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Shopclues Expecting 20,000 Cr Sales in This Financial Year

24Jun By AdityaNo Comments

News

Shopclues Expecting 20,000 Cr Sales in This Financial Year

E-commerce company Shopclues expects to register more than two fold jump in Gross Merchandise Volume (GMV) from its platform at USD 3 billion (about Rs 20,000 crore) by the end of current financial year. "We are planning to close financial year 2016-17 at annualised GMV rate of USD 3 billion," Shopclues Chief Business Officer Radhika Ghai Aggarwal said. The company has registered GMV sales of USD 1.2 billion in 2015-16, she said. Shopclues expects that additional push to its business will come from fashion category which it has recently started. "The company has already added 60,000 new sellers on its platform under fashion category and will take this number to 1,50,000 by the end of the year. In GMV and orders terms, we expect 100 per cent growth in fashion category by end of ongoing ...

FDI Relaxation in E-commerce Will Help Grocery Startups

22Jun By PriyankaNo Comments

News

FDI Relaxation in E-commerce Will Help Grocery Startups

The relaxation of FDI norms in e-commerce will help grocery startups access funds more easily, domestic ratings agency Icra said today. "The move to open up the domestically manufactured food products sector to FDI will enable farmers to directly sell their produce to retailers, thereby reducing margins for middlemen," it said in a report. "Further, potential investments by the investors in cold-storage and warehousing will ease supply-side pressures and arrest wastages, that have been driving inflation," it added. In the present scenario, lack of investment in logistics and inadequate storage facilities have been creating inefficiencies in the food supply chain, leading to significant wastages. Relaxation of local sourcing riders for single brand retail, which has been...

How Flipkart New CEO Binny Bansal Trying To Bring Back Its Old Team in Fight Against Amazon

20Jun By NitishNo Comments

News

How Flipkart New CEO Binny Bansal Trying To Bring Back Its Old Team in Fight Against Amazon

The Proverb of Old is Gold seems true in the case of India's largest e-commerce company Flipkart. Under new CEO Binny Bansal, Flipkart re-appointed Mr. Kalyan Krishnamurthy as head of categories. Before explaining anything about Flipkart re-joining strategy kindly read our previous report to get more clarification. Kalyan Krishnamurthy an executive at Flipkart’s largest investor Tiger Global Management was first appointed as a interim chief financial officer (CFO) & Category Head of Flipkart in February 2014. He left the company and joined Tiger Global again in November 2014. In 2015, Flipkart replaced its entire senior management and hired professionals from Google, Amazon etc. In 2016, due to shortage of funding and poor performance Flipkart's three senior executives lost...

17Jun By AdityaNo Comments

FUNDING

Fashion Marketplace Startup Voonik Raises 133 Cr Funding From Kunal Shah & Others

Fashion marketplace Voonik has raised USD 20 million (around Rs 133 crore) in Series-B round of funding to scale up operations. Sequoia Capital led the round with participation from Times Internet, Seedfund, Beenos, Beenext, Parkwood Bespin, Tancom Investments and Kunal Shah, it said in a statement today. "The funds will enable Voonik to enhance customer experience, strengthen their personalisation engine, and to scale up Mr Voonik and Vilara," the company said. "Series A helped us in gaining scale, and now with this renewed investor confidence through Series B, we are all set to consolidate our leadership in fashion commerce," co-founder and CEO Sujayath Ali Voonik said. Launched in August 2014, The company has 10 million registered users, 8 million app downloads, 100 million annu...

Alibaba Expects $900 Billion Transaction Volumes By 2020

14Jun By AdityaNo Comments

CHINA

Alibaba Expects $900 Billion Transaction Volumes By 2020

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake produ...

8Jun By PriyankaNo Comments

News

Amazon Will Invest $5 Billion in India

Amazon will invest an additional USD 3 billion in its India operations to take its investment in the country to over USD 5 billion, the American e-commerce giants founder and CEO Jeff Bezos said today. Bezos said this at an event here attended by Prime Minister Narendra Modi. "Amazon will invest USD 3 billion more in India. This is in addition to the USD 2 billion announced in 2014," Bezos said at the annual gala of US India Business Council (USIBC). "We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy," Bezos said. "Our Amazon.in team is surpassing even our most ambitious planned milestones...," Bezos said after receiving USIBCs Global Leadership Awards. Star India, a subsidiary of 21st Century Fox, also said it will in...

Salesforce Acquires Demandware About $2.8 billion To Enter in E-Commerce Services

3Jun By reutersNo Comments

ACQUISITION

Salesforce Acquires Demandware About $2.8 billion To Enter in E-Commerce Services

Cloud-based software maker Salesforce.com Inc said it would buy Demandware Inc, whose software is used by businesses to run e-commerce websites, for about $2.8 billion. The deal will help Salesforce open a new front as it looks to take away more market share from traditional software providers such as Oracle Corp and SAP AG, both of which already offer cloud-based e-commerce services. The e-commerce market has been growing at a blistering pace as retailers expand their online presence, boosting demand for software that helps manage functions such as payment processing and inventory management. The lofty premium indicates that there were most likely multiple bidders at the table for Demandware, Stifel Nicolaus & Co analyst Thomas Roderick said, naming Adobe Systems Inc and Orac...

Warehouse Demand For E-commerce Firms Increases 22% in 2015: Study

31May By NitishNo Comments

ANALYSIS

Warehouse Demand For E-commerce Firms Increases 22% in 2015: Study

E-commerce has emerged as one of the key drivers for warehouse realty after third party logistics operators in 2015, a recent study by property consultant CBRE South Asia. Third party logistics operators constituted 30 per cent of the total demand for warehouse realty followed by e-commerce at 22 per cent. Nearly 2 million sqft of warehousing space was taken up by e-commerce firms in 2015, which is a significant jump as the share of the sector rose from a meagre 2 per cent of the total warehousing demand in 2012, to around 22 per cent during 2015. On the same lines, office space demand from e-commerce firms witnessed a 170 per cent year-on-year growth?from 7 lakh sqft in 2014 to 2 million sqft in 2015. "Investors have begun to show more interest as the growth story of the sector contin...

31May By NitishNo Comments

FUNDING

India’s Only Profitable Ecommerce Platform Invested 45 Crores in CCAvenue

India's first profitable e-commerce portal Infibeam said that it's investing Rs 45 crore in one of India's largest payment gateway CCAvenue and is currently "in further discussion for signing of definitive agreement". CCAvenue's payment solutions will be deeply integrated to Infibeam e-commerce marketplace and BuildaBazaar merchant store. Infibeam operates via its subsidiary NSI Infinium Global that holds e-commerce marketplace Infibeam.com and the do-it-yourself e-commerce platform BuildaBazaar. It's already has a joint venture with Avenues India called Avenues Infinite that operates the e-commerce marketplace Dhamaal.com. Infibeam owns 49.9% stake in the venture while the remaining 50.01% is owned by Avenues India. Infibeam likely to compete with other e-commerce platform in paym...

Snapdeal Opens Data Sciences Centre in California

30May By AnkitaNo Comments

News

Snapdeal Opens Data Sciences Centre in California

Online marketplace Snapdeal today said it has established a data sciences centre in San Carlos, California to get top global talent and build high-value solutions. The centre will focus on big-data and advanced analytics to add clarity to Snapdeals consumer-centric initiatives, help shape business strategy and optimise the operational efficiencies using data. "We have set up a data science engine in California, which is home to domain talent, to further augment our efforts in creating a superior customer experience and strengthen our supply chain. Snapdeal is extensively working on data mining through an existing analytics team," Rohit Bansal, co-founder, Snapdeal said. The centre houses experienced data scientists from leading global brands like Groupon, Google, Yahoo and Amazon and ...

30May By AdityaNo Comments

News

Myntra Launches ‘Try Myntra’ Campaign to Encourage Online Shopping

Myntra - India's leading fashion portal has launched 'Try Myntra, you'll love it' campaign as a successor to its popular '#JustArrived' tagline. Through this campaign, Myntra aims to address the inhibitions of shoppers who are reluctant to buy clothes online. The campaign is estimated to reach out to 20 million online shoppers who avoid online shopping of clothes due to constraints such as touch, feel, fitting, exchange policy and others. The campaign targets the key essence of easy returns and cashback policies, while emphasizing the fact that clothes purchased online are perfectly fitting. As a part of campaign, two short films have been launched. The first film starts with Abhay Deol andIra Dubey, as a married couple, wherein Ira is trying a new one piece dress, only to realize th...

29May By PriyankaNo Comments

News

Flipkart Row Will Affect Startups Hiring Market

Darling of jobseekers till recently, the startup space may lose some sheen in the job market as management and tech graduates might prefer joining safer companies after the Flipkart fiasco, say experts. The e-commerce major has deferred joining dates for campus hires from IIM Ahmedabad and IITs citing restructuring of its businesses, for which it has got a lot of flak from the colleges as well as the industry. Reports suggest Flipkart is not the only company from e-commerce and related sectors to have deferred the joining dates for their campus hires and there are many others including InMobi, CarDekho and Hopscotch. According to industry and HR experts, it might also bring a lot of pressure on reputation, success and unpredictability of the educational institutions concerned as it di...