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Indian Govt Allows 100% FDI in Marketplace Model of E-commerce

29Mar By Press Trust of IndiaNo Comments

INDIA, News

Indian Govt Allows 100% FDI in Marketplace Model of E-commerce

The government permitted 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating onlin...

16Mar By AnkitaNo Comments

BUSINESS

India’s First Profitable E-commerce Firm Infibeam Looking to Raise $334 Million in IPO

E-commerce firm Infibeam Incorporation is eyeing a valuation of as much as $334 million as it sells shares next week in the sector's first initial public offering. The company, founded by former Amazon.com employee Vishal Mehta in 2007, set a price range of 360 rupees to 432 rupees per share on Tuesday as it seeks to raise up to 4.5 billion rupees ($67 million) in the IPO. Speaking at a news conference, executives said they expected a dilution of 20 percent to 22 percent in the IPO, which means the company could be valued at 22.5 billion rupees after the share sale. The sale will take place from March 21 until March 23, and trading is set to begin on or around April 4. Although a comparatively small IPO, Infibeam's debut is widely expected to serve as a proxy for stock market i...

Flipkart Shuts It's Groceries Delivery App Nearby

26Feb By PriyankaNo Comments

News

Flipkart Shuts It's Groceries Delivery App Nearby

A month later, Mukesh Bansal and Ankit Nagori resignation India’s largest e-commerce firm Flipkart shuts it's groceries delivery app, Nearby. The company Nearby was five months old. Paytm, operated by One97 Communications Ltd, also closed its grocery service in June because of poor demand. The Nearby app was launched as an experiment by Flipkart in Bengaluru in October. The company promised to deliver fruits, vegetables, soaps and other staples from supermarkets to customers within an hour of receiving an order. On 11 January, Flipkart named co-founder Binny as CEO, replacing Sachin Bansal, in a move that it claimed would strengthen its management bandwidth as it seeks to combat archrival Amazon India and kick off preparations for an expected initial public offering (IPO) over the...

Ather “The Tesla” of India Unveiled Ather S340 Scooter

24Feb By AnkitaNo Comments

Story

Ather “The Tesla” of India Unveiled Ather S340 Scooter

To support, Make in India initiative, India’s first smart electric scooter Ather debut the first model Ather S340. IIT-Chennai batchmates Tarun Mehta and Swapnil Jain founded Bangalore-based Ather Energy in 2013. Ather (derived from the Greek word ‘aether’ for the purest form of air breathed by the gods) is a company that manufactures electric scooters and dreams to revolutionise the two-wheeler mobility game by developing India’s first smart, connected, and clean electric scooter. ALSO READ: Mahindra Launched World’s First Cloud Connected E Scooter Genze 2.0 “The inevitability of electric being the future of automobiles has led us to build an uncompromising electric scooter – with a powerful Li-ion battery pack and sub-one hour charging. Our focus on connectivity as the ...

Ankit Nagori’s (Chief Business Officer) Six Years Journey At Flipkart

10Feb By AnkitaNo Comments

Story

Ankit Nagori’s (Chief Business Officer) Six Years Journey At Flipkart

In February 2010, a fresh-faced engineering graduate cold-called India’s hottest e-commerce startup at the New Delhi World Book Fair. Ankit Nagori had heard of Flipkart, a Bengaluru-based startup that had broken new ground by selling books online ever since it acquired its first customer in October 2007. Compared to the heavyweight brick-and-mortar booksellers and publishing houses that participated in the fair, which is held every year at Pragati Maidan in the national capital, Flipkart was among the smaller exhibitors. “Flipkart was a small company but it was one of the largest startups in the country,” recalls Ankit, then a Delhi lad of 24 who had completed his engineering from IIT-Guwahati in 2007. “Any entrepreneur would have loved to become something like Flipkart, even at that sm...

China & India vs USA: Alibaba Came in Rescue For Flipkart, Ready to Invest

4Feb By AnkitaNo Comments

FUNDING

China & India vs USA: Alibaba Came in Rescue For Flipkart, Ready to Invest

New Delhi: A surprise move by China’s Alibaba Group to came into the support of India's Biggest Ecom company Flipkart. As per the news report Alibaba is looking to invest in Flipkart. It has already backed Paytm and Snapdeal. Alibaba this move is to help Indian E-commerce company and eliminate US-backed Ecom companies like Amazon. There are not too many takers for India’s top e-commerce firms at their current valuations, prompting both Flipkart and Snapdeal (run by Jasper Infotech Pvt. Ltd) to approach Alibaba Group for cash, the three people said to Mint. While both have enough cash to fund their current burn rates for 12-15 months, they need to raise money this year in order to refill their fast-emptying vaults, the people added. Flipkart and Snapdeal, in particular, are facing scrut...

Flipkart’s Myntra unit expects to turn profitable in fiscal 2017

28Jan By reutersNo Comments

Story

Flipkart’s Myntra unit expects to turn profitable in fiscal 2017

Myntra, part of Indian's biggest e-commerce company Flipkart, said it expects to turn profitable by the end of next financial year as the online fashion store looks at slashing discounts and curbing supply-chain costs. Shopping online is becoming more popular in India due to the rising use of cheaper smartphones and India's e-commerce sector is expected to grow to $220 billion by 2025. However, fierce competition to win customers through deep discounting has led to mounting losses for Flipkart along with rivals Snapdeal and Amazon. Myntra now plans to reduce discounts by 3-4 percentage points and the company expects to lower the number of products that are discounted on its website. Myntra's 60 percent of revenue in the next financial year would come from products sold at full ...

Amazon India net loss widens to Rs 1,724 Cr, Registered a Six-Fold Increase in Sales

25Jan By NitishNo Comments

News

Amazon India net loss widens to Rs 1,724 Cr, Registered a Six-Fold Increase in Sales

MUMBAI: As per the report, Amazon India Losses in business goes up to Rs 1,724 crore in the year ended March 2015. The reason of such a huge loss occurred because of Amazon's expenses was due to higher advertising, sales and promotion costs of almost Rs 1,405 crore, almost equivalent to the combined marketing spends of Godrej Consumer, Dabur and Marico. However, Amazon Seller Services registered a six-fold increase in sales to Rs 1,022 crore in 2014-15 from Rs 169 crore a year earlier, according to a filing with the Registrar of Companies on Saturday. The combined losses of the 'Big 3' online firms including Flipkart and Snapdeal to Rs 5,052 crore as they hunted for buyers by offering deep discounts. Flipkart, India's largest e-commerce firm, reported a loss of about Rs 2,000 ...

Flipkart invests in parenting social network Tinystep

19Jan By PriyankaNo Comments

News

Flipkart invests in parenting social network Tinystep

Tinystep, a parenting social network, today said it has raised an undisclosed amount in seed funding from Flipkart. The Bengaluru-based startup plans to use the funds to develop the product, enhance user experience and strengthen its team, Tinystep said in a statement. The funding will also be utilised to further accelerate the company's growth and user engagement, it added. Tinystep is a mobile app that helps parents connect with each other to communicate, guide and collaborate with each other on parenting with features like Q&A Forum, individual and group chats. "Silicon Valley has given us Facebook, Twitter, LinkedIn and many more awesome social products, Tinystep can be a tiny gift from India. Flipkart is helping us with the required guidance to continue our excelli...

Breaking: Punit Soni “Star Techie” of Flipkart Leaving Company

14Jan By NitishNo Comments

News

Breaking: Punit Soni “Star Techie” of Flipkart Leaving Company

As per the report, Punit Soni, Chief Product Officer and former Google executive shall be soon leaving the Flipkart. However both Punit Soni and Flipkart denied this news. Flipkart counter this news as a baseless and untrue. But sources said that the recent reshuffle process in the company is the reason behind this. Binny Bansal as a New CEO could be one of the main reason behind this move. Mr. Soni written on his blog recently, Life has many ups and downs. More downs than ups. Someone rightly said that behind each success are countless disappointments, failures and struggles. Each down teaches you more about yourselves than you can imagine.

Breaking: Binny Bansal New CEO of Flipkart

11Jan By NitishNo Comments

News

Breaking: Binny Bansal New CEO of Flipkart

Flipkart today announced that Sachin Bansal, CEO and Co-founder of Flipkart, will be the Executive Chairman of the company and Binny Bansal, COO and Co-founder of Flipkart, will be the Chief Executive Officer of Flipkart. Super excited to shape the next phase of Flipkart’s journey with @_Sachinbansal https://t.co/EZ3cdyma5Y — binnybansal (@binnybansal) January 11, 2016 In his role as Executive Chairman of Flipkart, Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities. He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem, and represent the company in external forums. Sachin will continue to be the Chairman of the Board. Sachin Bansal, Co-fou...

“Amazon, Flipkart, Snapdeal, Paytm” , Big 4’s App Performance in 2015 by Deepak Abbot

31Dec By Deepak AbbotNo Comments

ANALYSIS

“Amazon, Flipkart, Snapdeal, Paytm” , Big 4’s App Performance in 2015 by Deepak Abbot

Following up on my last year’s post on Mobile Commerce, I decided to focus only on Big 4 this time primarily due to lack of time. Here is what I published in Dec 2014: Mobile Commerce Growth in 2014 - It's An App World Let's take a visual look at how some of the top mobile commerce Apps of India grew in the year 2014, which also points…growthbug.com The numbers shown below are based on my formula based on publicly available data. Plus I have used all the free sources of data (non-paid) available from popular App store analytics platforms. The charts below are only for Android, which IMO would be 85% of all App traffic. Flipkart maintained its leadership in 2015: Flipkart grew 2x: Returning users: Month 2 retention seems to be the biggest concern for all: Num...