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Oppo’s India MD Yi Wang Steps Down Amidst Huge Loses

30Nov By Gauri SinghNo Comments

News

Oppo’s India MD Yi Wang Steps Down Amidst Huge Loses

Oppo’s managing director of India, Yi Wang has reportedly stepped down from his position and the basic reason behind this is the increasing losses faced by the Chinese smartphone company and on the other hand, growing competition in the local market. It has also been reported that there was a pressure from the Oppo management on the India team as it was not able to get desired results at a time when Xiaomi captured the pole position for almost a year in the country. "During a meeting between the board of directors of OPPO Mobiles India Private Limited on the 28th November, 2018, it has been mutually decided that Mr. Yi Wang, managing director of the company, will step down from his position effective 30th November, 2018. Wang played a crucial role in Oppo’s journey in the country, sinc...

Zomato scales FY18 revenue by 40%, Losses Fall Almost 73%

22Sep By Gauri SinghNo Comments

BUSINESS

Zomato scales FY18 revenue by 40%, Losses Fall Almost 73%

Online food delivery and restaurant discovery firm Zomato has ended the financial year 2017-18 with a 40% growth in revenues at Rs 466 crore. The firm also reduced its losses by almost 73% to come in at Rs 106 crore in FY18 as compared to Rs 390 crore last year. According to the reports, the firm witnessed its standalone revenues grow almost 25% to Rs 388 crore in FY18 from Rs 309 crore last year. Also, the standalone losses for FY18 fell 86% to Rs 78.5 crore this time. “We demonstrated that our business can generate profits — almost throughout the year, we hit EBITDA breakeven globally, across all our business, and while maintaining good growth levels; and then in the last two months, we decided to double down on growth,” said Zomato Founder and CEO Deepinder Goyal. The firm saw ...

1Jun By Gauri SinghNo Comments

BUSINESS

Amazon India Unit Suffers Heavy Losses

Amazon Seller Services, the Indian unit of US e-commerce retailer Amazon has witnessed a growth in their losses by 31% in the financial year 2016-17 reaching up to Rs. 4,830.6 crore. This is because of the exaggerated investments in the country in order to fight against its competitor, Flipkart. The Amazon Seller Services handles and operates a marketplace that assists the sellers to sell their products online in India and globally as well. Though due to investments, the company suffered losses, the revenue from the sales saw a rise of 43%, from Rs 2,276 crore in 2016 to Rs 3,256.6 crore in the year ended March 2017. In 2015-16, the Bengaluru-based unit suffered a net loss of Rs 3,679.9 crore. Where the competitor company Flipkart succeeded in lowering its losses to Rs 1,638.6 crore ...

30May By Gauri SinghNo Comments

BUSINESS

One97 Earns Higher Profits Through Its Legacy Business

India’s leading mobile internet company, One97 Communications Ltd. that owns Paytm carries on to make some profits through its inherited mobile non-core services business. According to the detailed financial statement filed with Registrar of Companies (RoC), the profit is considered to be 45% of the total revenue of One97 in the Financial Year 2017. One97, founded by Vijay Shekhar Sharma delivers commerce services and mobile content to millions of mobile consumers through India’s most widely deployed telecom applications cloud platform. The company also invests in early-stage mobile companies through the One97 Mobility Fund (OMF). However, the legacy business of the mobile internet company is the value added services like caller tunes, mobile marketing, talk time recharges etc. The c...

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

21May By Gauri SinghNo Comments

BUSINESS

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

Myntra’s marketing strategies and intelligence have lately given a boost to the fashion and lifestyle business of its parent company Flipkart. The losses for the FY17 have reduced by 25% to Rs. 655 crore as against Rs. 823 crore in the previous year. The major strategy adopted by the fashion and lifestyle etailer has been the focus on umbrella branding of its private labels, which means the ability of a single brand to reach across categories. The increase in the reach of private brands to the masses led to the decrease in losses for the company. The documents show that the losses presently stand at Rs 627 crore, lessening 23% on a standalone basis. The company’s three-year-old private label business has grown tremendously and accounts for about 25% of the overall revenue. In Septemb...

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 ...