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Paytm Alleges Customers Cheated 6.15 Lakh, CBI Registers FIR

17Dec By NitishNo Comments

News

Paytm Alleges Customers Cheated 6.15 Lakh, CBI Registers FIR

CBI has registered an FIR against some customers of digital wallet Paytm on the company's complaint that it has allegedly been cheated to the tune of Rs 6.15 lakh by customers based here. It is rare for the agency to take up such cases unless they have been referred by the central government or there are directions by the Supreme Court or a high court. CBI has registered FIR against 15 customers who are residents of Kalkaji, Govindpuri and Saket besides unknown officials of One97 Communications--parent company of Paytm. The complaint from the Manager Legal, M Sivakumar, claimed that the company makes payment for defective products received by a customer and also arranges a reverse pickup of the damaged product which is sent to the merchant. The process is done by a team of custome...

Amazon Launchpad For Startups- Register For Rs 5000 and Sell Your Product Worldwide

6Dec By AnkitaNo Comments

News

Amazon Launchpad For Startups- Register For Rs 5000 and Sell Your Product Worldwide

E-commerce giant Amazon today rolled out its global programme 'Launchpad' in India to provide startups in the country a platform to market, sell and deliver products across the globe. India is the seventh country where Amazon Launchpad has been made available, and the platform, "tailormade" for startups, is available for a fee of Rs 5,000 a month. Launchpad is already available in the US, UK, China, Germany, France and Mexico. Through the Launchpad page startups and entrepreneurs can sell products on a global scale, overcoming general marketplace challenges like requirements of large investments to get noticed and loss of margins in channels, the company said. Amazon Launchpad will offer startups and small enterprises access to custom pages where sellers can showcase their products th...

E-grocery Platform BigBasket Target 300% Growth, Rs 2,000 crore Revenue at Fiscal End

5Dec By AnkitaNo Comments

BUSINESS

E-grocery Platform BigBasket Target 300% Growth, Rs 2,000 crore Revenue at Fiscal End

With people becoming comfortable buying even milk and bread online, e-grocery platform BigBasket today said it has seen 300 per cent growth in revenue in the past one year and expects to cross the Rs 2,000 crore-milestone by the fiscal-end. With four million registered customers, the Bengaluru based firm expects to become profitable by March 2018. "In the past year alone, we have seen over a 300 per cent growth and continue to grow by 10 per cent on a month-on-month basis. We hope to triple revenues to Rs 2,000 crore by March 2017," BigBasket co-founder Vipul Parekh told Pixr8. Parekh added that the company's revenue has grown from Rs 178 crore in FY2015 to Rs 700 crore in FY2016. "However, these numbers do not include the impact of demonetisation that has in fact, pushed our sales up ...

Visa to Acquire CardinalCommerce to Secure and Accelerate Digital Commerce

3Dec By AdityaNo Comments

ACQUISITION

Visa to Acquire CardinalCommerce to Secure and Accelerate Digital Commerce

Visa today announced an agreement to acquire CardinalCommerce, an industry leader in e-commerce payment authentication. The acquisition will enable more secure, seamless payments, whether made through a browser, mobile app, or connected device, and will help Visa’s clients and merchant partners accelerate digital commerce. “This strategic acquisition combines Visa’s industry expertise and Cardinal’s critical role in payment authentication to bring added security to online transactions, reduce fraud, and support digital commerce which is the fastest growing commerce segment today,” said Mark Nelsen, senior vice president of Risk and Authentication Products at Visa. “By helping merchants, acquirers, and issuers better distinguish between good and bad transactions, Visa is in an even bette...

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

22Nov By AnkitaNo Comments

News

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

With people being compelled to switch to non-cash mode after the demonetisation move, digital payments company Paytm has been witnessing over 5 million transactions worth Rs 120 crore a day, helping it crosss $5 billion GMV sales, four months ahead of its target. Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year. The Alibaba-backed company, which offers both mobile payment platform and e-commerce marketplace, said it is now witnessing about 5 million daily transactions worth about Rs 120 crore. "Paytm is registering over total 7 million transactions worth Rs 150 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm p...

Flipkart eyes groceries; renewed push in furniture

20Nov By reutersNo Comments

News

Flipkart eyes groceries; renewed push in furniture

Led by Bansal's, India's top e-commerce player Flipkart plans to move into the groceries space and make a renewed push in the online furniture business, as it expands its product portfolio and looks to outmaneuver global giant Amazon.com in a burgeoning Indian market. Flipkart Chief Executive Binny Bansal said the home-grown e-commerce player plans to begin experimenting with grocery sales next year and scale up operations over a three year period. "There's definitely room to build a profitable grocery business, but it's hard. That doesn't mean it's not possible, but it's hard," Bansal told Reuters in an interview on Sunday. Amazon has already began to pilot grocery sales in select Indian cities. More and more people in India, a country of over 1.2 billion people, are logging on to t...

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

12Nov By AnkitaNo Comments

CHINA, News

Alibaba Rakes Up Record $17.6 Billion on Singles Day Sales

Alibaba Group, the e-commerce giant behind the 24-hour Singles' Day shopping blitz, has raked up a record USD 17.6 billion in the Singles Day online sales, creating a new record in global retail sales for any single day. Consumers spent more than 120 billion yuan (USD 17.6 billion) shopping online on leading e-commerce platform Alibaba in their annual buying spree yesterday, sources with Alibaba Group said today. Online transactions totaled 120.748 billion yuan in the 24 hours that ended as the clocks struck 12PM yesterday, a record amount in global retail for any single day, data provided by Alibaba said. The shopping spree hit a climactic high just nine minutes after midnight on Friday morning, with an average 120,000 transactions handled per second on Alipay, Alibaba's mobile pa...

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...

Jabong Records 50% Growth in Net Revenues, 40% Increase in App installation

11Nov By AdityaNo Comments

News

Jabong Records 50% Growth in Net Revenues, 40% Increase in App installation

Fashion e-tailer Jabong said it saw 50 percent revenue growth month-on-month in October, closing the month with positive unit economics for the first time in its history. The Myntra-owned company achieved a positive gross profit for the first time ever, propelled by revenue growth and fulfillment cost reduction, Jabong said in a statement. However, the company did not specify the gross profit made or the total revenues for October. "Jabong has closed October with the first ever positive unit economics month, becoming only the second online e-commerce company in India to do so after Myntra," it added. Jabong said the growth was accompanied by a surge in customer net promoter score (NPS) -- a measurement of customer satisfaction -- to 50 percent. The company held its sale in October...

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 ...

5Nov By reutersNo Comments

FUNDING

Online Retailer Bonobos Reportedly in Talks to Raise $100 Million Funding

E-commerce menswear company Bonobos is speaking to investors about raising $100 million in a new round of funding that would value the company roughly at half a billion dollars, according to people familiar with the matter. Bonobos is using the new funds to expand its retail footprint, highlighting the crossover that e-commerce companies are making into traditional brick and mortar retail as they push for growth, the sources said on Friday. Bonobos, which is profitable, generates around $150 million in sales and is working with Citigroup to assist with the fundraising, according to the people, who asked not to be named because the matter is private. Citi and Bonobos declined to comment. New York-based Bonobos was founded in 2007 by Stanford business school graduates who wanted ...

Alibaba Sales Soars, Revenue Beats Expectations With Strong E-commerce Growth

3Nov By AnkitaNo Comments

CHINA

Alibaba Sales Soars, Revenue Beats Expectations With Strong E-commerce Growth

Chinese e-commerce giant Alibaba's sales soared 55 percent in the last quarter, thanks in part to a more than doubling of revenue from cloud computing, the company said today. The year-on-year growth in group sales, to 34.29 billion yuan (USD 5.14 billion), was not matched by net profit, which slide down 66 percent to 7.62 billion yuan (USD 1.14 billion). The drop was mostly due to an unfavourable comparison, as last year the firm booked an exceptional gain linked to the re-evaluation of its participation in one unit. "Alibaba Group had a great quarter," chief executive Daniel Zhang said in a statement on the firm's second quarter, which ended in September. "Our results reflect our increasing ability to monetise our 450 million mobile users through new and innovative social commerce ...