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US Regulators Investigating Alibaba’s Financial Model

26May By NitishNo Comments

CHINA

US Regulators Investigating Alibaba’s Financial Model

U.S. regulators are investigating Alibaba Group Holding Ltd's accounting practices to determine whether they violated federal laws, the Chinese e-commerce giant said, sending its shares tumbling nearly 7 percent on Wednesday. Alibaba said the Securities and Exchange Commission launched the investigation earlier this year. Questions about its growth rate and its relations with affiliated companies have dogged the firm for years. It was not immediately clear what prompted the SEC investigation. Alibaba said that it was cooperating with the authorities and that the SEC advised it the investigation should not be seen as an indication the company had violated federal securities laws. The SEC focused on the accounting for logistics firm Cainiao Network, which is around 47 percent-owned ...

UrbanClap, Industrybuying Tie Up to Offer Toolkits to Service Orofessionals

23May By AdityaNo Comments

BUSINESS

UrbanClap, Industrybuying Tie Up to Offer Toolkits to Service Orofessionals

UrbanClap, India's leading marketplace for trusted services has teamed up with leading B2B e-commerce platform Industrybuying for its service professionals to offer them toolkits at subsidized prices, catering to the plumbers, electricians, carpenters, and appliance repair technicians registered on the UrbanClap platform. Both company have seen significant interest from investors in their respective segments. While Industrybuying focuses on solving inefficiencies in industry supply operations and offer reliable procurement of industrial products, similarly UrbanClap is seeking to solve the problem of the unorganized services marketplace in India. "Industrybuying's emphasis on standard, reliable products is in line with our strong focus on providing high quality services. But, along w...

23May By PriyankaNo Comments

News

Tata Cliq Tie-up With Genesis Fashion Brand

Tata Groups upcoming e-commerce platform TataCLiQ.com today entered into a strategic partnership with Genesis Luxury Fashion to sell a wide range of international luxury brands exclusively in India. Genesis is the marketing and distribution partner for more than 14 international brands, including Burberry, Hugo BOSS, Jimmy Choo, Giorgio Armani, Emporio Armani, Armani Jeans, Canali, Michael Kors and Paul Smith, in India. This alliance will make TataCLiQ.com the only authorised partner to offer several international luxury brands in India that the Genesis represents, the company said in a statement. Partnering with Genesis will help TataCLiQ.com get some of these brands online in an authentic and authorised manner to the consumer. TataCLiQ.com CEO Ashutosh Pandey said: "Together,...

21May By AdityaNo Comments

BUSINESS

Justdial Profit Decline 25% in Q4

Local search engine Just Dial today reported 25.08 per cent decline in net profit at Rs 35.33 crore for the quarter ended March 31. The company had reported a net profit of Rs 47.16 crore in the corresponding quarter a year ago. Just Dial Ltds total income from operations grew 14.92 per cent to Rs 179.61 crore in the quarter under review as against Rs 156.28 crore in the year-ago period, it said in a BSE filing. Its overall expenses stood at Rs 143.02 crore, up 19.29 per cent as compared to Rs 119.89 crore in the third quarter of the previous fiscal. During the entire 2015-16 fiscal, the companys net profit stood at Rs 141.8 crore as against Rs 138.89 crore in the year-ago period. Net sales during 2015-16 fiscal grew to Rs 690.83 crore as against Rs 589.8 crore a year ago.

Funding Squeeze Causing Stricter Evaluation of E-commerce Models

21May By Press Trust of IndiaNo Comments

ANALYSIS

Funding Squeeze Causing Stricter Evaluation of E-commerce Models

A tightening funding environment has prompted Indian e-commerce ecosystem to adopt stricter evaluation norms for business models, with focus on profitability and consolidation, a report said. "We believe this (e-commerce) shake-up may intensify further, leading to the emergence of one or two strong companies within each sub-sector," said the research report by Kotak Institutional Equities. A lack of fresh funding as well as stricter focus on profitability by investors is leading to swift business model changes by companies, it said. Further, the current wave of consolidation among e-commerce players may intensify, leading to fewer, stronger players emerging within each category. "Low valuations may prompt brick-and-mortar companies to take over some e-commerce rivals, in a bid to mak...

Logistics Solutions Provider Rivigo Eyes on 3000 Truck Fleet

18May By PriyankaNo Comments

News

Logistics Solutions Provider Rivigo Eyes on 3000 Truck Fleet

Eyeing a larger market share, logistics solutions provider Rivigo is banking on drivers relay system for faster delivery of goods and is looking to take its trucking fleet to 3,000 this fiscal. The firm, which has a fleet of 800 trucks, claims that based on its innovative drivers relay system, truck loads are delivered to Chennai from Delhi in two days instead of conventional eight days. "Logistics is one of the largest industries -- more than USD 100-billion size -- and there is enough to do in this market... we started working on the Driver Relay Model wherein we change over the drivers after every few hundred kms... This improves the turnaround time and service levels," Rivigo CEO Deepak Garg said in a statement. Garg, who is an alumnus of IIT Kanpur and IIM Lucknow, is a f...

Tatas E-commerce Platform CliQ to Go Live on May 27

17May By PriyankaNo Comments

News

Tatas E-commerce Platform CliQ to Go Live on May 27

Tata Unistore, a Tata group business venture, today announced that its e-commerce platform, Tata CLiQ, will open to consumers from May 27 across its website, mobile site and mobile apps. At the launch, Tata CLiQ will offer consumers a new shopping experience in apparel, electronics and footwear categories. Over the next few months, the plan is to expand the offering by adding many more categories, brands and exciting features, Tata Unistore said in a statement here. Over the past few years, e-commerce in India has been growing at a faster rate than brick-and-mortar retail. Ads by ZINC. According to a Goldman Sachs report released last year, the e-commerce market will account for 2.5 per cent of India's gross domestic product by 2030, growing 15 times and reaching USD 300 billion....

AskMe Grocery Targets Rs 1,800 cr GMV By March

15May By Press Trust of IndiaNo Comments

BUSINESS

AskMe Grocery Targets Rs 1,800 cr GMV By March

Confident of the success of online sale of groceries, AskMe Grocery has said it expects the value of merchandise sold through its platform to touch Rs 1,800 crore by March next year. The growth is expected to come on the back of addition of new partners and expansion of its fresh food category, AskMe Grocery Co-founder Ankit Jain told PTI. "Grocery online has a lot of potential when the business is at a scale. We have been doing well and our average cart size is about Rs 1,900 and we are already processing 20,000 orders daily. The hyperlocal delivery model has really helped us," Jain said. He further said the company works with kirana store owners to offer convenience, comparison and more deals for the consumers. "We expect our annual GMV (by the end of March 2017) to touch Rs 1,800 c...

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

15Apr By Press Trust of IndiaNo Comments

BUSINESS

Jabong Narrows Down Gross Loss to 46.7 cr in 2015

Online lifestyle retailer Jabong has narrowed down its gross loss to Rs 46.7 crore for 2015 on the back of lower level of discounts. The gross loss of the company stood at Rs 159.5 crore in 2014, the company's parent Rocket Internet said in an investor presentation today. The company's net revenue rose 7.1 per cent to Rs 869.1 crore for the reported year compared with Rs 811.4 crore in 2014. "Gross profit margin improved by 14 pp (percentage point) driven by lower level of discounts," the company said. For the fourth quarter of 2015, the companys gross loss declined to Rs 1.9 crore as against Rs 45.9 crore in the same quarter last year. "The increased focus on gross profit margin, unit economics and overall profitability resulted in net revenue and GMV decline in Q4 ...

Chetan Bhagat Launched LI5E a Smart IOT Wearable on Flipkart

1Apr By NitishNo Comments

News

Chetan Bhagat Launched LI5E a Smart IOT Wearable on Flipkart

Flipkart and renown author of India Chetan Bhagat announce an exclusive partnership to launch LI5E, a first-of-its-kind emotionally intelligent IOT wearable that improves intelligence and confidence as you use it. LI5E (pronounced LIFE) will be available exclusively on Flipkart at a special one-time introductory price of Rs 999. Commenting on the partnership, Binny Bansal, CEO – Flipkart, said, “We are excited to partner with Chetan Bhagat. This unique, first-of-its-kind alliance is a validation of Flipkart’s leadership and reputation as a trendsetter in the exclusive branded merchandise space.” “Flipkart was the No. 1 choice to launch LI5E,” said Chetan Bhagat. The Mumbai-based author of emotionally intelligent fiction best-sellers added, “Internet of Things (IOT) is a fascinating rea...

Flipkart Acquired Third Payments Start-up PhonePe

1Apr By PriyankaNo Comments

News

Flipkart Acquired Third Payments Start-up PhonePe

Bengaluru, 1st April 2016: Flipkart Ltd, India's leading E-commerce platform has acquired payments start-up PhonePe Internet Pvt. Ltd.. The startup was launched last December by former Flipkart executives Sameer Nigam, Rahul Chari and Burzin Engineer. The amount of the deal is not confirmed yet but according to sources, the deal size is between $10 million to $20 million. The PhonePe team will join leading e-commerce company but will function as an independent business unit. This is Flipkart’s third major acquisition in payments, after it bought payments start-up NGPay (Jigrahak Mobility Solutions Pvt. Ltd) in 2014, and FX Mart Pvt. Ltd, which owns a prepaid wallet licence last August. “Payments has been one of the biggest hurdles for mass adoption of online shopping in India. UPI has ...

Drone Makes First Urban Package Delivery in US

26Mar By NitishNo Comments

USA

Drone Makes First Urban Package Delivery in US

RENO(NEVADA): A drone has successfully delivered a package to a residential location in a Nevada town in what its maker and the state's governor said Friday was the first fully autonomous urban drone delivery in the U.S. Flirtey CEO Matt Sweeney said the six-rotor drone flew about a half-mile along a pre-programmed delivery route on March 10 and lowered the package outside a vacant residence in Hawthorne. The route was established using GPS. A pilot and visual observers were on standby during the flight but weren't needed, Sweeney said. He said the package included bottled water, food and a first-aid kit. NASA is working with the drone industry and the Federal Aviation Administration on a low-altitude air traffic control system to prevent crashes involving drones and other low-...