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OnePlus 6 is Finally Here: Check out Whats New!

17May By Lavina TolaniNo Comments

Tech

OnePlus 6 is Finally Here: Check out Whats New!

A year-long anticipation has finally come to an end, OnePlus 6 has finally been launched and the new flagship has come with major design change from a metal unibody design on its predecessor OnePlus 5T. The smartphone flaunts an all-glass design, a top-notch display and is equipped with latest Snapdragon 845 processor. Launched as one of the most sophisticated gadgets from OnePlus the phone will surely catch eyes as it has a lot to look forward to in terms of features. OnePlus 6 has come in 3 variants- The basic variant with 6GB RAM/64GB storage is priced at $529 (Rs 35,810 approx), while its 8GB RAM model with 128GB and 256GB of onboard storage options will cost $579 (Rs 39,195 approx) and $629 (Rs 42,580 approx) respectively. It will be available in three vibrant colours- Mirror Bl...

Flipkart FY17 Revenue Growth Cuts Down Losses

17May By Sheldan RungasamyNo Comments

BUSINESS

Flipkart FY17 Revenue Growth Cuts Down Losses

While Flipkart is still filling all legal documents and other details for the Walmart acquisition, Flipkart India, the wholesale arm of Flipkart, was able to cut down losses in FY17 by 55% when compared with FY16. According to filings at the Ministry of Corporate Affairs (MCA), Flipkart reported a net loss of $36 million (Rs 244 Cr) for FY17, which represents a 55% decline from the loss of the previous fiscal year that stood at $80.3 million (Rs 544.5 Cr). On the downside, the e-commerce giant’s total expenses increased significantly by 15%. For FY16, the total expenses of the company stood at $2 billion (Rs 13,722 Cr) compared to the $2.33 billion (Rs 15,813 Cr) in FY17. However, the e-tail business witnessed revenue growth of 19% in the fiscal year of 2017 with revenues standing at...

Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

15May By Lavina TolaniNo Comments

BUSINESS

Foxconn Unit Put Downs Another $40 Mn Investment In Snapdeal

While foreign investments have been raining in Indian e-commerce marketplace, Foxconn Technology Group has announced another write off of an additional $40 million of its $200 million in e-commerce company Snapdeal. Earlier in August 2017, FIH Mobile had written in its annual report that its entire $200 million investment in Jasper Infotech ( Snapdeal owner and operator) cannot be recovered. Moreover, Foxconn had registered impairment loss of around $160 Mn for its investment in Jasper Infotech for six months and the loss period ended June 30, 2017. FIH Mobile, The subsidiary of world's largest contractor Foxconn has forecasted that the recoverable amount from its investment in Jasper Infotech is $3 Mn while citing the failed merger between Flipkart and Snapdeal as being one of th...

Apple to Become First $1 Trillion Company Soon Beating Amazon

14May By Lavina TolaniNo Comments

News

Apple to Become First $1 Trillion Company Soon Beating Amazon

Apple's market capitalisation topped a record of $934 billion on Thursday making the tech giant come at the verge of becoming the first $1 trillion publicly listed US company which might take over Amazon in the coming times. The iPhone maker also witnessed an impetus after Warren Buffet announced the purchase of 75 million additional Apple shares in the first quarter. Founded in 1976 under Steve Jobs, company's annual revenue had grown to $229 billion which is greater than the GDP's of countries like New Zealand and Portugal. Moreover a 12% surge since its quarterly report last week, the California based company is just 8 percent short of hitting the $1 trillion valuation mark. Meanwhile, Saudi Arabian authorities have said that they expect a planned international public offeri...

11May By Lavina TolaniNo Comments

News

Walmart to Open 50 New Stores in India in Next 4-5 yrs

Just after a day of officially announcing the $16 billion dollar deal in India's largest e-commerce unicorn Flipkart, Walmart Inc on Thursday has said that it will continue to grow its wholesale cash-and-carry business by adding 50 new stores in the next four-five years. US mammoth Walmart which so far had been handicapped by India’s retail policy that does not allow overseas companies to sell directly to consumers will now have an online presence, all thanks to Flipkart. Walmart India President and CEO Krish Iyer said, We currently have 21 stores and plan to open 50 stores in 4 to 5 years. Plans are on track. We have a pipeline of 20 stores and we expect to open 5 stores in the current year and then pick up the pace and eventually start opening 12-15 stores a year. Meanwhile, Doug...

Tech Investor Silver Lake to Buy Zoopla Owner for £2.2 bn

11May By Lavina TolaniNo Comments

ACQUISITION

Tech Investor Silver Lake to Buy Zoopla Owner for £2.2 bn

The owner of UK property site Zoopla and comparison site Uswitch is being bought by a US private equity firm for a £2.2bn deal. A California-based tech investor, Silver Lake which also owns the PrimeLocation and SmartNewHomes websites has given its nod to 490p a share bid for parent company ZPG. The bid valued at a £2.2bn will mark a third higher than ZPG’s closing price on Thursday. The deal is being backed by more than 31% of investors including DMGT the parent company of the Daily Mail, which is in line for a £640m payday from the sale of its 29.9% stake. It will also mark the successful exit of business for entrepreneurs Chesterman, who founded Zoopla in 2007 after merging his online DVD rental business ScreenSelect with LoveFilm, which was later acquired by Amazon in 2011 for...

World’s Biggest E-Commerce Acquisitions At A Glance

11May By Lavina TolaniNo Comments

ANALYSIS

World’s Biggest E-Commerce Acquisitions At A Glance

The deal is done and we are still digesting the news: Walmart. Inc has officially acquired Flipkart for $16 billion in a deal that soared the valuation of Indian e-commerce platform to over $20 billion, making it the biggest e-commerce acquisition ever globally. The brick-and-mortar company acquired 77% of the Indian e-tail business. While the world is going gaga over Walmart Flipkart Acquisition, we want to bring your attention to other behemoth acquisitions that have shaped e-commerce landscape in the manner we know of it today. Chewy-PetSmart ( $3.35 billion) Last Year, US E-commerce Giant Chewy which majorly deals in pet food and other pet-related products acquired a retailer mammoth PetSmart for whopping $3.35 billion. This was considered the world's bigge...

Flipkart CEO confirms sellers about no change in operating processes

11May By Lavina TolaniNo Comments

News

Flipkart CEO confirms sellers about no change in operating processes

While the world hasn't got over with mega e-commerce acquisition of leading giants, Flipkart CEO Kalyan Krishnamurthy has reached out to sellers on its platform reassuring that there will be no changes in the operating process of Bengaluru based firm post $16 billion acquisition deal with US retail major Walmart. Krishnamurthy has said that the company will continue to focus on making sellers succeed adopting the "same vigour as in recent years". Flipkart and Walmart will maintain distinct brands and operating structures post the investment, the CEO said while reinforcing that Flipkart will continue to remain a marketplace where sellers from around the country can connect with customers. The Bentonville, Arkansas-based retail mammoth Walmart Inc took the world to storm after it of...

Future Group Denies Selling 10% Stakes Amidst Market Rumours

10May By Lavina TolaniNo Comments

News

Future Group Denies Selling 10% Stakes Amidst Market Rumours

Indian market bolted a notch higher when a speculated news regarding World's biggest brick and mortar, Future Group selling its 10 stakes to a leading global retailer surfaced in mid-afternoon today. Meanwhile, within stock market to the company witnessed a gain of 5 percent. The scrip which was at 12 percent at 10:02 am rose by 6.60 percent to Rs. 60.60 on the BSE. The speculation came amidst a clarification sought by stock exchanges into a news report that quoted Future Group founder Kishore Biyani saying, "he will sell a minority stake to the strongest global retailer” in the retail giant." However, in the new clarifications, Future Group companies have stated that there is no decision taken in the regard. The ongoing rumours have come in the wake of Flipkart-Walmart deal which...

Amazon.in Raises $385.7 Mn Ahead of Price War Against Flipkart-Walmart

9May By Sheldan RungasamyNo Comments

FUNDING

Amazon.in Raises $385.7 Mn Ahead of Price War Against Flipkart-Walmart

Amazon is gearing up for a price war in the wake of confirmations about the Flipkart-Walmart acquisition deal. The American e-commerce giant is set to infuse its funds with fresh capital worth an eye-dropping $385.7 Mn (INR 2,600 Cr) into its Indian unit, Amazon Seller Services to rival Indian arch-enemy Flipkart, according to a Livemint report. Amazon Corporate Holdings and Amazon.com inc. have distributed $385.7 Mn worth of funds in its Indian operations, confirmed by fillings to the corporate affairs ministry. The entry of deep-pocketed Walmart in the Indian e-commerce market is alarming the US digital marketplace giant who bids to expand and strengthen its capital to rival dropping prices that will probably follow the acquisition of Bengaluru-based Flipkart. The report also st...

BigBasket Seeks $500 Mn Funding to Battle American Giants

8May By Sheldan RungasamyNo Comments

News

BigBasket Seeks $500 Mn Funding to Battle American Giants

BigBasket, India’s leading startup in the online grocery market segment is holding talks with its existing investors to raise capital worth $500 million to compete with e-commerce market leaders Amazon and Flipkart (post-Walmart acquisition). BigBasket already raised a colossal $300 million funding led Alibaba Group Holding Ltd and others in February and are now beginning negotiations to raise between $300 to $500 million from the Chinese conglomerate and new investors, according to three anonymous sources close to the company. Although BigBasket is also holding talks with new investors, the sources believe that most of funds will be raised entirely from existing investors and majorly Alibaba. BigBasket is not in need of any additional funds right now, but it wants to be prepared ...

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...