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20Jul By PriyankaNo Comments

INDIA

Indian MSMEs on Amazon crossed $2 billion in Global Selling

American E-commerce giant Amazon's Indian subsidiary said Indian micro, small and medium enterprises (MSMEs) and brands that are part of its Global Selling Programme (GSP) have crossed $2 billion in cumulative exports. The company, which had started GSP in 2015, allows Indian companies to export to other countries through 15 Amazon websites globally. The program had started with a few hundred sellers and now has over 60,000 exporters. In January this year, Amazon had pledged to enable $10 billion in cumulative exports by 2025. Amit Agarwal, senior VP and country head Amazon India, said, micro, small and medium enterprises (MSMEs) are the backbone of the Indian economy and by digitizing them, the company is contributing towards boosting exports and job creation that will empower i...

E-commerce Firm Flipkart Invests $35 Million in Arvind Fashion

9Jul By NitishNo Comments

FUNDING

E-commerce Firm Flipkart Invests $35 Million in Arvind Fashion

Walmart owned Flipkart Group said that it has invested $35 million (₹260 crores) to acquire a significant minority stake in Arvind Youth Brands, a subsidiary of Arvind Fashions Ltd (AFL). Walmart owned Flipkart group has subsidiaries including Flipkart, Myntra, and PhonePe ranging from eCommerce to digital payment space. Arvind Youth Brands which owns the clothing brand Flying Machine have a 40-year legacy and the group started selling its merchandise on Flipkart and Myntra for more than six years. Through this investment, Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points, the companies said in a joint statement. Kalyan Krishnamurthy, th...

Amazon Largest Third Party Private Label Company Raises $100 Million

13Apr By NitishNo Comments

FUNDING

Amazon Largest Third Party Private Label Company Raises $100 Million

NEW YORK, April 12th, 2020-- The largest acquirer of Amazon third-party private label businesses Thrasio has secured over $100 million in fresh capital from existing investors which includes Peak6, Upper90, WTI, River Park Ventures, and others. The funding includes $75 million in Series B Preferred equity and $35 million in additional debt capacity bringing total capital raised to over a quarter billion dollars. The Series B values the company at over $700mm, a 32x increase in valuation in the last 12 months (since the March '19 Series Seed financing). In the last 18 months, the company's gross revenue has grown from zero to over $200,000,000. Thrasio has acquired over 40 businesses (and integrated them onto its proprietary operating platf...

Amazon Global Workshop in Delhi For Entrepreneurs on Global Selling

9Jun By AdityaNo Comments

News

Amazon Global Workshop in Delhi For Entrepreneurs on Global Selling

E-commerce major Amazon will conduct a workshop today to educate small and medium businesses and enable entrepreneurs to sell their products to consumers across the globe. The workshop will focus on Amazons global selling programme that enables easy, simple and convenient access for all Indian sellers to sell their products globally, Amazon said in a statement. The workshop will be held at Saket in Delhi the national capital of India. The e-commerce major launched its global selling programme in India in 2015, which helps Indian businesses take their Made in India products to millions of customers across the globe through 10 global Amazon marketplaces. Commenting on the workshop, Amazon India Head-Global Selling Abhijit Kamra said: "We see immense potential in Delhi and look fo...

How Flipkart New CEO Binny Bansal Trying To Bring Back Its Old Team in Fight Against Amazon

20Jun By NitishNo Comments

News

How Flipkart New CEO Binny Bansal Trying To Bring Back Its Old Team in Fight Against Amazon

The Proverb of Old is Gold seems true in the case of India's largest e-commerce company Flipkart. Under new CEO Binny Bansal, Flipkart re-appointed Mr. Kalyan Krishnamurthy as head of categories. Before explaining anything about Flipkart re-joining strategy kindly read our previous report to get more clarification. Kalyan Krishnamurthy an executive at Flipkart’s largest investor Tiger Global Management was first appointed as a interim chief financial officer (CFO) & Category Head of Flipkart in February 2014. He left the company and joined Tiger Global again in November 2014. In 2015, Flipkart replaced its entire senior management and hired professionals from Google, Amazon etc. In 2016, due to shortage of funding and poor performance Flipkart's three senior executives lost...

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

16May By Press Trust of IndiaNo Comments

CHINA

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

Chinese merchants will soon be able to sell their goods in 185 countries and regions through e-commerce giant Amazon's online marketplace, state media reported today. Amazon signed a deal with a cross-border e-commerce pilot zone in Hangzhou, east China's Zhejiang Province, to let traders use its site to sell to its 285-million active paying customers worldwide. Amazon's global logistic network will deliver goods from China to 185 countries and regions, state-run Xinhua news agency reported. Cross-border sales account for nearly one fourth of total revenue from third party merchants in Amazon's global marketplaces. The number of Chinese traders there doubled in first quarter from a year ago. Zhejiang province is looking to cross-border e-commerce to shore up trade, which shed 0...