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20Jul By PriyankaNo Comments

INDIA

Indian MSMEs on Amazon crossed $2 billion in Global Selling

American E-commerce giant Amazon's Indian subsidiary said Indian micro, small and medium enterprises (MSMEs) and brands that are part of its Global Selling Programme (GSP) have crossed $2 billion in cumulative exports. The company, which had started GSP in 2015, allows Indian companies to export to other countries through 15 Amazon websites globally. The program had started with a few hundred sellers and now has over 60,000 exporters. In January this year, Amazon had pledged to enable $10 billion in cumulative exports by 2025. Amit Agarwal, senior VP and country head Amazon India, said, micro, small and medium enterprises (MSMEs) are the backbone of the Indian economy and by digitizing them, the company is contributing towards boosting exports and job creation that will empower in...

BigCommerce files for a $100 million IPO

14Jul By AnkitaNo Comments

Market

BigCommerce files for a $100 million IPO

BigCommerce Holdings, an on-demand Saas based platform that enables SMBs to build online stores, filed for IPO with the SEC to raise up to $100 million. BigCommerce simplifies the creation of online stores through ease-of-use, enterprise functionality, and flexibility. It powers both its customers' branded eCommerce stores and their cross-channel connections to popular online marketplaces, social networks, and offline point-of-sale systems. As of June 1, 2020, it served approximately 60,000 online stores in approximately 120 countries. The Austin, TX-based company was founded in 2003 and booked $120 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol BIGC. BigCommerce Holdings filed confidentially on January 9, 2020. ...

Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

13Jul By reutersNo Comments

News

Alibaba’s Jack Ma sells $9.6 billion worth shares, stake dips to 4.8%

Alibaba Group Holding Ltd co-founder Jack Ma has cut his stake in the company over the past year to 4.8% from 6.4%, cashing out around $9.6 billion at its current share price, the firm's annual filing released on Friday showed. The divestment comes as Ma retired as the Chinese e-commerce company's executive chairman in September and pulled back from formal business roles to focus on philanthropy. Alibaba did not disclose the average selling price of his divestment. Its share price has risen around 40% since Ma reported his 6.4% holding in the company a year ago. The stock's stellar performance has been helped by forecast-beating earnings growth, even as China's economy sharply slows, as more people shop online for essentials due to the COVID-19 pandemic. Alibaba Executive Vice ...

13Jul By PriyankaNo Comments

FUNDING

Incnut Digital raises USD 4 mn in series A funding led by RPSG Ventures

New Delhi, Jul 13, 2020: Media and eCommerce startup Incnut Digital raises around USD 4 million (approx Rs 30 crore) in a Series A funding round led by RPSG Ventures, a fund backed by RP-Sanjiv Goenka Group. Series A funding is typically the first round of institutional funding that could be led by one or more investors. Incnut Digital, in a statement said it has raised around USD 4 million funding in Series A from RPSG Ventures, an early stage consumer-centric venture capital fund backed by RP-Sanjiv Goenka Group as its sponsor investor. Incnut Digital, which owns and operates online beauty and wellness community StyleCraze and parenting network MomJunction and personalised beauty care brands - SkinKraft and Vedix, said the funds will be utilised for strengthening and expanding i...

E-commerce Firm Flipkart Invests $35 Million in Arvind Fashion

9Jul By NitishNo Comments

FUNDING

E-commerce Firm Flipkart Invests $35 Million in Arvind Fashion

Walmart owned Flipkart Group said that it has invested $35 million (₹260 crores) to acquire a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions Ltd (AFL). Walmart owned Flipkart group has subsidiaries including Flipkart, Myntra, and PhonePe ranging from eCommerce to digital payment space. Arvind Youth Brands which owns the clothing brand Flying Machine have a 40-year legacy and the group started selling its merchandise on Flipkart and Myntra for more than six years. Through this investment, Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the companies said in a joint statement. Kalyan Krishnamurthy, the...

New York based Vroom raises $467.5 million in US IPO

9Jun By AdityaNo Comments

Market

New York based Vroom raises $467.5 million in US IPO

Online used car seller Vroom Inc raises $467.5 million in its initial public offering. Applied for IPO last month, Vroom priced its IPO at $22 in the US stock exchange, above the initially marketed range of $18 to $20, valuing the company at $2.48 billion. T Rowe Price Associates and L Catterton backed Vroom sold 21.25 million shares compared with the earlier plan of 18.8 million shares. The shares will trend as a VRM under Nasdaq listing on Tuesday. Recent recovery in the U.S. stock markets has led to a flurry of IPO-hopefuls entering the race. Vroom reported a more than twofold rise in sales at its e-commerce business in the first quarter of 2020 as the virus outbreak and stay-at-home orders stoked a surge in online shopping. The company, which use digital tools to clo...

Amazon worker at New York warehouse dies of COVID-19

6May By Ankita SinghNo Comments

News

Amazon worker at New York warehouse dies of COVID-19

An Amazon worker at a warehouse in New York where employees called for greater coronavirus safety measures has died of COVID-19, the e-commerce giant said on Tuesday. "We are deeply saddened by the loss of an associate at our site in Staten Island, NY," Amazon spokesperson Lisa Levandowski said in a statement emailed to AFP. "His family and loved ones are in our thoughts, and we are supporting his fellow colleagues," she added. Amazon has become a lifeline for consumers facing lockdowns and restrictions around the world, and the company is in the process of adding some 175,000 new employees to cope with the surging demand. But the company has also faced protests from warehouse workers and activists who claim Amazon has failed to do enough to keep them safe. More than a dozen...

Singapore logistics firm Ninja Van raises $279 million

5May By AdityaNo Comments

FUNDING

Singapore logistics firm Ninja Van raises $279 million

SINGAPORE, 5th May 2020- Singapore based eCommerce logistic startup Ninja Van raises $279 million in funding from Facebook co-founder Eduardo Saverin’s B Capital and ride-hailing firm Grab. Existing investor Europe’s GeoPost alongside two sovereign wealth funds have also participated in this round. Other investors include Monk’s Hill Ventures and Golden Gate Ventures Growth Fund. The company so far has raised a total of $400 million. Launched in 2014 with operations in Singapore and Malaysia, the company has also expanded into countries like the Philippines, Indonesia, Thailand, and Vietnam. The company provides services to e-commerce firms like Alibaba’s Lazada, Indonesia’s Tokopedia, and Sea Ltd’s Shopee. Ninja Van will use this funding to invest in the b2b sector while ...

Amazon Largest Third Party Private Label Company Raises $100 Million

13Apr By NitishNo Comments

FUNDING

Amazon Largest Third Party Private Label Company Raises $100 Million

NEW YORK, April 12th, 2020-- The largest acquirer of Amazon third-party private label businesses Thrasio has secured over $100 million in fresh capital from existing investors which includes Peak6, Upper90, WTI, River Park Ventures, and others. The funding includes $75 million in Series B Preferred equity and $35 million in additional debt capacity bringing total capital raised to over a quarter billion dollars. The Series B values the company at over $700mm, a 32x increase in valuation in the last 12 months (since the March '19 Series Seed financing). In the last 18 months, the company's gross revenue has grown from zero to over $200,000,000. Thrasio has acquired over 40 businesses (and integrated them onto its proprietary operating platfo...

6Apr By NitishNo Comments

INDIA

Walmart India Encourages Customers to Order Online

Walmart India, which operates in the cash-and-carry format encouraging its users to buy online to avoid the rush on the streets amid the rise of coronavirus cases in the country. The company is witnessing an increase in the number of orders placed through its website and app and have added more capacity to serve them, said Walmart India in a statement. However, Walmart, like other retailers, is also facing challenges in getting sufficient supplies of the goods due to production shortages from the manufacturers and continued bottleneck in logistics and transportation due to lockdown. It is working closely with its suppliers and with the local authorities to minimise and address these challenges, it added. Besides, the company is also facing challenges in terms of shortage of man...

Walmart India elevates Sameer Aggarwal as CEO

25Mar By AnkitaNo Comments

News

Walmart India elevates Sameer Aggarwal as CEO

Walmart India has elevated Sameer Aggarwal as its CEO and the appointment will be effective from April 1. Aggarwal succeeds Krish Iyer who is set to retire on March 31. Iyer would get into the advisory role from full-time management of Walmart India after leading the retail major for eight years. Aggarwal, who was elevated as Deputy CEO earlier in January this year, has now been promoted to Chief ExecutiveOfficer of Best Price, Walmart India, effective from April 1, Walmart said in a statement. Aggarwal will directly report to Walmart Executive Vice President and Regional CEO of Asia and Global Sourcing Dirk Van den Berghe. "Sam (Aggarwal) has done a fantastic job in the past two years. He led the charge to make our proposition more customer centric, developing digital offering...

Amazon Prioritizes Medical Supplies, Staples for Delivery

18Mar By AdityaNo Comments

News

Amazon Prioritizes Medical Supplies, Staples for Delivery

Amazon has made a priority of medical supplies and household staples, putting shipments of other goods on hold to focus on key items during the coronavirus outbreak. "We are seeing increased online shopping and as a result some products such as household staples and medical supplies are out of stock," the e-commerce titan said on Tuesday. "We are temporarily prioritizing household staples, medical supplies and other high-demand products coming into our fulfilment centres so we can more quickly receive, restock and ship these products to customers," it said. People hunkered down due to the deadly coronavirus have turned to Amazon for anything from toilet tissue to groceries and pet treats. "There's enormous pressure on Amazon to meet these increased expectations," said Technalys...