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Amazon, Grofers, Big Basket May Invest $695 Million in Food Retail

26Mar By AdityaNo Comments

News

Amazon, Grofers, Big Basket May Invest $695 Million in Food Retail

The government has received investment proposals from three companies, including Amazon and Grofers, worth USD 695 million for retail of food products in India under the new FDI policy. "Three companies Super Market Groceries Supplies (Big Basket), Grofers India and Amazon Corporate Holdings have submitted their proposals for seeking permission to make investment of USD 695 million over a period of time," an official statement said today. The government had last year allowed 100 per cent FDI for marketing, including through e-commerce, of food products manufactured and produced in India. Earlier in the day, Food Processing Minister Harsimrat Kaur Badal announced that Amazon has decided to invest about USD 500 million in e-retail of food. "We allowed 100 per cent FDI in trading ...

Amazon India Head Amit Agarwal Promoted as SVP

17Mar By PriyankaNo Comments

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Amazon India Head Amit Agarwal Promoted as SVP

Amazon India head Amit Agarwal has been elevated to the post of Senior Vice President, Amazon. The company confirmed the development in an emailed statement. "This indicates how excited Amazon is about the progress the company is making in India and the opportunity Amazon sees ahead," it added. The promotion comes within a year of Agarwals inclusion in a senior leadership team that reports directly to Amazon CEO and President Jeff Bezos. Agarwal will continue to head the India operations. Amazon, which has committed investments to the tune of USD 5 billion, remains one of the fastest growing for the US-based e-tailer. The company faces intense competition in India from local player, Flipkart. The competition is further heating up as Chinese e-tailer Alibaba gears up for a stron...

Flipkart in Talks to Raise About $800 Million

12Mar By NitishNo Comments

FUNDING

Flipkart in Talks to Raise About $800 Million

E-commerce major Flipkart is in advanced stage of discussions to raise about USD 800 million to further strengthen its operations in a bid to take head on the competition from American rival Amazon. The funding, however, would come at a much lower valuation of about USD 8-9 billion, sources close to the development said. The e-tailer had last raised funds in July 2015 at a valuation of USD 15 billion. The sources said that the fresh round would see participation from both existing and new investors. When contacted, a Flipkart spokesperson said: "As a company policy, we do not comment on market speculations". Till now, Flipkart is estimated to have raised over USD 3 billion with investments coming in from Tiger Global, DST Global, Steadview Capital and Accel Partners. However, t...

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

10Feb By AnkitaNo Comments

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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...

4Feb By AnkitaNo Comments

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India Continues to Be a Rather Large Investment For Us: Amazon

E-commerce giant Amazon remains bullish on India, introducing new features for customers and sellers, even as the region continues to weigh heavy on the US-based company's finance. For the December quarter, Amazon's International business posted an operating loss of USD 487 million, up significantly from USD 108 million in the year-ago period. Its North America business had an operating income of USD 816 million (up 28.3 per cent year-on-year), while that from AWS was higher by 59.6 per cent to USD 926 million during the said quarter. Overall, net sales was up 22 per cent to USD 43.7 billion, while net income grew 55.3 per cent to USD 749 million in the fourth quarter. "I'd point out India which continues to be a rather large investment for us... So, it's still very early. We cont...

Amazon Told to Respect Indian Sensitivities: MEA

19Jan By Press Trust of IndiaNo Comments

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Amazon Told to Respect Indian Sensitivities: MEA

After the Indian flag incident, e-commerce retailer Amazon has been conveyed that while providing a platform for third party vendors, they should respect Indian sensitivities and sentiments, the External Affairs Ministry said today. MEA Spokesperson Vikas Swarup also said Amazon has also removed "offending items" like flip-flops and dog tags with Mahatma Gandhi's image. "Our Ambassador in Washington had been instructed to convey to Amazon that while providing a platform for third party vendors, they should respect Indian sensitivities and sentiments. We have been in touch with Amazon both in Washington as well as in Delhi and we have had constructive conversations," he said. Asked about sale of flip-flops and dog tags with Mahatma Gandhi's image on Amazon website, he added, "I am ...

Amazon’s Flying Warehouse to Launch Drones For Fast Delivery

31Dec By reutersNo Comments

USA

Amazon’s Flying Warehouse to Launch Drones For Fast Delivery

American e-commerce giant Amazon will fly a warehouse at an altitude of around 45,000 feet that would act as a launchpad for drones, with an aim to deliver consignments in a jiffy, media reports said today. Amazon, after winning a patent for flying the warehouse in the US, announced plans for an "airborne fulfillment center" (AFC) such as an airship, CNBC reported. The airship will be stocked with lots of products and would float at an altitude of around 45,000 feet, it said. When a customer places an order, a drone or unmanned aerial vehicles (UAV) will fly down and deliver the parcels. Amazon said the process would require little power as the drone would be gliding down rather than having to take off and land. "When the UAV departs the AFC, it may descend from the high altitude ...

24Dec By reutersNo Comments

News

Amazon Starts Flexing Muscle in New Space: Air Cargo

A cargo plane emblazoned with "Prime Air" descended from an empty sky at Lehigh Valley International Airport on Tuesday, ninety minutes from the bustle of New York City, loaded with crates of goods during the peak holiday shopping season. It's one of 40 jets leased by Amazon.com for a new cargo service to meet delivery demand from the retail giant's customers. Exclusive payload data reviewed by Reuters and interviews with airport officials around the country show that Prime Air planes are flying nearly full, but with lightweight loads, taking away valued business from FedEx and United Parcel Service. Expanding into transportation, from trucks to planes, is one of Amazon's most important endeavors as it strives to lure new customers with fast shipping while keeping costs under control...

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...

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...

E-commerce Giant Amazon’s Cash on Delivery Orders Back on Track

11Nov By NitishNo Comments

News

E-commerce Giant Amazon’s Cash on Delivery Orders Back on Track

E-commerce giant Amazon today said it has resumed cash on delivery (CoD) service for customers, two days after it had halted the option following the government's move to demonetise Rs 500 and Rs 1,000 notes. Apart from cash, Amazon India will allow customers to pay using credit and debit cards at the time of delivery of the order. "As of November 11, we are re-introducing CoD to enable options to pay at the time of delivery. This accommodates customers who face challenges of paying online, but are still able to use electronic instruments at delivery," an Amazon India spokesperson said. The spokesperson added that the delivery agents have been trained to help customers who opt for card payments at the time of order delivery or valid currency notes, including the newly introduced Rs...

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 ...