The Centre has slapped as many as 148 notices on e-commerce players in the past three months for not complying with the mandatory display of the 'country of origin' tag on products sold. "Of the 148 notices, 56 have compounded it (the offence) and paid up around Rs 34 lakh," a senior official told Business Standard. "Every product has to display the country of origin, along with other basic information," the official added. In the case of e-commerce companies, these details have to be clearly displayed on their portals.
Categories such as lifestyle, food and electronics accounted for over 1,350 sellers across the country last year.
This was only four days after many aggrieved buyers chose social networking sites to attack Flipkart's 'Big Billion Day' discount this Monday (October 6), followed by an apology from the company's co-founders, Sachin and Binny Bansal.
After multiple attempts at selling itself, including to larger e-commerce player Snapdeal, ShopClues has found a buyer in Singapore-based e-commerce platform Qoo10 in an all-stock deal.
Experts believe adoption of AI in developing countries will be much faster than in developed nations, as the magnitude of change it will bring will be far larger.
People who have worked with Mukesh Bansal describe him as approachable and extremely polite but someone who likes to maintain a strict work schedule.
With 16 start-ups gaining unicorn status in 2021, India's tally has touched the 50 mark. The newest entrant to this list include Pune-based MindTickle, which is close to finalising a $100-million funding round from Softbank's Vision Fund 2, taking the company's valuation to $1.1 billion.
Flipkart's model is a money guzzler
Navi Mutual Fund (MF), among the latest entrants in the Rs 35-trillion industry, is looking to make a mark in the passive investment space, which is gaining traction in the country. The Flipkart co-founder Sachin Bansal-led fund house filed seven offer documents with the market regulator Securities and Exchange Board of India (Sebi) on a single day this week. Some of the schemes Navi MF plans to launch are Navi NASDAQ 100 Fund of Fund, Navi Nifty Commodities Index Fund, Navi Nifty 100 ESG Index Fund.
Over the last 12 months, thanks to bold bets by venture capital firms like Sequoia, SoftBank Vision Fund, and foreign strategic investors like Naspers, pipeline of start-ups with potential to achieve $1 bn in valuation is at an all-time high.
Jio Platforms is expected to use its 388 million mobile phone subscribers as the cornerstone of an e-commerce and digital services business to rival Amazon and Walmart's Flipkart.
While the first half of the year saw India's e-commerce market shrinking, the success of Diwali sales will boost the sector beyond last year's benchmark
According to EY's private equity deal tracker, Brookfield-Reliance Jio's $ 3.7 billion deal is the largest ever PE/VC deal in India, surpassing the $ 2.5 billion investment made by Softbank in Flipkart in 2017.
Many are testing hybrid models including getting small batches to work, rotating staff every week, introducing shifts and allowing certain functions to operate from office in small numbers.
Some companies are already seeking review of the new norms.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
Bob van Dijk, chief executive officer of Naspers, is now betting on companies in food tech, payments, travel and other consumer sectors to tap the potential of the Indian market.
Online biggies and global retail giants are working on being omnipresent in both the virtual and the real world to see what helps them get the numbers, says Karan Choudhury.
No one is disputing that the e-commerce market is growing dramatically in India
The development comes amid a growing clamour for the boycott of Chinese products in India, combined with the government's push for Aatmanirbhar Bharat.
Chinese e-commerce giant planning to enter India this year, will take on global e-retailer
147 domestic and international recruiters -- including Ola, Amazon, Flipkart and Xiaomi -- hired all 460 graduates.
Paytm's secondary share sale gave an opportunity to its employees - both former and current - to liquidate their vested Esops and earn around Rs 500 crore in total.
No longer an in-house task; hiring legal eagles is now becoming norm for M&As, fundraising
This year's list includes 40 influential people under 40 years of age in five categories -- finance, technology, healthcare, government and politics, and media and entertainment.
Ordering groceries, vegetables and daily essentials is just a WhatsApp away as billionaire Mukesh Ambani's e-commerce platform JioMart taps into the popular messaging app to scale up online business in its fight for dominance in the giant Indian retail market with Amazon and Walmart-owned Flipkart. Ambani's twin children, Akash and Isha gave a preview of the ordering at Meta's second edition of the Fuel for India event on Wednesday. A new 'tap and chat' option allows users to order groceries through WhatsApp.
'The competition between the two is definitely going to be of great interest to the Indian market.'
It comes with dual core processor and 2GB RAM.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
Online retailers pointed out that their delivery staff is being stopped by local police and urged authorities to streamline the movement of delivery agents and goods.
In spite of the mega IPO of Alibaba, Flipkart-Myntra is not thinking of a public offering at this point
Posting a 36-second long video on Instagram showing him flying a kite in Delhi, the world's richest man said, 'Any day is a good day when you get to fly a kite' and hash-tagged it #ThankYouIndia.
USISPF slammed government's move and alleged that the amendments announced were without any consultation and are akin to changing rules in the middle of the game.
With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
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.
India is the next major breeding ground for start-ups.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
Flipkart co-founders Sachin Bansal and Binny Bansal, who were ranked 86th last year dropped out of the list
Did you know Maneish Paul got more votes than Arnab Goswami!
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
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