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11Apr By Press Trust of IndiaNo Comments

News

Flipkart to Grow With Careful Considerations to Costs: Binny Bansal

Flipkart Co-founder Binny Bansal said while the latest funding round provides the fuel the company needs to reach its goal of transforming commerce in India through technology, it should continue to grow its business with careful considerations to costs. "I must stress that we still have some distance to go before fulfilling our mission - to transform commerce in India through technology. And, while this funding round provides the fuel we need need to reach that goal, we have to continue growing our business with careful considerations to costs," he said in a mail shot-off to his employees after raising USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc. "I look forward to your continued support," he added. The announcement comes in the wake of Flipkart, India's la...

Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay

10Apr By PriyankaNo Comments

FUNDING

Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay

Indias largest e-commerce firm Flipkart has raised USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc amid speculation that the online marketplace is in talks to take over smaller rival Snapdeal. The biggest-ever fund raising by an Indian Internet firm values Flipkart at USD 11.6 billion, the company said in a statement today. With over 100 million customers, Flipkart owns fashion retailers Myntra and Jabong, logistics firm Ekart and payments app PhonePe. The valuation was a decline from Flipkarts USD 15 billion reported worth in 2015. Prior to the latest round of funding, it had raised more than USD 3 billion, mostly from international investors. eBay will invest USD 500 million in Flipkart as the two firms will merge their operations in the country. As part of the de...

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...

Flipkart to Re-Enter Grocery Segment: Flipkart CEO Kalyan Krishnamurthy

9Apr By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Flipkart to Re-Enter Grocery Segment: Flipkart CEO Kalyan Krishnamurthy

Locked in an intense battle with Amazon, homegrown e-commerce major Flipkart is looking at re-entering the grocery segment that accounts for a significant portion of Indias retail industry. "Yes we will get into grocery... 80 per cent of units bought in India is grocery... USD 400-600 million is grocery market, so we have to get into it," Flipkart CEO Kalyan Krishnamurthy said at a TiE event here. This will be the second attempt into the grocery segment for the Bengaluru-based firm. In October 2015, Flipkart had launched a separate groceries ordering app called Nearby for delivering fruits, vegetables, soaps and other staples from supermarkets to customers. However, following a weak response, Flipkart closed the business a few months later. Flipkarts rival Amazon India has launched it...

YouTube Channels Will Monetize Only After Reaching 10,000 Views

9Apr By reutersNo Comments

News

YouTube Channels Will Monetize Only After Reaching 10,000 Views

Alphabet's YouTube said on Thursday it would place ads on channels only if they reach 10,000 views as it tries to weed out people who make money on the site by stealing content from other sources. The video streaming service also said once a video channel crosses the threshold, it would review the content to see if it qualifies for the placement of ads. "By keeping the threshold to 10k views, we also ensure that there will be minimal impact on our aspiring creators," Ariel Bardin, YouTube's vice president of product management, said in a blog post. YouTube has come under intense scrutiny for ads appearing alongside videos carrying homophobic or anti-Semitic messages, prompting a number of companies to suspend their digital ads on the video streaming service. The company vowed a...

Ola readies big push for electric vehicles in India

9Apr By Press Trust of IndiaNo Comments

News

Ola readies big push for electric vehicles in India

SoftBank-backed Ola will soon launch a pilot to test electric vehicles on its platform in the country. Ola, which is locked in an intense battle in the Indian market with US-based Uber, is expected to roll out its pilot in cities like Nagpur in the coming months. Ola CEO and co-founder Bhavish Aggarwal today said the company will pilot electric vehicles in Indian cities this year, but did not disclose details. "Electric vehicles can transform transportation completely in India by enabling lower cost of operation and ownership," he said. In December, Softbank Group chairman Masayoshi Son had said Ola may introduce one million electric vehicles in India over the next five years. Ola's push comes even as sales of electric vehicles in India has remained sluggish despite government ...

8Apr By AnkitaNo Comments

News

Uber Android App Banned in Italy

An Italian court has banned the use of smartphone apps for the ride-hailing group Uber, saying they contribute to traditional taxis facing unfair competition, local media reported. In a ruling that is subject to appeal, a court in Rome yesterday upheld a complaint filed by taxi unions and gave Uber ten days to end the use of various phone applications on Italian territory, along with the promotion and advertising of them. If Uber does not comply it could face a fine of 10,000 euros for each day it remains in defiance of the court. Uber said it was shocked by the ruling and that it would appeal immediately, seeking suspension of the ruling. The court's ruling follows a decision by a court in Milan two years ago to ban the company's UberPop application, which was deemed under Ita...

Google Backed Online Healthcare Startup Practo Lays Off 150 Employees

7Apr By AdityaNo Comments

News

Google Backed Online Healthcare Startup Practo Lays Off 150 Employees

Online healthcare platform Practo has laid off around 10% of its workforce amounting to 150 employees as part of its annual performance appraisal and redundancies due to acquisitions. “Yesterday, 150 of our colleagues left the company to pursue opportunities outside. This is a combination of natural redundancies that emerge as we integrate our 5 acquisitions and evolve our businesses, as well as the performance required for the next phase of Practo’s growth,” a company spokesperson said in an email response. In line with the company’s policy, it provides employees with two months pay, employment and outplacement services to help them find their next great opportunity, the statement added. Practo has acquired five firms -- FitHo, Genii, Insta Health Solutions, Qikwell and Enlightik...

Challenge for Startups to Get Series C & Beyond Funding: Kris Gopalakrishnan

7Apr By Press Trust of IndiaNo Comments

Entrepreneurs Talk

Challenge for Startups to Get Series C & Beyond Funding: Kris Gopalakrishnan

Securing series C and beyond funding is a challenge for start-ups, Information Technology veteran Kris Gopalakrishnan said as he called for a simple, orderly and fast-track mechanism to shut failed businesses. The start-ups scenario in India is pretty good but when those firms go for series C and beyond funding, there are some challenges, the co-founder and former CEO of Infosys said. "But at the seed stage or series A (funding), there is still money available; good ideas will get funded and there are lot of opportunities for innovation and new startups in the area of financial services, healthcare, niche retail and deeper technologies, converting research into new products and new businesses," Gopalakrishnan told Pixr8 here. "So, there are significant opportunities still (to tap in t...

Crowdfunding Platform DesiredWings Acquires Catapooolt

7Apr By AnkitaNo Comments

ACQUISITION

Crowdfunding Platform DesiredWings Acquires Catapooolt

Promoters of crowdfunding platform Desiredwings.com have acquired Catapooolt.com for an undisclosed sum. Both the brands will stay in the market post this acquisition, focusing on different segments of the crowdfunding industry. By virtue of this acquisition, together Desired Wings and Catapooolt "stand as leaders and the largest crowdfunding platform" with various diversified successfully funded campaigns to its portfolio, a company release said. "Post this acquisition, we have secured the leadership position in the industry and now with the combined strength of both the brands, we can grow faster and also help shape this industry," Shabir Momin, co-founder, DesiredWings, said. DesiredWings facilitates business idea validation and development, helps start-ups prefund their future pro...

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 ...

An Education Firm Eruditus Raises $8 Million From Bertelsmann India Investments

3Apr By PriyankaNo Comments

FUNDING

An Education Firm Eruditus Raises $8 Million From Bertelsmann India Investments

Eruditus Executive Education today said it has raised USD 8 million (Rs 52.36 crore) in its series B round from Bertelsmann India Investments. The company plans to use the funding to add new programmes with existing and new university partners as well as expand its geographical footprint to China, Latin America and Europe, the executive education programmes provider said in a release. "Bertelsmann is a great partner given its global footprint, its expertise in education and its success in scaling business by working closely with the founding team," Eruditus co-founder and Director Chaitanya Kalipatnapu said. Eruditus has collaborated with top business schools such as INSEAD, Harvard Business School, Wharton, Tuck, MIT Sloan and Columbia Business School in bringing their profession...