Flipkart's valuation of $15.2 bn arrived at during latest round of $700-mn fund raise.
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.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
Its share among top three e-commerce players grew to 57% in March 2017 from 45% in June 2016
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.
Amazon has emerged a competition for posterboy of Indian e-commerce Flipkart.
Loss of investor confidence in Flipkart last year sparked off a chain reaction in startup sector
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.
Flipkart eyes another $500 mn from eBay, which seeks to merge India ops with it and exit business
The Bansals losing out operational control of Flipkart comes at a time when global rival Amazon, in which Tiger Global holds a minority stake, is stepping up investment in India in an attempt to overtake the Bengaluru-based e-commerce firm.
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According to sector officials and watchers, the funding (among the largest so far in the segment) from its existing investors -- Naspers, Accel Partners, Tiger Global and Iconiq Capital -- might be a sign of confidence they have in the company but it's still unsure if it will be enough for Flipkart to turn a corner and become profitable.
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.
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.
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.
It took Flipkart a little over 24 hours to complete due diligence and come up with a final offer that was $20 million higher than what Snapdeal was ready to forfeit.
The aim is to replace nearly 40 per cent of its existing last mile fleet of delivery vans with EVs by March 2020. o start with, the company is looking at deploying nearly 160 e-vans by the end of 2019.
'80% of start ups fail because they don't have a support system to help them in the very early phase.' 'It's not just an idea that takes an entrepreneur through the initial three years of journey.' 'What plays a definitive role in making a start-up successful is idea+team+capital+mentors+access to a larger ecosystem.'
Manish Tiwary plans to take up a new role at another firm.
At present, Flipkart's total seller base is 60,000.
Loses notional value by 37.5% because of markdowns by investors
Who invested how much into Flipkart in its latest round of $1 billion funding? Vicky Nanjappa/Rediff.com finds out.
Not displaying the mandatory information, including country of origin, on products sold on their platforms in India, draws government's attention.
Alnoor Peermohamed & Raghu Krishnan find out why the new CEO is said to be the perfect man for turning around Flipkart's fortunes.
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.
Three years and Rs 28,710 crore worth of transactions later, it has more than double the number of sellers than Flipkart.
Pilot project in Bengaluru; Snapdeal got into the category last month
Flipkart claims to have more than 90,000 sellers on its platform.
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.
Sellers, especially the smaller ones, are planning to go to court as well as move CCI as they fear that Walmart could bring multiple private labels in India and flood the e-commerce platform with its own products.
The strategy these online marketplace companies follow in the next few months will determine whether Amazon gets to be the leader in 2017.
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
India's largest online retailer Flipkart on Wednesday announced the addition of two new members to its leadership positions, Vice President of Fashion (Retail) and the Vice President of HR (Supply-Chain).
Flipkart, Jabong-Myntra and PhonePe will operate under this group structure and their CEOs will report to Binny
The Walmart chief stated that the values of the two companies were "very much aligned"
Flipkart intends to use the funds for building and strengthening its technology capabilities, bolstering the robust supply chain and developing the talent pool.
Consumers are exposed to trends from across the globe and now expect creative as well as unique products.
The deal that promises to make Flipkart a leading force in fashion segment - estimated at Rs 3 lakh crore - came after hectic weekend parleys.
Amazon has increased the commission on non-core segments by 2-9 per cent.
Dabbawalas have been in the profession of transporting lunch boxes.
Currently, Flipkart has tied up with about 5-10 agencies and plans to add 50-60 by the end of this year.
