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Travel App Ixigo Settles GMV of $250 million

12Nov By Gauri SinghNo Comments

BUSINESS

Travel App Ixigo Settles GMV of $250 million

Travel meta search firm Ixigo has settled gross transactions of $250 million (about Rs 182 crore) by the end of the current financial year. “In FY 2017-18, we did GMV of $100 million, and in the year before that (FY 2016-17), we had done $25 million. Next year, we should comfortably exceed $500 million,” Aloke Bajpai, chief executive of Ixigo said. The co-founder of the company believes that the growth of the company is being led by a combination of greater acceptance by consumers and the company’s decision last year to start monetising its railway and bus-ticketing app. While Ixigo’s flagship air travel and hotel reservation app continues to target consumers emanating from tier-1 cities, the railway app has been projected for the budget traveller, which allows the company to cross-se...

15Jun By Gauri SinghNo Comments

BUSINESS

Myntra Plans to Expand Offline Business Aiming 100 Stores

The popular Indian e-commerce company Myntra is now on board to accelerate its growth by increasing the number of its offline stores from 12 to 100 in the coming two years’ time with the aim to make its private label business stronger. According to the reports, the fashion etailer will open 50 stores featuring its most selling and popular brand Roadster. Apart from this, the stores will also come up with brands like HRX and Mango, among others. Myntra already operates the franchise of the Mango label in India. The main purpose of expanding the offline presence is to strengthen the customer base for its brands. Ananth Narayanan, CEO of Myntra said, “We are not opening stores because we want them to be big sales centers. It is a great way to do branding for us and to provide the touch-an...

11Jun By Gauri SinghNo Comments

BUSINESS

FabAlley Ends Fiscal 2018 with EBITDA Profitability

The Gurugram-based online fashion-forward brand FabAlley has ended the financial year in March 2018 with EBITDA profitability with the help of its massive offline augmentation. The company exited the financial year 2017-18 with gross merchandise value (GMV) of INR 80 Cr ($11.85 Million). FabAlley is the ultimate Indian fashion destination for fashion enthusiasts and lovers, founded in 2012 by Tanvi Malik and Shivani Poddar. 30% of the revenue that accounted for the profits made its way from the offline sources. The offline channels that the company deals with include retailing services with the Future Group’s Central and Shoppers Stop retail outlets among others. “We are the first e-commerce company at our scale to have hit the profitability target. While we want to expand our offline ...

19Jan By NitishNo Comments

BUSINESS

Droom Expects Rs 75 Cr Revenue in FY’17

Droom, an online marketplace for automobiles, expects to close this fiscal with a revenue of Rs 75 crore on the back of strong sales on its platform for both new and used cars. Droom is expected to touch net annual revenues of Rs 60-75 crore by March 2017 with an annualised GMV in the range of INR 2,500-3,000 crore, Droom said in a statement. Droom is eyeing net annual revenues of Rs 125-150 crore by December 2017, it added. "The company is targeting annualised GMV of INR 4,500-5,000 crore and net annual revenues of Rs 125-150 crore by December 2017, as it ramps up its operations to firmly consolidate its position as the best brand in the Indian online automobile market space," it said. It added that orders placed through the platform grew from 8,232 units in 2015 to 49,974 uni...

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

22Nov By AnkitaNo Comments

News

Paytm Hits $5 billion GMV, Rs 150 Crore Offline Transaction

With people being compelled to switch to non-cash mode after the demonetisation move, digital payments company Paytm has been witnessing over 5 million transactions worth Rs 120 crore a day, helping it crosss $5 billion GMV sales, four months ahead of its target. Gross Merchandise Value (GMV), which is an industry term for estimating the total worth of goods sold through a digital platform, for Paytm was $3 billion last year. The Alibaba-backed company, which offers both mobile payment platform and e-commerce marketplace, said it is now witnessing about 5 million daily transactions worth about Rs 120 crore. "Paytm is registering over total 7 million transactions worth Rs 150 crore in a day as millions of consumers and merchants across the country try mobile payments on the Paytm p...

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

21Nov By AdityaNo Comments

News

Demonetisation Effect: MobiKwik Revises GMV Sales Target To $10 Billion

In the wake of demonetisation drive and a surge in the demand for digital payment options, mobile wallet MobiKwik has revised its monthly annualised Gross Merchandise Value (GMV) sales target by 10 times to USD 10 billion by 2017, a top company executive said. GMV is used in online retailing to indicate a total sales value for merchandise or services sold through a marketplace over a period of time. "The currency reform implemented by the government has liberated Indians from cash and has also promoted adoption of mobile wallets and digital payments across platforms. We have a target to reach USD 10 billion GMV sales by next year," Upasana Taku, co-founder, MobiKwik told Pixr8. The mobile payments network has over 1 lakh merchants and 35 million customers at present and has witnes...

Will Achieve $1 Bn-GMV Figure This Fiscal, Says Myntra

23Aug By AnkitaNo Comments

News

Will Achieve $1 Bn-GMV Figure This Fiscal, Says Myntra

Flipkart-owned online fashion retailer Myntra today said it is on track to touch the USD 1 billion Gross Merchandise Value (GMV) mark this fiscal. Myntra also said it has become the first ever Indian fashion e-commerce platform to clock the USD 1 billion run rate in annualised average GMV (post discounts) in July. "We have now surpassed our January benchmark (USD 800 million) to make July 2016 the biggest month ever for Myntra. The annualised GMV run rate of USD 1 billion puts us on the path to touching the USD 1 billion GMV mark in a fiscal," Myntra CEO Ananth Narayanan told reporters here. He said in the past month, the company had taken some market transforming steps, and "our focus is to continue to transform fashion and lifestyle in India through technology." The reason why ...

Shopclues Expecting 20,000 Cr Sales in This Financial Year

24Jun By AdityaNo Comments

News

Shopclues Expecting 20,000 Cr Sales in This Financial Year

E-commerce company Shopclues expects to register more than two fold jump in Gross Merchandise Volume (GMV) from its platform at USD 3 billion (about Rs 20,000 crore) by the end of current financial year. "We are planning to close financial year 2016-17 at annualised GMV rate of USD 3 billion," Shopclues Chief Business Officer Radhika Ghai Aggarwal said. The company has registered GMV sales of USD 1.2 billion in 2015-16, she said. Shopclues expects that additional push to its business will come from fashion category which it has recently started. "The company has already added 60,000 new sellers on its platform under fashion category and will take this number to 1,50,000 by the end of the year. In GMV and orders terms, we expect 100 per cent growth in fashion category by end of ongoing ...

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...

Alibaba’s Revenue Rises 39 percent As More Shoppers Buy Online

5May By reutersNo Comments

CHINA

Alibaba’s Revenue Rises 39 percent As More Shoppers Buy Online

Alibaba Group Holding Ltd, China's biggest e-commerce company, said fourth-quarter revenue rose 39 percent, beating Wall Street estimates, helped by growth in gross merchandise volume. The company's American Depository shares were up 3.5 percent at $78.48 on Thursday. Revenue rose to 24.2 billion yuan ($3.7 billion) in the quarter ended March 31 from 17.4 billion yuan a year earlier, beating the average analyst estimate of 23.22 billion yuan. "Whatever they are doing must be working, and most importantly it's a sign that the Chinese consumer may not be weakening quite yet," said Gil Luria of Wedbush Securities. Gross merchandise volume (GMV), or the total value of goods transacted on its platforms on China retail marketplaces, rose 24 percent to 742 billion yuan. "Alibaba represent...

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 ...