart Looking to Buy Stakes in Flipkart

31Jan By NitishNo Comments

News

Walmart Looking to Buy Stakes in Flipkart

Walmart may acquire a 15-20% stake in Flipkart, allowing them to combine synergies to compete with Amazon in India. US leading retail store chain WalMart is in advanced talks to buy a minority stake in Indian e-commerce firm Flipkart, Indian financial daily the Economic Times reported on Tuesday. Walmart could buy a 15 percent to 20 percent stake in Amazon.com Inc's main competitor in India, the newspaper said, citing two anonymous sources. A deal could be finalised as early as March and may involve primary and secondary sales by longstanding Flipkart investors, the paper added. “We don’t comment on rumours and speculation,” Walmart spokesman Randy Hargrove told Reuters via email. Bengaluru-based Flipkart was not immediately available for comment outside regular business hours...

Amazon Open First Cashierless Shop For Public

22Jan By PriyankaNo Comments

News

Amazon Open First Cashierless Shop For Public

Online giant Amazon today opened world's first cashierless store in Seattle where hungry customers will be able to grab sandwiches and go, without having to wait in line or use a checkout. The American group unveiled the concept for its cashierless "Amazon Go" shop just over a year ago, saying the 170 square meters store would initially offer grocery products to its own employees before being opened to the public. Early testing however revealed bugs, leading to a delay. In a message yesterday on its website, Amazon said it had created "the world's most advanced shopping technology so you never have to wait in line." But if the rollout has taken some time, it's now ready to Go. People armed with the app are able to pick up items as they roam the store and place them directly in ...

Patanjali Goes Online, Aims Over Rs 1,000 Crore Sales in 2018

17Jan By kriti singhNo Comments

BUSINESS

Patanjali Goes Online, Aims Over Rs 1,000 Crore Sales in 2018

Baba Ramdev-led Patanjali Ayurved today announced its foray into e-commerce for its FMCG items, partnering major players in the space, including Amazon and Flipkart, and targeting over Rs 1,000 crore this year itself. The Haridwar-based company said it has partnered eight players, which also include Grofers, Shopclues, BigBasket, 1mg, Paytm Mall and Netmeds, through which its entire range of products would be available online. Besides, Patanjali said it will also expand into new product segments such as bottled water through brand 'Divya Jal' and apparels and footwear under the brand name 'Paridhan' this year. "Online mechanism aims to provide convenient and efficient options along with extension of traditional retail market", said Baba Ramdev. He further added: "We are target...

Shoppers Stop Allots 179.26 Crore Shares to Amazon

14Jan By Press Trust of IndiaNo Comments

News

Shoppers Stop Allots 179.26 Crore Shares to Amazon

Retail chain Shoppers Stop today said it has allotted 5 per shares worth Rs 179.26 crore to Amazon.com NV Investment Holdings LLC, an investment arm of Amazon.com. According to a BSE filing by the company, it has issued of 43,95,925 equity shares of Rs 5 each at a price of Rs 407.78 per equity share, aggregating around Rs 179.26 crore, to Amazon.com NV Investment Holdings LLC. The private placement committee of Shoppers Stop at its meeting held on January 12 had approved the allotment of the equity shares. The company had entered into an agreement with Amazon.com Investment Holdings LLC in September for the purpose of issuing equity shares on a preferential basis. As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace. The two comp...

Amazon Shipped Over 5B Products Via Prime Last Year

3Jan By RishabhNo Comments

News

Amazon Shipped Over 5B Products Via Prime Last Year

E-commerce giant Amazon.com Inc in a recent press release stated that it has shipped 5 billion+ items worldwide via its premium service Amazon Prime in 2017 and has reached an all time high of prime members. The online retailer revealed the data for its Prime shipments for the first time in its entire history. It gave no comparable full-year shipment number for 2016. Across all the items from various categories that Amazon sells, its Fire TV and Echo Dot, a smart voice controller device were the best selling among its Prime members across the USA. Amazon Prime is premium subscription that Amazon offers for its users, who after subscribing this service get facilities like free two-day delivery on selected purchases, streaming of movies and TV shows worldwide and some of its exclusi...

A Guy Orders Rs 33,000 Smartphone, What Was Inside Will Surprise You

29Dec By RishabhNo Comments

News

A Guy Orders Rs 33,000 Smartphone, What Was Inside Will Surprise You

Lately e-commerce sector has seen a boom in India. People are openly accepting it because its more about convenience and save a lot of time. These e-commerce websites often offers lucrative discounts to attract customers, but what is happening at the back-end is fraud. A similar case of fraud was brought up recently by Indiatimes where a user, Rakesh Chabaria from Mumbai ordered a smartphone online. On 23 December, when the parcel was received, he was shocked to see what was inside. Rakesh had ordered a phone but what was inside was beyond his expectations. We all have heard some news related to it but he never thought it would happen to him as well. Inside the box, instead of a smartphone was a big stone! The package that he received on December 23 was already very untidy ...

Know How Amazon Plans To Capture Indian Smartphone Market In 2018 With 10.or

22Dec By Press Trust of IndiaNo Comments

News

Know How Amazon Plans To Capture Indian Smartphone Market In 2018 With 10.or

US-based online retailer Amazon will bring in a range of smartphones to the Indian market under 10.or (pronounced Tenor) to take on homegrown rival, Flipkart. The smartphones, first of which goes on sale on January 5, will be launched under the companys Crafted for Amazon programme, it said in a statement. Explaining the programme, Amazon.in said it shares customer insights with OEM partners. These partners then design and manufacture products as per industry leading quality and reliability standards. Amazon provides go-to-market support for these products, it added. The first device -- 10.or D series smartphone features 5.2 inch screen and 3,500 mAH battery. It will be priced Rs 4,999 onwards The Crafted for Amazon program will also include fashion brands like Myx, Symbol, ...

Apple To Pay $15B To Ireland In Back Taxes

5Dec By AnkitaNo Comments

BUSINESS

Apple To Pay $15B To Ireland In Back Taxes

American multinational tech giant company Apple Inc has agreed to pay over $15 billion to Ireland in back taxes in 2018. Apple and Ireland agreed to the terms of an escrow fund for the money, said Irish Finance Minister Paschal Donohoe, according to the source Wall Street Journal. The EU had earlier launched a fresh crackdown back in 2016 over taxes paid by the iPhone manufacturer. The EU said it planned to refer Ireland to the European Court of Justice for failing to recover the money in back taxes from Apple. The tax deal had allowed Apple to pay almost nothing as taxes on its European profits between 2003 and 2014, said European Union. It also said that Apple's Irish tax benefits were illegal, enabling the firm to pay a corporate tax rate of no more than one percent. Ireland...