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Future Group Denies Selling 10% Stakes Amidst Market Rumours

10May By Lavina TolaniNo Comments

News

Future Group Denies Selling 10% Stakes Amidst Market Rumours

Indian market bolted a notch higher when a speculated news regarding World's biggest brick and mortar, Future Group selling its 10 stakes to a leading global retailer surfaced in mid-afternoon today. Meanwhile, within stock market to the company witnessed a gain of 5 percent. The scrip which was at 12 percent at 10:02 am rose by 6.60 percent to Rs. 60.60 on the BSE. The speculation came amidst a clarification sought by stock exchanges into a news report that quoted Future Group founder Kishore Biyani saying, "he will sell a minority stake to the strongest global retailer” in the retail giant." However, in the new clarifications, Future Group companies have stated that there is no decision taken in the regard. The ongoing rumours have come in the wake of Flipkart-Walmart deal which...

Future Group Buys Snapdeal’s logistics Service Vulcan Express For Rs 35 Crore

26Jan By AdityaNo Comments

ACQUISITION

Future Group Buys Snapdeal’s logistics Service Vulcan Express For Rs 35 Crore

Kishore Biyani's Future Supply Chain Solutions today said it will fully acquire Snapdeal's logistics service provider Vulcan Express Pvt Ltd in an all- cash deal valued at Rs 35 crore. Future Group Founder and Chairman Kishore Biyani said in a statement that through Vulcan, the company plans to boost its last mile capabilities and also offer state-of-the-art solutions to its e-commerce and retail clients. Snapdeal Chief Strategy and Investment Officer Jason Kothari said: "Similar to our recent sale of FreeCharge, we believe Snapdeal s sale of Vulcan Express to Future Group is a successful deal for all three parties." The statement also quoted Kothari as saying that the company "divests off an asset that is non-strategic in nature for Snapdeal 2.0, allowing it to focus its capital ...

Kishore Biyani Led Future Enterprises Eyes on Divestment

8Jun By AnkitaNo Comments

BUSINESS

Kishore Biyani Led Future Enterprises Eyes on Divestment

Kishore Biyanis Future Enterprises today said its board has given in-principle approval for considering various divestment options for investments held by the company. The company was responding to media reports that Future Enterprises is looking to sell 50 per cent stake in its insurance venture Future Generali. "The board has given in-principle authority for considering various divestment options for investments held by the company," Future Enterprises said in a regulatory filing. It, however, denied having arrived at any such binding transaction or final understanding till date. Shares of Future Enterprises were trading 14.68 per cent higher at Rs 33.20 on the BSE.

Kishore Biyani Led Future Group Set up Rs 100 Crore Accelerator Fund

17Apr By RishabhNo Comments

FUNDING

Kishore Biyani Led Future Group Set up Rs 100 Crore Accelerator Fund

NEW DELHI: The Kishore Biyani-led Future Group has announced setting up of Future C&D (consumer and digital) Lab in Bengaluru backed by a Rs 100-crore Accelerator Fund. The research and development activities will be supported through a Rs 100-crore Accelerator Fund that will be set up to fund the operations, technology development and IPR creation by the teams working at the Lab. “Future C&D Lab will focus on the consumer and digital space to bring in next generation innovations using artificial intelligence, Big Data Analytics, Blockchains, Internet of Things, robotics and allied technologies,” Future Group said in a statement today. Future Group founder and CEO Kishore Biyani said, “The Future C&D Lab is aimed at co-creating next generation technologies for the consume...

Future Group Launches India’s 1st BOPO, Book Online Pay Offline

14Oct By AnkitaNo Comments

News

Future Group Launches India’s 1st BOPO, Book Online Pay Offline

Future Group, one of India's leading retail conglomerates, has launched India's first BOPO, Book online pay offline. It's a limited 2-day scheme and Ezone, the group's electronics chain, will start BOPO from 18th October. The intent is to make BOPO a trademark property which will be a paradigm shift in the way people make their purchases. BOPO, designed to ensure a comfortable shopping process for customers, allows shoppers to reserve electronics online for a token money of Rs. 1,000. If the shopper changes his mind or doesn't like the product that he chose online, he can get back hisRs 1,000 in the form of a gift voucher, which he can use to buy another product at the store. Ezone is taking this step to address the big gap in a need wherein a customer has the ease and convenience of bl...

Kishore Biyani Led Future Group Launches It’s Own Digital Wallet FuturePay

6Oct By AdityaNo Comments

News

Kishore Biyani Led Future Group Launches It’s Own Digital Wallet FuturePay

Kishore Biyani-led Future Group has launched FuturePay, which is a digital loyalty wallet that helps consumers shop without card or cash across formats such as Big Bazaar, Ezone and Home Town. The app is directly linked with all existing loyalty programs and cards bringing all kinds of transactions under one roof. "We are providing a friendly account management to our customers through FuturePay. We are ensuring that the customer has the confidence to shop with us and not go anywhere else," said Kishore Biyani, Group CEO, Future Group. The app's Price Match feature will compare the price items on the customers bill with that of competitors -both online as well as offline -and credit the difference to the FuturePay wallet in case it finds a lower price for the product. Future Group...

Startups are Hopeless, Will Not Create Enough Jobs: Kishore Biyani

7Sep By NitishNo Comments

Entrepreneurs Talk

Startups are Hopeless, Will Not Create Enough Jobs: Kishore Biyani

Stating that startups are "hopeless" and 90 per cent of them "are not going anywhere", Future Group CEO Kishore Biyani today said. They have been made to look attractive only through daily full-page ads on newspapers. Insisting that the startups must work on a bigger canvas, he said at the current state these new ventures would be too small to create the number of jobs which India requires. "I think 90 per cent startups are not going anywhere. They are hopeless...In next three-four years revenues of these companies would not be more than Rs 3,000 crore to Rs 4,000 crore," Biyani said here at the Economist India Summit. Lashing out at the functioning of these new companies, he said: "I think startup has become sexy because of one page ad everyday (on newspapers). Otherwise I don...

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

26Jul By PriyankaNo Comments

ACQUISITION

Myntra Has Acquired Jabong, Pips Future Group & Snapdeal

Myntra, a fashion portal owned by India's largest online retailer Flipkart has acquired online merchandise retailer Jabong. Sachin Bansal, Flipkart's co-founder, confirmed the news by welcoming Jabong India to the Flipkart family in a tweet. Welcome @JabongIndia to the @Flipkart family. We'll create history together.— Sachin Bansal (@_sachinbansal) July 26, 2016 The talks of sale were fueled by reports that Jabong's current owners AB Kinnevik and Rocket Internet were reluctant to pump in more money into Jabong. According to Mint, Kinnevik was seeking a valuation of USD 100-150 million for Jabong. After the deal, Jabong will become part of Myntra which in turn is owned by Flipkart. Earlier there were speculations that Kishor Biyani-led Future Group is in talks to buy Jab...

Kishore Biyani Resigns as Managing Director of Future Retail

3May By Press Trust of IndiaNo Comments

News

Kishore Biyani Resigns as Managing Director of Future Retail

New Delhi: In the latest, Kishore Biyani, Future group chairman stepped down from the position of Managing Director of Future Retail. The decision is part of the realignment strategy of the group's business. The resignations would be effective from May 1, 2016, Future Retail said in a BSE filing. ALSO READ: Kishore Biyani Acquires FabFurnish.com; Eyes Expansion in 100 cities Besides, Rakesh Biyani has also resigned from the post of Joint Managing Director as well as Director of the company as part of a restructuring to execute the merger Bharti Retail with the company announced last year. However, Kishore Biyani would continue to hold office as non-executive director of Future Retail Ltd, it added.

Kishore Biyani Acquires FabFurnish.com; Eyes Expansion in 100 cities

6Apr By AnkitaNo Comments

ACQUISITION

Kishore Biyani Acquires FabFurnish.com; Eyes Expansion in 100 cities

Future Group has announced the approved of acquisition of online home furnishings and decor business brand FabFurnish from Bluerock eServices for Rs. 4.86 per share. In an interview with a media channel, Founder and CEO Future Group, Kishore Biyani said, "FabFurnish is a high margin and profitable business, currently operating at 40-41 percent margins. The aim is to enter into more cities via the home furnishing brand." With an aim to expand pan India, Biyani expressed plans to operate in 100 cities eventually. He also expects earnings before interest, tax, depreciation and amortization (EBITDA) of Rs. 40-50 crore from the acquisition. "Future Group is looking at more acquisition opportunities in the specialty retail space," Biyani added. The company's is currently trai...