India's first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week. While the money will be used for business expansion, it will also give MapMyIndia's early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
Indian online retailers have been raising funds to expand and compete with bigger rival Amazon.com Inc as more Indians shop on the Internet.
While global competitors Amazon and Walmart are looking to explore B2B online in India, traditional Indian retailers like the Future group and Reliance Retail and e-commerce players such as Snapdeal and Flipkart have no immediate plans in this area.
After six weeks into the second half, the faltering offline channel, which traditionally rakes in 60 per cent of sales for the market, has become the biggest hurdle towards the path of revival.
According to analyst firm RedSeer, the absence of cash on delivery has hit daily e-commerce sales by 30% over the past few days.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
From Samsung to Apple iPhone XR, smartphone firms are showering discounts in April.
The power of the small neighbourhood retailer can barely be ignored as organised players look to leverage their last-mile connectivity and reach, luring them by promising support in technology, inventory and tax management.
ndian media reported last week that the country's air force had issued alerts to its personnel and their families against using Xiaomi phones on security concerns.
The company has been a part of the start-up ecosystem in a big way from early stages right up to when the companies start achieving full scale.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
The new iMac, two iPads and iPhone 12 and 12 Mini will be open for ordering starting April 30, just like in the US, the UK, China and Japan.
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
Along with Lord Ganesha and goddess Laxmi, electronic gadgets will also enter the pantheon of Hindu gods this Diwali.
Instead of announcing new schemes, focus will be on those already announced and key sectors.
Each dept could handle a designated area.
Snapdeal said on Wednesday it bought online mobile recharge firm Freecharge for an undisclosed amount.
'Almost 75 per cent of our total sales come from the top 50 cities in India.'
The likes of Microsoft and Cohesity have offered crore plus salaries to some students.
It is still "discounts" that e-commerce players have to rely on to bring in customers, though they might claim otherwise.
A hot sale of a Chinese product, whether assembled in India or anywhere else in the world, may make the country of origin rule fall by the wayside. Moreover, its execution is challenging for businesses as there are no clear guidelines or definitions from the authorities on what constitutes 'country of origin'.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
Seattle-based Amazon had considered debuting drone delivery services in Mumbai and Bangalore by Diwali this year
Snapdeal's rival Flipkart had last announced its GMV in March this year -- $1 billion. Many rounds of funding later, sources estimate Flipkart's GMV at about $3 billion, a figure Snapdeal is trying to catch up with.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
While e-commerce operations for these firms are small at the moment, it is slated to grow in the next 3 to 4 years.
Sources said a merger could benefit both as Grofers' private labels business would be a draw for Zomato, as well as its experience in the online grocery delivery space.
"We are concerned about the data localisation law and the new e-commerce regulations...they do not fully take into account the needs of all stakeholders, including American and other foreign companies," acting principal deputy assistant secretary of the US, Thomas Vajda said.
The sale of Nature's Basket, Godrej's chain of food stores in west India, is the second exit by a big group in a year in the category
Mukesh Ambani-owned RIL's JioMart is set to launch a slew of new products including financial services, electronics to airline tickets to take on the competition from upcoming rivals like the Tata Super app and other established players including PayTM, Amazon and Flipkart. This comes at a time when RIL's e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. "While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted.
Across the country, companies have stepped up their act to contain the crisis. IT and other new economy firms seem to have taken a lead.
It is not clear whether the drop in offers is a fallout of demonetisation.
US retail major is in talks with Flipkart, Snapdeal, ShopClues and Grofers for partnership.
The possibility of harassment by cops and fear of the unknown have forced a large number of truck drivers to abandon vehicles at the transport centres and flee home. Transport of goods remains badly hit as confusion remains among various stakeholders and road transport becomes the victim of disconnect between policy makers and local authorities.
Fighting fake brand peddlers. How the complex web of counterfeit goods threatens to trip e-commerce giants in the country.
The new online store, which will be launched on September 23, will provide customers with the same premium experience found in Apple Store locations around the world, delivered by online team members who are ready to offer their expertise, Apple said in a statement.
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Dismisses speculation that he would launch a major e-commerce initiative soon.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
Indian e-commerce company raises Rs 600 crore in sixth round of funding.
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