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Invested $300 Million in Supply Chain, Logistics in 18 Months: Snapdeal

13May By Press Trust of IndiaNo Comments

News

Invested $300 Million in Supply Chain, Logistics in 18 Months: Snapdeal

E-commerce major Snapdeal has pumped in $300 million (about Rs 1,990 crore) over the last 18 months to strengthen its supply chain and logistics and facilitate the increase in shipment volumes. The city-based firm has seen 1.9 times increase in shipment volumes from 1.29 lakh daily shipments last year to 2.5 lakh this year. "We have seen a significant increase of 1.9 times in shipment volumes. This is on account of increase in assortment on Snapdeal from 12 million to 35 million over the year. We have also expanded our seller base which helped increase shipments," Snapdeal Chief Customer Experience Officer Jayant Sood told PTI. He added that reports by PwC and RedSeer Consulting suggest that Snapdeal's promised delivery time is the shortest across India. "The number of sell...

SoftBank’s Profit Drops, But India Investments Show Traction

11May By Press Trust of IndiaNo Comments

BUSINESS

SoftBank’s Profit Drops, But India Investments Show Traction

Japanese telecom giant SoftBank today said its investee companies in India - Snapdeal, Oyo Rooms, Ola and Hike - saw good traction even though its own profits dropped 27 percent for the fiscal ended March. SoftBank's sales for 2015-16 totalled 9.15 trillion yen ($84 billion), up nearly 8 percent from the previous financial year. Chief Executive Masayoshi Son said the Indian companies in which SoftBank has invested are growing, which include games, online messenger, and retail businesses. According to the investor presentation, e-commerce major Snapdeal saw the value of merchandise (GMV) sold through its platform rise 90 per cent in 2015-16 over the previous fiscal. "Repeat purchase rates increasing...Investing in supply chain technology... (Freecharge is) the fastest-growing di...

Paytm Signed Up More Than 1000 Brands To Open an Online Store

9May By AdityaNo Comments

News

Paytm Signed Up More Than 1000 Brands To Open an Online Store

Vijay Shekhar Sharma led Paytm has signed up more than 1,000 brands like Samsung, Dell, Whirlpool, Woodland, Lakme, Casio and Puma, to open up exclusive online stores on its platform. The announcement comes a week after top ecommerce player Flipkart said it is wooing some of the most-popular electronic and apparel brands including HP, Wildcraft, Peter England, Bosch and @Home with a new offering that allows them to create 'stores' on its digital marketplace. The online brand stores are independent online retail stores wherein brands can control the sellers who are selling in their store, inventory, pricing and promotions. They will also be able to run promotional campaigns and tag their physical stores, enabling them to generate sales for their offline channel through this online sto...

Snapdeal Acquires Customer Personalisation Firm TargetingMantra

6May By AnkitaNo Comments

ACQUISITION

Snapdeal Acquires Customer Personalisation Firm TargetingMantra

Snapdeal today said it has acquired TargetingMantra, a move that will help the ecommerce major enhance personalisation of shopping experience of customers. The acquisition amount was not disclosed by Snapdeal. TargetingMantra specialises in the field management of customer life cycle through personalisation, targeting and big data analytics. Founded by former Amazon executive Saurabh Nangia and management consultant Rahul Singh in March 2013, TargetingMantra has offices in Palo Alto and Gurgaon. Its solutions help increase conversion rates through intuitive product discovery, recommendations and channel selection. "At Snapdeal, TargetingMantra's team will further the on-going initiative to build the customer experience engine, which will personalise shopping experiences for...

Snapdeal Partners IIT Delhi to Sell SmartCane Online

18Apr By NitishNo Comments

News

Snapdeal Partners IIT Delhi to Sell SmartCane Online

E-commerce marketplace Snapdeal today said it has partnered IIT Delhi and Phoenix Medical Solutions to sell SmartCane online, priced at Rs 3,500. SmartCane is an advanced version of the white cane used by visually impaired people and ensures independent mobility and safety of the user. As a part of the partnership, potential donors can also choose to donate SmartCane via Snapdeal Sunshine platform, where the product will be shipped directly to NGO partner Saksham that works for empowering persons with blindness. Using ultrasonic ranging, SmartCane helps predict above knee-level obstacles and therefore, ensures safety against collisions. The device is already used by nearly 10,000 people in the country. "We are confident that this product will be well received and our customers...

6Apr By Press Trust of IndiaNo Comments

INDIA

Now, This Indian State to Impose Tax on E-commerce Shipments

Himachal Pradesh has become the latest state to impose tax on e-commerce shipments with the state Assembly today passing a bill providing for levying tax on all online purchases to check revenue loss caused by online trading. Major states like Gujarat, Madhya Pradesh Rajasthan and Uttar Pradesh have already announced imposing tax on online purchases to protect local traders. The HP Assembly passed the Himachal Pradesh Tax on Entry of Goods (Amendment) Bill 2016, that provides for levying tax on all online purchases to check revenue losses caused by online trading. The bill was passed without any discussion as the BJP members were protesting on some other issue when the bill came up for discussion. As per Excise and Taxation Minister Parkash Chauhdary, the Bill includes provisions to...

Indian Govt Allows 100% FDI in Marketplace Model of E-commerce

29Mar By Press Trust of IndiaNo Comments

INDIA, News

Indian Govt Allows 100% FDI in Marketplace Model of E-commerce

The government permitted 100% foreign direct investment (FDI) in the marketplace format of e-commerce retailing with a view to attract more foreign investments. The norms on FDI in the sectors of e-commerce, and IT and ITeS are expected to be part of detailed guidelines, which would be rolled out soon by the government, sources said. Last week, a group of senior officials from departments of DIPP, corporate affairs and economic affairs, among others, discussed these matters in great detail. According to sources, the DIPP has suggested that 100% FDI should be allowed in “marketplace model e-commerce” activities. In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants such as Amazon and Ebay are operating onlin...

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

29Mar By Press Trust of IndiaNo Comments

BUSINESS

FreeCharge Partners CCAvenue; Expands Customer Access to Online Merchants

Snapdeal-owned digital payments platform FreeCharge has partnered with a payment gateway CCAvenue, giving its customers access to over 100,000 online merchants across sectors like hospitality, retail, and education. It will also help them access real-time, multi-currency online payment services, FreeCharge said in a statement on Monday. "We want to make FreeCharge wallet ubiquitous in both the online and offline space by creating an ecosystem of partnership. With CCAvenue, we will further strengthen our partner ecosystem and offer our customers a wider assortment of online merchants. Our endeavour is to build the payment OS for digital India and I am confident that alliances like this will help us move in the right direction," Govind Rajan, Chief Operating Officer, FreeCharge said. ...

16Mar By AnkitaNo Comments

BUSINESS

India’s First Profitable E-commerce Firm Infibeam Looking to Raise $334 Million in IPO

E-commerce firm Infibeam Incorporation is eyeing a valuation of as much as $334 million as it sells shares next week in the sector's first initial public offering. The company, founded by former Amazon.com employee Vishal Mehta in 2007, set a price range of 360 rupees to 432 rupees per share on Tuesday as it seeks to raise up to 4.5 billion rupees ($67 million) in the IPO. Speaking at a news conference, executives said they expected a dilution of 20 percent to 22 percent in the IPO, which means the company could be valued at 22.5 billion rupees after the share sale. The sale will take place from March 21 until March 23, and trading is set to begin on or around April 4. Although a comparatively small IPO, Infibeam's debut is widely expected to serve as a proxy for stock market i...

5Feb By No Comments

News

Big Blow For Aamir Khan, Snapdeal Will Not Renew The Contract as a Brand Ambassador

As per the report, Snapdeal one of India's biggest e-commerce company has decided not to renew Bollywood star Aamir Khan's contract as brand ambassador of the ecommerce company. The one-year endorsement deal ends later this month. Snapdeal may not replace Khan with another celebrity as it looks to rationalise ad expenditure and focus instead on repeat customers, enhancing categories and trying to encourage buyers to shop through its FreeCharge wallet. Last month the tourism ministry dropped Khan as brand ambassador of the Incredible India campaign that the actor was associated with since 2009. He was replaced by Amitabh Bachchan and Priyanka Chopra. (Source)

China & India vs USA: Alibaba Came in Rescue For Flipkart, Ready to Invest

4Feb By AnkitaNo Comments

FUNDING

China & India vs USA: Alibaba Came in Rescue For Flipkart, Ready to Invest

New Delhi: A surprise move by China’s Alibaba Group to came into the support of India's Biggest Ecom company Flipkart. As per the news report Alibaba is looking to invest in Flipkart. It has already backed Paytm and Snapdeal. Alibaba this move is to help Indian E-commerce company and eliminate US-backed Ecom companies like Amazon. There are not too many takers for India’s top e-commerce firms at their current valuations, prompting both Flipkart and Snapdeal (run by Jasper Infotech Pvt. Ltd) to approach Alibaba Group for cash, the three people said to Mint. While both have enough cash to fund their current burn rates for 12-15 months, they need to raise money this year in order to refill their fast-emptying vaults, the people added. Flipkart and Snapdeal, in particular, are facing scrut...

Mumbai Based Startup Truce Raises $370,000 From Inmobi and Snapdeal Founders

28Jan By No Comments

FUNDING

Mumbai Based Startup Truce Raises $370,000 From Inmobi and Snapdeal Founders

Mumbai based Startup Truce, which runs a fresh farm vegetables and fruits supply chain venture has raised 2.5 Crores ($370,000) angel funding from the founders of Inmobi and Snapdeal. Truce co-founder Saurabh Jain confirmed that the firm has raised funding but did not talk on about the details. The founders who invested are Kunal Bahl and Rohit Bansal (Snapdeal, co-founders), Anupam Mittal (Shaadi.com, founder), Amit Gupta (InMobi, co-founder), Utsav Somani and Neeraj Goenka of Mumbai Angels besides Farooq Adam Mukadam of Shopsense Retail Technologies were among the group of investors. Truce was launched last year by Kedar Gokhale and Jain. Gokhale, an alumnus of IIT Bombay. Truce procures fruits and vegetables from farmers across Maharashtra and sells them to mid-large sized restau...