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Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

10Apr By AdityaNo Comments

ACQUISITION

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

eBay Inc. (NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading eCommerce company in India, have agreed to jointly pursue eCommerce opportunities in the Indian market. In exchange for an equity stake in Flipkart, eBay will make a $500 million cash investment in and sell its eBay.in business to Flipkart. Flipkart will own and operate the eBay.in business upon the close of the transaction. eBay and Flipkart have also entered into an exclusive agreement in which they will jointly pursue cross-border trade opportunities to make eBay's global inventory accessible to more India consumers, while eBay's millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart. "The combination of eBay's position as a leading global eCommerce company...

Paytm Mall Surpasses Rs 100 Crore Sales in Two Wheeler Category

6Apr By Press Trust of IndiaNo Comments

News

Paytm Mall Surpasses Rs 100 Crore Sales in Two Wheeler Category

Paytm today said its e-commerce platform, Paytm Mall, has crossed sales of Rs 100 crore from the two-wheeler category. "Paytm Mall has noted a massive surge in two-wheeler sales over the last year as sales figures crossed Rs 100 crore. The company is currently witnessing over 3X quarter-on-quarter growth in the number of vehicles sold," Paytm said in a statement. Launched in February 2016, Paytm Mall's two-wheeler booking platform includes offerings from brands like Suzuki, Honda, Hero and Yamaha, among others. The company sold 50,000 units in 2016. The aim is to sell over half a million two-wheelers this year, the statement said. "Our goal is to partner with offline stores by helping them grow their business online rather than to cannibalise their sales. We aim to bring brand ...

Under Pressure, India’s Snapdeal Woos Staff With Promises of Profit

5Apr By reutersNo Comments

News

Under Pressure, India’s Snapdeal Woos Staff With Promises of Profit

Seeking to calm employees rattled by reports of a cash crunch, the founders of Indian online retailer Snapdeal have gone directly to them with a string of townhall meetings in past weeks, according to sources, promising profit and brushing off takeover talk. The sources, familiar with the group, declined to be named as the meetings were not public. Like most e-commerce players in India, Snapdeal is burning cash to sustain discounts - and keep customers - in a cut-throat online market. But as the number three player, it also is under growing pressure from investors and its own employees to consider its bottom line, as well as market share. One of the sources said there had been at least five townhalls in recent weeks, with founders Kunal Bahl and Rohit Bansal delivering motivationa...

Amazon India Head Amit Agarwal Promoted as SVP

17Mar By PriyankaNo Comments

News

Amazon India Head Amit Agarwal Promoted as SVP

Amazon India head Amit Agarwal has been elevated to the post of Senior Vice President, Amazon. The company confirmed the development in an emailed statement. "This indicates how excited Amazon is about the progress the company is making in India and the opportunity Amazon sees ahead," it added. The promotion comes within a year of Agarwals inclusion in a senior leadership team that reports directly to Amazon CEO and President Jeff Bezos. Agarwal will continue to head the India operations. Amazon, which has committed investments to the tune of USD 5 billion, remains one of the fastest growing for the US-based e-tailer. The company faces intense competition in India from local player, Flipkart. The competition is further heating up as Chinese e-tailer Alibaba gears up for a stron...

Flipkart in Talks to Raise About $800 Million

12Mar By NitishNo Comments

FUNDING

Flipkart in Talks to Raise About $800 Million

E-commerce major Flipkart is in advanced stage of discussions to raise about USD 800 million to further strengthen its operations in a bid to take head on the competition from American rival Amazon. The funding, however, would come at a much lower valuation of about USD 8-9 billion, sources close to the development said. The e-tailer had last raised funds in July 2015 at a valuation of USD 15 billion. The sources said that the fresh round would see participation from both existing and new investors. When contacted, a Flipkart spokesperson said: "As a company policy, we do not comment on market speculations". Till now, Flipkart is estimated to have raised over USD 3 billion with investments coming in from Tiger Global, DST Global, Steadview Capital and Accel Partners. However, t...

Indian E-commerce Company Snapdeal Suspends its Affiliate Programme Amid Cash Crunch

5Feb By NitishNo Comments

News

Indian E-commerce Company Snapdeal Suspends its Affiliate Programme Amid Cash Crunch

India's one of the leading e-commerce company, Snapdeal suspended its affiliate programme for customers amid cash crunch. The steps taken by the company seems a major setback to its operation and also the concern over cash crunch. The company finds it very hard to secure next round of funding. However, the company is in still talk with one of its biggest investor softbank. The company informed its affiliate partners early Friday that it will not be able to pay for orders and additional installations of its mobile application routed through them, effective immediately. Snapdeal's affiliate network comprises coupons, deal and cashback channels as well as blogs that bring in potential customers to website and mobile app. It pays commissions to affiliates based on the number of people...

Delhi/NCR Chooses Flipkart Over Other E-commerce Portals For Shopping

26Dec By AnkitaNo Comments

News

Delhi/NCR Chooses Flipkart Over Other E-commerce Portals For Shopping

E-commerce major Flipkart today said it saw the highest number of shoppers on its platform coming from the national capital region this year. "The National Capital has again raced ahead of all with most number of shoppers taking to e-commerce, closely followed by Bengaluru. Mumbai, Chennai and Hyderabad are the other metro cities that made the cut," Flipkart, in its #FlipTrends2016 report, said. Vellore, Tirupati, Bellari, Jorhat and Kottayam were the top five cities among tier III towns of the country for Flipkart, it added. Interestingly, men accounted for a larger chunk (60 per cent) of online shoppers in 2016, shopping more of electronics, personal audio, footwear and lifestyle product. The most selling categories in 2016 were electronic accessories, mobiles, women clothing, m...

Flipkart’s Top Level Exodus Continues as CFO Sanjay Baweja Quits

26Oct By NitishNo Comments

News

Flipkart’s Top Level Exodus Continues as CFO Sanjay Baweja Quits

Flipkart's Chief Financial Officer Sanjay Baweja has put in his papers after a two-year stint, marking the latest top-level exit at the e-commerce major. "Flipkart CFO Sanjay Baweja has quit. The company has started searching for his replacement. Baweja will continue to work with company till December 31, 2016," an industry source told Pixr8. When contacted, a Flipkart spokesperson confirmed the development. Baweja joined Flipkart from Tata Communications about two years back. Flipkart's head of commerce and advertising business Mukesh Bansal and Chief Business Officer Ankit Nagori resigned from the company in February this year. Nagori quit the firm to start a venture in the sports domain where Flipkart's Co-Founders Sachin and Binny Bansal are the first investors. Later in Ap...

Myntra Introduces Try and Buy New Feature

8Sep By PriyankaNo Comments

News

Myntra Introduces Try and Buy New Feature

Myntra announces the introduction of 'Try and Buy' (T&B), a new service option aimed at breaking the final barrier to shopping fashion online. Considered to be the Holy Grail for fashion E-commerce, T&B allows for the 'touch and feel' factor to seep into the world of online shopping, especially fashion, where it is expected to bring about a huge change in the way traditional buyers look at buying apparel online. Ashutosh Lawania, Co-founder, Myntra, said, "Try and Buy is an important step towards offering consumers a hassle-free online shopping experience and encouraging more offline buyers to shop online. This new concept will open up online fashion to a whole new section of buyers." Offline shoppers have expressed apprehension over the lack of touch and feel in the case of onli...

11Aug By AdityaNo Comments

CHINA

JD.com, China’s Second Biggest E-commerce Revenue Roses 42%

JD.com Inc, China's second biggest e-commerce company, reported revenue for the second quarter of 2016 that was within company forecasts, even as the growth rate continued a steady decline that is expected to continue. The company, Alibaba Group Holding Ltd's main rival in online shopping, said on Wednesday revenue for the quarter rose 42 percent to 65.2 billion yuan ($9.83 billion), within JD.com's forecast range of 64.2-66.2 billion yuan. But the company is predicting an even sharper decline in growth for the third quarter, compounding concerns that China's e-commerce sector is saturating. JD.com's revenue from Amazon-like online direct sales rose 40 percent in the quarter, versus a 67 percent jump in sales from services and other businesses. JD.com now expects revenues for the third ...

Retailers Earn More From Online Than Offline Sales: Study

6Aug By NitishNo Comments

ANALYSIS

Retailers Earn More From Online Than Offline Sales: Study

Retailers offering customers an option to buy products online earn more revenue than those who only sell their goods offline, according to a new study. The study suggests that customers spend more online because it is easier to locate items through the search function. Junzhao Ma, a lecturer at Monash University in Australia studied how a larger selection of products available online affects consumer spending, using data from a large US retailer that specialises in apparel and offers both printed catalogue and internet shopping. In particular, he examined the effect on the retailer's main products, offered in the catalogues and for which there was high demand and the less-popular niche items that were available on the retailer's website but hard to find in its catalogues. Ma found ...

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...