Having marked a 20-year milestone in India, global tech giant Google is upbeat about its next innings here with Artificial Intelligence (AI) playing a big role in it, India MD Roma Datta Chobey said on Thursday, adding that the company is aligning its vision and strategy fully to the country's growth and ambitions. In an interview to PTI, Chobey said Google believes that AI should be regulated but in a way that strikes a fine balance between user benefit -- which is "still at a nascent stage" -- and at the same time, fosters innovation.
E-retailer Flipkart has signed a memorandum of understanding with the labour ministry for short-term training of its new employees.
The community has taken offence to being wrongly stereotyped as watchmen in the ad which also plays on an exaggerated Hindi accent to seem funny
Enforcement Directorate sources tell Vicky Nanjappa/Rediff.com that the probe into FDI received by Flipkart continues and a show cause notice will be issued to the online retailer.
As many as 44 shareholders of Flipkart sold their holdings to Walmart. The income tax law requires the buyer to withhold tax while making payment to the sellers, in case they are not exempted from levy of capital gains tax.
Rejig likely every few years to make company flexible to the changing needs of business
In 2014, the e-commerce industry created about half a million jobs.
In an email to customers they say 'Big Billion Day' sale today to eclipse all other multi-day festive sales.
The term sheet with Flipkart could be signed within this week and the due diligence for the deal would commence immediately thereafter.
Flipkart's Big Billion Days festive sale started on Oct 13.
A board position requires one to hold at least 3 per cent of the outstanding shares. Binny holds around 5 per cent stake in Flipkart
In India, Amazon has taken an open cheque policy by sinking in over $2 bn to grow its business and tried to build local innovations to help it score over local players Flipkart and Snapdeal.
E-commerce major Flipkart has been ranked second among top book sellers of the world.
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.
Amazon India, Flipkart and Snapdeal are currently locked in a battle for market leadership in the burgeoning Indian e-commerce sector.
E-commerce major Flipkart on Monday said it aims to help over 10,000 sellers generate business worth Rs 10 lakh through its platform this year.
It has also filled a key gap in its payment systems team by hiring Ravi Byakod, a senior Google engineer.
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.
Quick commerce major Zepto has raised $340 million in a follow-on financing round at a valuation of $5 billion as it gears up for an initial public offering (IPO). This is Zepto's third big-ticket fundraise within a year. With this, the company has raised more than $1 billion in 12 months.
Flipkart's current valuation is an estimated $12 billion.
After making the model work in metro cities, players in the quick commerce sector are rapidly expanding their footprint into smaller tier 2 cities and markets beyond that ahead of the festival season.
This is the sixth mark down for the largest e-commerce marketplace of the country in as many months.
Analysts and venture capitalists say Flipkart making considerable losses on book transactions.
In two months, as many as 25 complaints have been sent to Enforcement Directorate, Competition Commission of India, Reserve Bank of India and income tax department, beside various state agencies, to thwart the deal.
Most of Flipkart's business came from consumer electronics.
The Kerala commercial taxes department has slapped a fine of Rs 53.63 crore (Rs 536.3 million) on four online trading companies including Flipkart and Jabong for allegedly doing illegal business in the state.
While only the Indian Institute of Management, Ahmedabad (IIM-A) has voiced its concerns so far, the company says it has done so due to the ongoing restructuring of its business
Flipkart has described the event as 'rare' and 'isolated'.
The e-commerce firm said 1.5 million people shopped at its portal on October 6.
Doubts over Flipkart's valuation will persist.
The move comes after Flipkart decided to pass on shipping costs to its sellers, including charging them for reverse logistics.
India's internet economy is estimated to reach $1 trillion by 2030, primarily due to e-commerce, which is expected to be worth $325 billion and rank third globally, according to industry experts. Last year marked a crucial turning point for India's e-commerce sector, with notable changes in consumer trends, technology, and regulations. InGovern Research Services, a leading corporate governance advisory firm, hosted a virtual roundtable to deliberate on the notable developments in India's e-commerce sector in 2023, with a particular focus on the essential role of customer trust in fueling its ongoing expansion.
Flipkart also faced criticism earlier this year after it deferred the joining dates for campus recruits from the Indian Institutes of Management and Indian Institutes of Technology
CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.
Flipkart has started working on it big day sale around six months ago.
Prominent print advertisements on Monday pitched Amazon's discount strategy against Flipkart's.
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.
With the festive season approaching, e-tailers are going all out to woo consumers.
Flipkart is in expansion mode, needs to infuse funds in the firm.
JLL had shortlisted over 10 developers and Embassy was selected after a long due and rigorous process of due diligence.
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