Walmart is rumoured to be looking to listing Flipkart in a few years. At that stage, we'll get a better sense of what's going on in retail, says Devangshu Datta.
A 30-year-old delivery man was allegedly killed when he went to deliver an iPhone to a customer who was supposed to pay him Rs 1.5 lakh for the product, police said on Monday.
The government is set to examine concerns over quick commerce companies potentially undermining businesses of local kirana stores, particularly in the context of the draft Digital Competition Bill, according to official sources. The Ministry of Consumer Affairs recently raised the issue with the Ministry of Corporate Affairs during discussions around the proposed legislation. "We need to assess if and how the Bill can address these concerns and explore further steps to include provisions to keep a check," a senior official stated.
The Bengaluru-based e-tailer has launched an exclusive Handloom Store for saris and related products and is working with small entrepreneurs and weavers to bring them on board.
The gig economy market is expected to grow at a compound annual growth rate (CAGR) of 17 per cent to reach a gross volume of $455 billion by the end of 2024, according to a white paper by The Forum for Progressive Gig Workers. Estimates suggest the gig economy has the potential to create 90 million jobs and add 1.25 per cent to India's GDP (gross domestic product) over time.
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
In the past eight months, Flipkart has seen the exits of Mukesh Bansal, considered the right hand man of Sachin and Binny Bansal; Ankit Nagori, chief business officer; Punit Soni, Flipkart's million-dollar hire from Silicon Valley who headed product and strategy; and Manish Maheshwari, head of the seller business
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
The Confederation of All India Traders (CAIT) representing 70 million traders has written to Union Commerce Minister Piyush Goyal, drawing his attention to the alleged violations of laws and regulations by quick commerce (qcom) companies.
Manish Tiwary plans to take up a new role at another firm.
The department for promotion of industry and internal trade has rejected Walmart-backed Flipkart's proposal seeking approval for entry to the food retail sector, citing a regulatory issue, an official said on Monday. The government permits 100 per cent foreign direct investment in food retail for food produced and manufactured in India.
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
US mutual funds Valic Co 1 and Fidelity Rutland Square Trust II, which have minority stake in Flipkart, have marked down the value of their stocks in the company
'"We want to get the learnings from Flipkart and take it to other parts of the world," Walmart CEO Doug McMillon was quoted as saying.' 'That is a very large tuition fee for an MBA in a country that outdoes Brazil and perhaps even China in busting multinationals' knees and sometimes their heads as they try to crack a market of mostly impoverished people run by a government that has never really given up the sadistic pleasures of administering the license raj,' notes Rahul Jacob.
One of the leading contenders in the Indian e-commerce space, Snapdeal has seen its fortunes falling amid strong competition from Amazon and Flipkart.
Flipkart Supermart is already live in Bengaluru, Chennai, Hyderabad and Delhi
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.
These top level changes have come soon after Flipkart co-founder and Group CEO Binny Bansal resigned over allegations of serious personal misconduct in November.
Flipkart will need $2 bn annual profit to make Walmart investment viable, which will mean yearly revenue of $100 bn
The new deal will value Flipkart at close to $19 billion on the secondary market, a huge jump from Walmart's initial offer to investors.
'If you are watching cricket and don't want to leave the screen, you could check the menu and order through Zomato (or any other app) from a small part of your screen. That is what we are working towards.'
Flipkart has seen 33 per cent growth in past 6 months despite slowing e-commerce business and stiff competition from Amazon.
Amazon has committed over $5 billion to grow its business in India so far and says it will pump in more capital as and when needed, a big worry for rival Flipkart which has been struggling to raise funds over the past couple of months.
He said he will be 'cheering from the outside' and urged Flipkart team to continue with the momentum.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
Every competitor is eyeing the top slot that Flipkart holds.
Ecommerce firm Amazon has infused ~1,600 crore into its India entity Amazon Seller Services, according to its regulatory filings. The funding comes at a time when the company is seeing opportunities in emerging geographies, including India. The regulatory filings are dated April 15. This is the second time in five months that Amazon invested in its India arm Amazon Seller Services. Before this, Amazon had infused over ~1,000 crore into its Indian entity this year.
This is the sixth consecutive markdown in the valuation of Flipkart by the US firm.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
Flipkart on Wednesday said it has acquired mobile marketing start-up Appiterate.
Flipkart's valuation of $15.2 bn arrived at during latest round of $700-mn fund raise.
Its share among top three e-commerce players grew to 57% in March 2017 from 45% in June 2016
The Central Consumer Protection Authority (CCPA) has issued notices to five e-commerce entities, including Amazon, Flipkart and PaytmMall, as well as various sellers for offering pressure cookers that are non-compliant with BIS norms. The notices were issued on November 18 to Flipkart, Amazon, Snapdeal, Shopclues and PaytmMall, and the sellers. As part of celebrations of 75 years of Independence - 'Azadi ka Amrit Mahotsav', CCPA has initiated a country-wide campaign to prevent sale of spurious and counterfeit goods that violate Quality Control Orders published by the Centre, the government said in a statement on Monday.
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.
The company has also issued a ban on all non-essential domestic and international business travel, and is encouraging employees who may have returned from international travel to work from home for 14 days.
Amazon has emerged a competition for posterboy of Indian e-commerce Flipkart.
With this round of funding, Flipkart's valuation has reached USD 11.6 billion, and US IT major Microsoft joins the marketplace as a strategic investor.
Loss of investor confidence in Flipkart last year sparked off a chain reaction in startup sector
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