From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
Indian Sellers Collective (ISC), a trade association of micro and small enterprises and family businesses, on Wednesday urged IT veteran NR Narayana Murthy to cooperate in the Competition Commission of India's antitrust probe against Amazon for alleged anti-competitive practices. In 2014, Murthy's Catamaran and Amazon had formed a joint venture, Prione Business Services. On Monday, the partners announced that they have mutually decided not to continue the JV beyond May 2022. ISC thanked Murthy for deciding to end the joint venture with Amazon.
Amazon, however, claimed that it is just a service provider and doesn't own goods at any point of sale due to which it is not liable to pay this tax.
The US-based firm has marked down the value of Flipkart for the sixth time, the latest at a time when it has been struggling to raise funds at a valuation higher than or equal to $15.2 billion.
The writing has been on the wall for some time and it showed up prominently during the festival-season sales last year, when Meesho toppled Amazon to become the second-largest player in order share. During the sales season, 60 per cent of the orders Meesho received were from tier-4 cities and beyond. According to a report by consulting firm Redseer, festival-season sales last year were driven primarily by tier-2 and tier-3 cities, with 64 per cent of the shoppers coming from those.
Amazon's huge investment of $80 million a month didn't win it favour over customers during the festive season, with rival Flipkart selling more goods, reports Alnoor Peermohamed from Bengaluru.
Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
The company has notched up a total of $540 million in funds over the last six years, $360 million of which has flowed in two tranches this year itself.
With an existing consumer base of 400 million across airports, electricity and gas distribution businesses, the Adani group is revving up its retail play. It is planning to use the 2.4 billion consumer interactions a year with group companies to push various products and services. The group has already launched the 'Adani One' super app that will eventually sell products across the spectrum, top executives said.
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
If Sachin Bansal sells his stake at a little over 5 per cent and steps down from Flipkart, as reports have suggested recently, either Binny Bansal or Kalyan Krishnamurthy, CEO of Flipkart, could be an option for the leadership position.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Global e-commerce company Amazon has said it sees "substantial uncertainties" in interpretation of Indian laws, which could impact its business in one of the world's fastest-growing multi-billion dollar online shopping market.
'Big Billion Day' scheduled for October 6 is inspired by flat number where co-founders began their journey.
The deal, which will kick in after the holiday season, in January, will give Apple more visibility among online buyers in India. The partnership could help Apple take on Chinese smartphone maker OnePlus, which has become one of the leading player in the premium smartphone market thanks to Amazon.
Similar discounts compared to online led to a spike in demand for offline, where customers can get a more personal and hands-on product experience.
Most of Flipkart's business came from consumer electronics.
Chinese e-commerce giant planning to enter India this year, will take on global e-retailer
Amazon India is waiting for clarifications from the government on several aspects of the latest FDI guidelines to be able to carry on with business in the country. Sources said, no new investment is likely till at least the second half of 2019.
Leading up to Valentine's Day on February 14, quick-commerce platforms like Blinkit and Swiggy Instamart have witnessed a phenomenal uptick in the sales of products related to the occasion, such as roses and chocolates. Meanwhile, e-commerce giants like Amazon and Flipkart have gone live with their respective Valentine's Day sale events, offering generous discounts on products. Sales of chocolates and roses on Zomato-owned Blinkit shattered previous records at the beginning of this year's Valentine's Day week, on February 7, which is celebrated as Rose Day.
An emergency arbitration hearing between Amazon and retail conglomerate Future Group took place last week and a verdict is expected in the next few days, according to sources.
Flipkart has described the event as 'rare' and 'isolated'.
Loss of investor confidence in Flipkart last year sparked off a chain reaction in startup sector
At that time, co-founders Sachin Bansal and Binny Bansal had made a public announcement at a Bengaluru hotel, about a $1-billion fund raising, largest so far in the Indian e-commerce sector. A day later, Amazon issued a statement that it was investing $2 billion in India.
While the talks are still at a preliminary stage, sources said major retail players had held discussions with Amazon
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
In its first acquisition in India, the American online retail giant is planning to buy out the fashion portal
In December last year, Amazon invested over Rs 1,700 crore into its payments and wholesale business units in India, while in October it had infused over Rs 4,400 crore (more than USD 600 million) in its various units in India, including marketplace and food retail. Bezos last visited India in 2014 when he presented Amazon's Indian unit with a giant cheque for USD 2 billion. Since then, Amazon has pledged a further USD 3.5 billion to expand in the country and the USD 1 billion investment announced on Wednesday would take the total committed investment to USD 6.5 billion.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
With the festive season approaching, e-tailers are going all out to woo consumers.
Flipkart has not been able to process with its plans of getting into the grocery vertical and is stuck on running pilots in select cities.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
E-commerce in India could grow to $137 billion by 2020 from $11 billion in 2013, says Morgan Stanley, and firms like Amazon, local market leader Flipkart and rival Snapdeal, backed by Japan's SoftBank, are fighting for a bigger share.
Dabbawalas have been in the profession of transporting lunch boxes.
Who invested how much into Flipkart in its latest round of $1 billion funding? Vicky Nanjappa/Rediff.com finds out.
Karnataka tax dept may attach assets of dealers; new retailers not being registered
In an email to customers they say 'Big Billion Day' sale today to eclipse all other multi-day festive sales.
Flipkart, Amazon & Paytm have raised commissions from sellers.
Flipkart will need $2 bn annual profit to make Walmart investment viable, which will mean yearly revenue of $100 bn
While the investment amount could not be immediately ascertained, a report pegged it at about $2 billion.
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