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22Feb By AdityaNo Comments

News

Snapdeal to Lay Off 600 People Over Next Few Days

SoftBank-backed Snapdeal will lay off around 600 people across its e-commerce, logistics and payments operations over the next few days. According to sources, the company started the process last week and will lay off 500-600 people across Snapdeal, Vulcan (logistics) and Freecharge (digital payments business). The sources added that the reduction will include employees across levels and the process will be completed in the next few days. A Snapdeal spokesperson said, "On our journey towards becoming India's first profitable e-commerce company in two years, it is important that we continue to drive efficiency across all parts of our business, which enables us to pass on the value to our consumers and sellers." "We have realigned our resources and teams to further these goals and d...

E-commerce Firm Snapdeal to Make Profit in Two Years: CEO

6Feb By reutersNo Comments

Entrepreneurs Talk

E-commerce Firm Snapdeal to Make Profit in Two Years: CEO

Indian e-commerce firm Snapdeal expects to turn profitable in the next two years, its CEO said, as the company cuts costs and boosts efficiency in a market currently dominated by homegrown Flipkart and US internet giant Amazon. Kunal Bahl, who co-founded Snapdeal in 2010, also told Reuters in an interview that the online marketplace provider backed by Japan's SoftBank Group did not immediately need to raise capital unless it makes an acquisition. A burgeoning Indian middle class' rapid uptake of wireless high-speed internet has prompted buyers to shop online, boosting sales at e-tailers and making the country's internet services market one of the world's fastest growing. The value of goods sold online in India is expected to jump tenfold to USD 188 billion by 2025, according to a ...

Amazon Pumping Nearly $1.5 bn Into US Air Freight Hub

1Feb By NitishNo Comments

USA

Amazon Pumping Nearly $1.5 bn Into US Air Freight Hub

Online retail colossus Amazon said it will strengthen its distribution muscle, and create US jobs, by building its first air freight hub, an investment of nearly USD 1.5 billion. A hub for the company's growing fleet of Prime Air cargo planes will be built at an airport in northern Kentucky, adding more than 2,000 workers to the approximately 10,000 people it already employs at fulfillment centers in that state. Seattle-based Amazon did not specify the amount of the investment, but the local economic development organization placed the figure at USD 1.49 billion. The spot for the hub was chosen for reasons that included being a centralised location for moving goods, according to Amazon senior vice president of worldwide operations Dave Clark. Eager to decrease its dependence on sh...

26Dec By NitishNo Comments

FUNDING

Hyperlocal Logistics Startup ShadowFax Raises 68 Crore Funding

Shadowfax, one of India’s largest express delivery platform has raised $10 million (Rs 68 crore) in Series B funding led by existing investor Eight Roads Ventures, an investment arm of Fidelity International Ltd. The investment will use to build its network, consolidate its market position and stabilise performance in existing cities, Eight Roads said in a statement. The company provides logistics support for intra city movement across multiple segments such as F&B, grocery, and e-tailing in 15 cities. It has recently launched low cost express delivery in an additional 10 cities. The latest expansion takes its total pin code coverage to more than 1500 adding cities like Ahmedabad, Indore, Faridabad, Kolkata, Chandigarh, Vadodra, Vishakhapatnam, Nagpur, and Lucknow. The startup will ...

24Dec By reutersNo Comments

News

Amazon Starts Flexing Muscle in New Space: Air Cargo

A cargo plane emblazoned with "Prime Air" descended from an empty sky at Lehigh Valley International Airport on Tuesday, ninety minutes from the bustle of New York City, loaded with crates of goods during the peak holiday shopping season. It's one of 40 jets leased by Amazon.com for a new cargo service to meet delivery demand from the retail giant's customers. Exclusive payload data reviewed by Reuters and interviews with airport officials around the country show that Prime Air planes are flying nearly full, but with lightweight loads, taking away valued business from FedEx and United Parcel Service. Expanding into transportation, from trucks to planes, is one of Amazon's most important endeavors as it strives to lure new customers with fast shipping while keeping costs under control...

Saksoft Acquires Majority Stake in DreamOrbit

16Dec By AnkitaNo Comments

ACQUISITION

Saksoft Acquires Majority Stake in DreamOrbit

Saksoft Limited, a leading digital transformation company, today announced that it has signed an agreement to acquire majority stake in Bengaluru based DreamOrbit Softech Private Limited (technology solution consulting firm with a focus on providing IT services to the Logistics Industry). With this acquisition, Saksoft will further strengthen its offerings in the Digital space with special emphasis on IoT. Incorporated in 2010, DreamOrbit has been providing specialist technology solutions for the logistics & transportation (including air, land & ocean) enterprises and has offices in Bengaluru (India), Delaware (USA). The company has 230 employees and works with 40+ active customers. Almost all the revenues are offshore driven and cater primarily to the US market with a small portion com...

Omnivore Partners Invested 6.5 Cr in Tech Startup For Trucks FR8

27Oct By NitishNo Comments

FUNDING

Omnivore Partners Invested 6.5 Cr in Tech Startup For Trucks FR8

Chennai-based FR8, a platform for trucking system raises Rs 6.5 Cr from Omnivore Partners Venture fund. The fund will be used for expansion, investing in technology and talent. FR8 founded in June 2016 by Jayend ran Panneerselvam and Vasanth Immanuel, already has 2,500 trucks from 400 vendors on the marketplace. It currently books around 1,000 orders worth about Rs 2.5 crore a month. The company has enterprise and F&B clients like Philips, Asian Paints, Pepperfry, Britannia, Preethi Kitchen Appliances and Paperboat. Immanuel, FR8 Founder, who worked for seven year at Asian Paints managing supply chain, said,“We offer a four-hour commitment to our clients and manually connect orders which have not gotten matched automatically. We believe that we are very capital efficient as we...

Have you Checked Snapdeal’s Logistics and Delivery Team Unbox Zindagi Look?

24Oct By AdityaNo Comments

News

Have you Checked Snapdeal’s Logistics and Delivery Team Unbox Zindagi Look?

Snapdeal, India’s largest online marketplace, today announced its collaboration with Nikasha Tawadey Khemka, a contemporary prêt and couture label that retails from leading fashion boutiques in India and abroad. As part of Snapdeal’s brand revamp, Nikasha has designed the new brand look for Snapdeal’s delivery team. The designer uniform for Snapdeal is a beautiful mix of strong aesthetics and functionality, and uses a color blocking element that has been taken from the logo itself. This gives a sleek and edgy feel to the designed outfits. The complete gear includes Nehru-collared T-shirts, accessories like waist pouch, cap and delivery bag in the cheery Vermello brand colour. The new look of the logistics staff takes cues from the brand’s warm and vibrant ‘Unbox Zindagi’ positioning ...

Amazon to Set Up 3 More Fulfillment Centres By Year-end

26Sep By Press Trust of IndiaNo Comments

News

Amazon to Set Up 3 More Fulfillment Centres By Year-end

E-commerce giant Amazon will set up three more fulfillment centres in India taking the total number to 27 by the end of this year, a senior executive of the company said here today. "Right now, we have 24 fulfillment centres. By the end of this year, we should be closing with around 27 fulfillment centres. That would give a storage capacity of around 7.5 million cubic feet. That is one of the largest investments we committed to India," Noor Patel, Director Category Management, Amazon India told reporters in a press conference. However, Patel declined to reveal the locations for the proposed centres. A senior official of Amazon said currently 24 centres are located across 10 states in India. "This is the only country where Amazon is having its own delivery infrastructure," he ad...

Rivigo Will Add 100 More Cities For Faster Delivery of E-commerce

16Sep By Press Trust of IndiaNo Comments

News

Rivigo Will Add 100 More Cities For Faster Delivery of E-commerce

Logistics solutions provider Rivigo today announced adding 100 more cities for faster delivery of cargo using truck drivers relay mechanism. "Rivigo today announced a significant expansion of its part-truck load capability Rivigo Zoom by adding more than 100 cities to its pan India coverage. With the expansion, Rivigo services can now be availed of in most state capitals, major cities and industrial centres," the company said in a statement. It said combining technology and a unique driver?s relay mechanism, Rivigo provides precision deliveries at 50-70 per cent lesser transit times compared to conventional trucking companies. The expansion coincides with the company acquiring 1,200 trucks from Ashok Leyland to take its fleet size to 2,700 by the year end. "We are confi...

Logistics Company’s Could Save $200 Bn Annually Post GST

8Aug By AnkitaNo Comments

News

Logistics Company’s Could Save $200 Bn Annually Post GST

Logistics sector, which accounts for nearly 14 per cent of the GDP, could see savings to the tune of USD 200 billion annually on implementation of GST, which will ensure faster movement of goods and less idle hours, say experts. With the introduction of Goods and Services Tax, many taxation procedures will come down, nearly halving the cost of inventory as customers will not need to pile up stocks in different warehouses, say experts. "For a USD 2-3 trillion dollar economy, this could mean a potential of USD 200 billion wasteful inventory spent being available to deploy in productive value creation and further propelling the economy's growth," said Deepak Garg, founder of logistics firm Rivigo. Describing the passage of the GST bill in Rajya Sabha as a "positive reform", apex transpor...

Amazon Launches Prime Membership Service in India

26Jul By Press Trust of IndiaNo Comments

News

Amazon Launches Prime Membership Service in India

Amazon.in today announced the launch of its globally popular Amazon Prime membership programme in the country in over a 100 cities to enable free one-day and two-day deliveries to its customers. Prime products will be delivered through the fulfillment By Amazon (FBA) channel, which helps sellers by giving them access to Amazons fulfillment resources, fast, free delivery options for their products and customer service. "For sellers, Fulfillment by Amazon is now an even more powerful opportunity to rapidly grow their business and at the same time, provide customers across India with vast selection and unlimited fast free Prime delivery," Amit Agarwal, Vice-President & Country Head, Amazon India said. Along with unlimited free fast delivery, Prime members can enjoy Prime Early Access...