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Kodak Aims to Make Big in E-commerce to boost TV sales

12Jun By Lavina TolaniNo Comments

Tech

Kodak Aims to Make Big in E-commerce to boost TV sales

The American technology giant Kodak known for its historic photography niche that marked a reentry in 2016 into the Indian market, is now eyeing to make it big in the white goods segment with India in its crosshairs. The company is reportedly signing brand licencing deals that will mean for us to see more of Kotak branded washing machines, microwaves, air conditioners and more launching in the country. Kodak to aggressively opt for more licensing deals in India Commenting on from their inception to latest strategy, Avneet Singh Marwah, Director and CEO of Super Plastronics Pvt Ltd said, We launched Kodak televisions in 2016 in India. Initially, we had partnered with e-commerce player Shop Clues. After receiving feedback from the market, we had then partnered with Flipka...

11Jun By Gauri SinghNo Comments

BUSINESS

FabAlley Ends Fiscal 2018 with EBITDA Profitability

The Gurugram-based online fashion-forward brand FabAlley has ended the financial year in March 2018 with EBITDA profitability with the help of its massive offline augmentation. The company exited the financial year 2017-18 with gross merchandise value (GMV) of INR 80 Cr ($11.85 Million). FabAlley is the ultimate Indian fashion destination for fashion enthusiasts and lovers, founded in 2012 by Tanvi Malik and Shivani Poddar. 30% of the revenue that accounted for the profits made its way from the offline sources. The offline channels that the company deals with include retailing services with the Future Group’s Central and Shoppers Stop retail outlets among others. “We are the first e-commerce company at our scale to have hit the profitability target. While we want to expand our offline ...

5Jun By AdityaNo Comments

BUSINESS

Infibeam Looking to Raise 2000 Crore To Start Payment Bank Business

India's first profitable E-commerce company Infibeam will seek shareholders approval on June 28 to expand business in IT industry and also to launch a payments bank. The Gujrat based company said in its official statement, "We are looking to enter into payment bank business and to raise Rs 2,000 crore". The company has also proposed to change the name from Infibeam Incorporation Limited to "Infibeam Avenues Limited". Infibeam business profit in 2018 was more than doubled after tax to Rs 88.1 crore from Rs 43.5 crore a year ago. The e-commerce venture is also mulling to explore the business opportunity in the manufacturing of IT hardware. The company seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other pre-paid payme...

4Jun By Lavina TolaniNo Comments

BUSINESS

Walmart India To Scale up Kirana Store Business post Flipkart Deal

US-based giant, Walmart is gearing up to scale its "Mera Kirana Programme" and make it part of its main business in India while opening up new fulfilment centre to expand its foothold in the country. Notably, the e-retailer has been piloting the Mera Kirana Programme from last four years and now wants to include it in its mainstream business. The programme helps small grocery stores modernise. Moreover, as per the sources, the company is also looking forward to opening a "dark store" or warehouse, in Lucknow over the next month or so. Mera Kirana is focused on creating zones in the Best Price Wholesale stores which resemble a modern kirana store. It is a kind of model for mom-and-pop (kirana) store owners to replicate when it comes to assortment and placement. Rajneesh Kumar, Chie...

25May By Lavina TolaniNo Comments

MIDDLE EAST

How Middle East Is Performing as a Digital Economy

Digital Technology and Internet of Things are deeply transforming businesses and governments in the Middle East and North Africa. Even the World Bank believes that Investment into digital transformation in the major Cities of the Middle East and North Africa region(MENA) can unlock huge potential for the service economy to drive growth and job creation across the region, as announced in its report that came in April 2018. There are a lot of factors that act in the favour of MENA making it particularly well-positioned to take advantage of digital opportunities. A young and tech-savvy population, advanced information and communication technologies, or ICT, infrastructure are some of the key ingredients that act as strong benchmarks for MENA countries such as such as Egypt, Saudi Arabia, a...

24May By Sheldan RungasamyNo Comments

FUNDING

Former Flipkart Employees’ Startup Raises Rs 1.5 Crore Funding

Arzooo.com, a reverse auction platform, recently raised Rs1.5 crore in a seed funding round from Omphalos Ventures India. The funds raised will be used to develop the platform’s technology and expand its operations to the top most prominent cities in India by March 2019. Arzooo.com was founded by two former Flipkart employees, Khushnud Khan and Rishi Raj. The startup recently boomed in India’s e-commerce ecosystem in July 2017 with their unique reverse auction model which provides high value buyers with the lowest price on designated products, therefore beating down the competition in other online platform. Since inception, the startup caters over 2,000 customers with an average ticket size of Rs 22,000 on high quality branded products and report a monthly run rate of Rs 7 million...

24May By Sheldan RungasamyNo Comments

FUNDING

Ed-Tech E-commerce Raises Pre-Series A Funding

Edyoo, an e-commerce platform focused in selling school products, recently raised $1 Mn in pre-series A funding from RS Shanbag, Chairman and MD of Valuepoint Group. The funds raised will serve the purpose of product development, technology, marketing and expansion of team in its areas of operation. Edyoo was founded in June 2017 by Rakshit Kejriwal – who also co-founded DropKaffe -- and is an online marketplace that offers items destined to school children between the ages of four and 18, notably, uniforms, stationery, water bottles, and more. Additionally, the e-commerce platform offers several other value-added products and services, such as EMI on school fees, health check-up plans, insurance on education, sports packages and edutainment. Edyoo currently boasts a team of 30 e...

23May By Lavina TolaniNo Comments

Market

Food Marketplace SaleBhai Files for IPO on BSE

SaleBhai Internet Pvt Ltd, an online marketplace for specialty foods has filed a draft prospectus with the BSE's SME platform to launch initial public offering intending to raise about Rs. 24 crore. The Ahmedabad based company that offers a varied marketplace for specialty food such as snacks, sweets, bakery items, dried syrups, chocolates and confectionery has confirmed to issue 22,59,600 equity shares, offering 26.58 percent of the company's equity in the market while listing on Bombay Stock Exchange. The IPO has been assigned a fixed price of Rs. 105 per share that will result in stake dilution of 26.58%. Interestingly, the company claims to be the very first B2C e-commerce startup firm to have filed for an SME IPO. The e-commerce firm intends to use the funds raised through I...

Adobe Acquires Open-Source E-commerce Magento

22May By Sheldan RungasamyNo Comments

ACQUISITION

Adobe Acquires Open-Source E-commerce Magento

Adobe announced yesterday that it has made the acquisition of Magento for the amount of $1.68 billion. The purchase of the company has been done to enable Adobe to set up an e-commerce platform that caters to B2B and B2C and will be an appropriate addition to the company’s Experience Cloud. It will also bolster Adobe’s resources as its competing with Salesforce, which is offering an integrated marketing, sales and service offerings in the cloud and acquired Demandware in 2016 for $2 billion to cater a similar set of functionality. Brent Leary, owner of CRM Essentials is keeping an attentive eye on the relationship between CRM and marketing, stating this acquisition will fill a big gap in Adobe’s Experience Cloud. “Now they have an offering that allows them to close the loop with c...

Paytm Mall Introduces No-cost EMI and Other Services to Expand E-commerce Penetration

21May By Lavina TolaniNo Comments

News

Paytm Mall Introduces No-cost EMI and Other Services to Expand E-commerce Penetration

Paytm Mall, The digital arm of e-commerce giant company Paytm has announced its plans to introduce an umbrella of new services such as no cost EMI, Extended Warranty on products, Device Insurance and Easy Exchange across its online platform as well as offline partner stores. Interestingly, the e-commerce arm of Paytm which received $450 million in funding from Alibaba and SoftBank is disbursing no-cost EMIs price Rs 1,000 crore throughout two million merchandise by the top of the subsequent quarter. In addition, it is partnering with 13 banks and monetary establishments for this transfer. Now with new additions to its portfolio, the company is looking forward to driving 25 % progress in gross income for its companion retail shops and achieve a dominating market share in smartphones a...

Flipkart Introduces New Audit Programme for Quality Check

21May By Gauri SinghNo Comments

News

Flipkart Introduces New Audit Programme for Quality Check

Flipkart, India’s one of the biggest online stores has announced that mandatory visits to the sellers’ location to audit their warehouses and merchandise will be done to keep a check on the quality standards and bring down the percentage of return. Though the company did not disclose their present return percentage, it’s quite clear that they have been facing a notable loss of revenue due to high return rate for the sellers as well as the marketplace. The fashion category comprises the major part of the returns and cancellations while the mobile and appliances have the least of it. A monthly report from the e-commerce company to its third-party sellers mentioned that they may anytime give a surprise visit to their warehouses and see if the warehouse and product quality standards are bei...

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...