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Snapdeal Sale: Softbank a Step Closer to Bring Nexus on Board

10May By Press Trust of IndiaNo Comments

News

Snapdeal Sale: Softbank a Step Closer to Bring Nexus on Board

Japans SoftBank is believed to have moved a step closer to securing the consent of co- investor Nexus Venture Partners (NVP) for selling Snapdeal to Indias largest e-commerce firm Flipkart. A meeting was held today and the impasse over the sale could end soon, people familiar with the matter said. SoftBank the largest shareholder in Snapdeal has been making all efforts to get NVP on board for the sale of Snapdeal, and a breakthrough could come as early as this week. They added that while attempts have been going on for the past few weeks, NVP finally seems to be warming up to the idea. A board meeting is expected to take place tomorrow to deliberate upon the issue. E-mails sent to Snapdeal, SoftBank and NVP did not elicit any response. An yes from NVP is crucial for the deal to...

Snapdeal Board Will Discuss Sellout Possibility to Flipkart Tomorrow

2May By Ankita SinghNo Comments

News

Snapdeal Board Will Discuss Sellout Possibility to Flipkart Tomorrow

The board of e-commerce marketplace Snapdeal is expected to meet tomorrow to discuss the potential sale of India's third largest e-commerce firm to larger rival Flipkart. Also, on the agenda will be getting Nexus Venture Partners (NVP), an early investor in Snapdeal, to agree to the sale deal. The approval of Nexus Venture Partners will be crucial for the proposed transaction to proceed, according to sources close to the development. The seven-member board of Jasper Infotech, which operates Snapdeal, includes representation from investors SoftBank, Kalaari Capital and Nexus Venture Partners (NVP), as well as co-founders Kunal Bahl and Rohit Bansal. The valuation of Snapdeal is believed to be one of the hurdles to the deal, as Kalaari and NVP were not in agreement with the valuatio...

Mobikwik & Freecharge Initiated Merger Talks

25Apr By AnkitaNo Comments

BUSINESS

Mobikwik & Freecharge Initiated Merger Talks

As per the report, India's two leading e-wallet company MobiKwik & Freecharge looking to merge in an all-stock deal. According to speculation, behind this deal a chinese investor who is willing to pump Rs USD 200 million into this deal. The talks between Freecharge and MobiKwik are on their initial stages. Sequoia Capital is the major investor in both startups. Jason Kothari, the CEO of Freecharge is in talks with various investors in the US and China. PayPal had earlier shown interest in investing into Freecharge, but the deal did not materialise. PayU, Flipkart and Paytm is rumoured to be interested in FreeCharge. Freecharge is a part of online shopping platform Snapdeal, which has also been in merger talks with e-tailer Flipkart. MobiKwik, which has opened 13 new offices...

21Apr By AnkitaNo Comments

News

Flipkart Tightens Return Policy Rules

India's leading e-commerce platform Flipkart tightened its return policy rules on its platform. The e-commerce giant latest move won't offer refunds on a multitude of products like mobile accessories, personal care appliances, computer and camera accessories, office equipment, apart from high-cost items such as mobile phones, large appliances and furniture. "If a defect is determined within the 10-day period following delivery/installation, a replacement of the same model will be provided at no additional cost but if no defect is confirmed, the issue is not diagnosed within 10 days of delivery, a troubleshooting step cannot be performed, or if one replacement has already been provided, you will be directed to a brand service centre to resolve any subsequent issues", states company po...

13Apr By RishabhNo Comments

News

Amazon India Gets RBI Nod For Mobile Wallet

Online marketplace Amazon India has secured a licence to operate pre-paid payment instrument (PPI) or mobile wallet in the country as it tries to compete more aggressively against rivals Snapdeal and Paytm. The approval will help the US-based giant to cash in on the booming digital payments market in India. "We are pleased to receive our PPI license from the RBI (Reserve Bank of India). Our focus is providing customers a convenient and trusted cashless payments experience," Amazon India said in a statement yesterday. In December, Amazon had launched its Pay Balance service to cash in on the digital payments boom. Similar to other mobile wallet services, the payment mechanism, however, was restricted to transactions made on Amazon's platform. Amazon Pay runs on the PPI licence issue...

Flipkart Offers Additional ESOPs to Eligible Employees

13Apr By AdityaNo Comments

News

Flipkart Offers Additional ESOPs to Eligible Employees

E-commerce major Flipkart will issue additional shares to eligible employees in efforts to ensure their stake remains at a "steady level" after the latest fund raising round that came at a lower valuation. The Bengaluru-based firm, which competes with the likes of Amazon and Snapdeal, has recently raised USD 1.4 billion at a valuation of USD 11.6 billion. This is lower than the previous funding raised in 2015, when Flipkart was valued at USD 15.2 billion. Employees who are part of ESOP (employee stock option plan) programmes across the Flipkart group, including Myntra and PhonePe, were informed of the move through an email. Flipkart Group CEO Binny Bansal said the differential grant was being made, so that the total dollar value of options allotted to an employee remain unchang...

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

13Apr By AdityaNo Comments

News

Snapdeal Will Roll Out 15% Pay Hike of Employees Amid Sell-off

E-commerce major Snapdeal will shell out an average pay hike of 12-15 percent as it looks to assure employees amid the online marketplace scouting for a potential buyer. According to sources, the pay revision will be effective from April 1 and will see salaries of employees at the mid and junior-level go up by an average 12-15 percent. For senior management, the hike will be 9-12 percent, but the company may offer 20-25 percent raise to exceptional performers, they added. The cash-strapped company is also believed to be distributing nearly 1 percent of its stock to about 150 employees. Earlier this year, the company's founders had admitted to have made mistakes and said they would take a "100 percent cut" in their own salaries. The decision to give such a good pay hike has b...

11Apr By Press Trust of IndiaNo Comments

News

Flipkart to Grow With Careful Considerations to Costs: Binny Bansal

Flipkart Co-founder Binny Bansal said while the latest funding round provides the fuel the company needs to reach its goal of transforming commerce in India through technology, it should continue to grow its business with careful considerations to costs. "I must stress that we still have some distance to go before fulfilling our mission - to transform commerce in India through technology. And, while this funding round provides the fuel we need need to reach that goal, we have to continue growing our business with careful considerations to costs," he said in a mail shot-off to his employees after raising USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc. "I look forward to your continued support," he added. The announcement comes in the wake of Flipkart, India's la...

Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay

10Apr By PriyankaNo Comments

FUNDING

Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay

Indias largest e-commerce firm Flipkart has raised USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc amid speculation that the online marketplace is in talks to take over smaller rival Snapdeal. The biggest-ever fund raising by an Indian Internet firm values Flipkart at USD 11.6 billion, the company said in a statement today. With over 100 million customers, Flipkart owns fashion retailers Myntra and Jabong, logistics firm Ekart and payments app PhonePe. The valuation was a decline from Flipkarts USD 15 billion reported worth in 2015. Prior to the latest round of funding, it had raised more than USD 3 billion, mostly from international investors. eBay will invest USD 500 million in Flipkart as the two firms will merge their operations in the country. As part of the de...

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

10Apr By AdityaNo Comments

ACQUISITION

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

eBay Inc. (NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading eCommerce company in India, have agreed to jointly pursue eCommerce opportunities in the Indian market. In exchange for an equity stake in Flipkart, eBay will make a $500 million cash investment in and sell its eBay.in business to Flipkart. Flipkart will own and operate the eBay.in business upon the close of the transaction. eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border trade opportunities to make eBay's global inventory accessible to more India consumers, while eBay's millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart. "The combination of eBay's position as a leading global eCommerce company...

Flipkart to Re-Enter Grocery Segment: Flipkart CEO Kalyan Krishnamurthy

9Apr By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Flipkart to Re-Enter Grocery Segment: Flipkart CEO Kalyan Krishnamurthy

Locked in an intense battle with Amazon, homegrown e-commerce major Flipkart is looking at re-entering the grocery segment that accounts for a significant portion of Indias retail industry. "Yes we will get into grocery... 80 per cent of units bought in India is grocery... USD 400-600 million is grocery market, so we have to get into it," Flipkart CEO Kalyan Krishnamurthy said at a TiE event here. This will be the second attempt into the grocery segment for the Bengaluru-based firm. In October 2015, Flipkart had launched a separate groceries ordering app called Nearby for delivering fruits, vegetables, soaps and other staples from supermarkets to customers. However, following a weak response, Flipkart closed the business a few months later. Flipkarts rival Amazon India has launched it...

Flipkart in Talks to Raise About $800 Million

12Mar By NitishNo Comments

FUNDING

Flipkart in Talks to Raise About $800 Million

E-commerce major Flipkart is in advanced stage of discussions to raise about USD 800 million to further strengthen its operations in a bid to take head on the competition from American rival Amazon. The funding, however, would come at a much lower valuation of about USD 8-9 billion, sources close to the development said. The e-tailer had last raised funds in July 2015 at a valuation of USD 15 billion. The sources said that the fresh round would see participation from both existing and new investors. When contacted, a Flipkart spokesperson said: "As a company policy, we do not comment on market speculations". Till now, Flipkart is estimated to have raised over USD 3 billion with investments coming in from Tiger Global, DST Global, Steadview Capital and Accel Partners. However, t...