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Will Achieve $1 Bn-GMV Figure This Fiscal, Says Myntra

23Aug By AnkitaNo Comments

News

Will Achieve $1 Bn-GMV Figure This Fiscal, Says Myntra

Flipkart-owned online fashion retailer Myntra today said it is on track to touch the USD 1 billion Gross Merchandise Value (GMV) mark this fiscal. Myntra also said it has become the first ever Indian fashion e-commerce platform to clock the USD 1 billion run rate in annualised average GMV (post discounts) in July. "We have now surpassed our January benchmark (USD 800 million) to make July 2016 the biggest month ever for Myntra. The annualised GMV run rate of USD 1 billion puts us on the path to touching the USD 1 billion GMV mark in a fiscal," Myntra CEO Ananth Narayanan told reporters here. He said in the past month, the company had taken some market transforming steps, and "our focus is to continue to transform fashion and lifestyle in India through technology." The reason why ...

21Aug By PriyankaNo Comments

News

4,000 Lose Jobs as AskMe Shuts Down

Hit by a cash crunch, e-commerce company AskMe has decided to shut shop, leaving 4,000 staffers jobless, while its majority investor Astro said it will appoint a forensic auditor to review the books of the startups parent firm Getit. In an internal mail, Anand Sonbhadra, Group CFO at Getit Infoservices, directed senior staff to take certain steps to ensure prevention of "further liabilities" given the company's "current financial situation". "Prevent any further creation of liabilities by suspending operational activities...Temporarily close all hubs and all offices as possible," he said. Noting that the non-payment of salaries to delivery boys and lower staff may cause them to take "inappropriate actions" at hubs, Sonbhadra said any untoward incident needs to be prevented and assets ...

19Aug By PriyankaNo Comments

FUNDING

Salebhai.com Secures INR 10 Cr Funding From Brand Capital

Salebhai.com, an e-commerce platform for regional goods from across India that is representative of a culture, has received a major boost from Brand Capital of Times Group. The media conglomerate has come on board with a deal size of Rs 10 crore for a minority stake in the company. The online portal, which operates on a back-to-roots philosophy, currently meets requirements of 17 diaspora communities by sourcing authentic and unique products from their native places. It offers sweets, namkeen, chocolates, bakery, spices, dry fruits, beverages, pickles, handicrafts, paintings, puja items, and herbal products from over 100 cities and 250 sellers. Brand Capital has decided to back this portal considering the huge opportunity in solving a longstanding problem through an integrated platfo...

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

12Aug By AdityaNo Comments

CHINA

Alibaba Recorded Revenue Growth of 59% Amounting To $4.85 Billion

Chinas e-commerce giant Alibaba has recorded a revenue growth of 59 per cent amounting to USD 4.85 billion in the first fiscal quarter ending June, the fastest since its Initial Public Offerings. The revenue of 32.15 billion yuan (USD 4.85 billion) topped market estimates, pushing Alibabas share price up by 5 per cent to about USD 92 in New York. Gross Merchandise Volume (GMV) transacted in Alibabas China retail marketplace was 837 billion yuan (USD 125 billion), up by 24 per cent year on year, state-run Xinhua news agency reported. The number of annual active buyers on China retail marketplace rose to 434 million by the end of the first fiscal quarter. The mobile revenue of China retail marketplace was 17.5 billion yuan (USD 2.6 billion) , representing 75 per cent of total Chi...

Largest Deal in E-commerce: Wal-Mart Acquired Jet.com For $3 Billion

9Aug By reutersNo Comments

ACQUISITION

Largest Deal in E-commerce: Wal-Mart Acquired Jet.com For $3 Billion

Wal-Mart Stores Inc, vying to better challenge Amazon.com Inc , will pay about $3 billion for internet retailer Jet.com and its innovative pricing software in the largest-ever deal for an e-commerce startup. The deal disclosed on Monday follows a five-year e-commerce acquisition spree in which Wal-Mart, the world's biggest traditional retailer, has already bought 15 startups, seeking the talent and technology to make it a dominant player online and narrow the massive gap with market leader Amazon. Wal-Mart's online division has underperformed against Amazon, posting its slowest growth in a year in the first quarter as it struggled to gain traction with consumers, especially millennials. Jet.com was launched by internet entrepreneur Marc Lore in July 2015 and includes software that...

GrabShack.com- A Search Engine To Find Best Prices Across Hundreds Of E-Commerce Sites

29Jul By AdityaNo Comments

Story

GrabShack.com- A Search Engine To Find Best Prices Across Hundreds Of E-Commerce Sites

GrabShack proudly launches its search engine for finding and comparing the best prices on deals. It has been created to solve the problem every consumer faces when ordering online. The problem of “How do I find the best price on a product or a deal? I surely can’t go through every e-commerce website out When two childhood friends and serial entrepreneurs came across this problem, they figured out that the Indian market can hugely benefit from a search engine focusing on finding products prices from every e-commerce website. And thus the idea of GrabShack was born. It took Harsh Rajat and Robin Srivastava almost a year to develop GrabShack in a way which made finding the offers on products across Flipkart, Amazon, SnapDeal, PayTM and hundreds other websites. Harsh and Robin aren'...

Amazon Launches Prime Membership Service in India

26Jul By Press Trust of IndiaNo Comments

News

Amazon Launches Prime Membership Service in India

Amazon.in today announced the launch of its globally popular Amazon Prime membership programme in the country in over a 100 cities to enable free one-day and two-day deliveries to its customers. Prime products will be delivered through the fulfillment By Amazon (FBA) channel, which helps sellers by giving them access to Amazons fulfillment resources, fast, free delivery options for their products and customer service. "For sellers, Fulfillment by Amazon is now an even more powerful opportunity to rapidly grow their business and at the same time, provide customers across India with vast selection and unlimited fast free Prime delivery," Amit Agarwal, Vice-President & Country Head, Amazon India said. Along with unlimited free fast delivery, Prime members can enjoy Prime Early Access...

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

26Jul By PriyankaNo Comments

ACQUISITION

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

Myntra, a fashion portal owned by India's largest online retailer Flipkart has acquired online merchandise retailer Jabong. Sachin Bansal, Flipkart's co-founder, confirmed the news by welcoming Jabong India to the Flipkart family in a tweet. Welcome @JabongIndia to the @Flipkart family. We'll create history together.— Sachin Bansal (@_sachinbansal) July 26, 2016 The talks of sale were fueled by reports that Jabong's current owners AB Kinnevik and Rocket Internet were reluctant to pump in more money into Jabong. According to Mint, Kinnevik was seeking a valuation of USD 100-150 million for Jabong. After the deal, Jabong will become part of Myntra which in turn is owned by Flipkart. Earlier there were speculations that Kishor Biyani-led Future Group is in talks to buy Jab...

ShopClues Not Looking For Any Mergers With Flipkart

21Jul By RishabhNo Comments

Entrepreneurs Talk

ShopClues Not Looking For Any Mergers With Flipkart

E-commerce firm ShopClues today refuted reports that it is in talks with rival Flipkart for a merger. "Really speaking, it is not the fact. Of course, mergers help but do not guarantee businesses to grow," ShopClues CEO Sanjay Sethi told reporters. Sethi said if money was the sole criterion to make and sustain a business, Tatas and Birlas would have merged their companies. "If money was the only reason why businesses have to be made and sustained, then Tatas and Birlas should be one entity, but they aren't. They are competing with each other," he said. Sethi also said it is wrong to link Flipkart and ShopClues on the basis of a common investor - Tiger Global. "The largest investor in our company is Nexux Venture, which is also a very large investor in Snapdeal. Nexus Venture has bee...

5Jul By PriyankaNo Comments

News

ShopClues Added 60 k Sellers in Fashion Segment

New Delhi, July 5: Creating a mammoth in consumer offerings, ShopClues has established itself as the ultimate online destination for fashion. India's first and largest managed marketplace is going the extra mile to grow its existence pan-India. The online aggregator has added 60,000 new sellers on its platform in this segment and will take this number to 1,50,000 by the end of the year. In order to meet the expectations of its shoppers, the marketplace is constantly infusing fresh flavor into the category with new and popular brands such as Wrangler, Puma, American Tourister, Lotto, and Maxima along with 250 others. "At ShopClues, we strive to provide the best products from all corners of the country at the most reasonable prices. We are increasingly looking at bolstering our market...

Myntra’s ‘End of Reason Sale’ Clocks 2 Million Product Orders on Day 1

3Jul By NitishNo Comments

News

Myntra’s ‘End of Reason Sale’ Clocks 2 Million Product Orders on Day 1

India's biggest fashion shopping sale, the fourth edition of Myntra's 'End of Reason sale', clocked over two million item orders placed by end of day one of the two-day weekend sale. In the run up to the opening of the sale at 12 am on Saturday, around Rs. 700 crore worth of products were added to the EORS wish list (A special feature offered for EORS-4). The wish list was offered for the first time for short listing of items to go on sale. Also, the Myntra App was ranked number one on iOS in India across all categories. Myntra and EORS were among the top searched items on Google and Twitter, with search trends higher than Amazon, during the same period. "The fourth edition of EORS has received phenomenal response so far. On the first day of the sale, we have seen installation of...

Flipkart Emerged as The India’s Most Preferred E-commerce Platform

3Jul By AnkitaNo Comments

News

Flipkart Emerged as The India’s Most Preferred E-commerce Platform

India's most trusted e-commerce brand Flipkart has emerged as the most preferred platform across the nation. The e-commerce portal stands out on the customers preferences, reported a consumer study conducted by research firm Red Seer Consulting. The platform that offers maximum value for money and a wider meaningful assortment has been voted highest among all e-commerce platforms in India, which includes customer support, ease of return, refund and reverse pick up speed. The survey titled 'The Indian e-tailing Leadership Index' is based on over three thousand customer interviews and six thousand delivery instances across the country. Some of the parameters that customers across India were surveyed include brand trust, value, product variety and availability, ease of return, web and a...