Not chasing IIM-A graduates whose joining dates have been deferred by rival Flipkart, says the company
This September, Sachin Bansal picked 94 per cent stake in microfinance company Chaitanya Rural Intermediation Development Services. His immediate plan is to scale up the company's operations as quickly as possible without making much investment in physical infrastructure and by leveraging technology.
Morgan Stanley writing down its investment in the e-commerce leader by 27 per cent does not augur well for the sector.
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.
The e-commerce companies believe the government is using this exercise to take an unauthorised look into their financials, shareholding and operations.
PhonePe via Bharat Bill Payment System (BBPS) plans to get into a number of new verticals, including fee payments in schools and colleges, payments at hospitals and other services
The company has set target to sell 15-20 lakh units of Honor smartphones by the end of this year
'The competition between the two is definitely going to be of great interest to the Indian market.'
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.
Snapdeal had appointed merchant bankers for listing on an American stock exchange
With a new $100-billion technology fund, SoftBank is likely to go after market leaders.
Over the past week, several unusual partnerships among start-ups, traditional businesses and hospitals have been announced, and several more are likely to materialise soon. The trend could see increased importance of gig workers, who are taking considerable risk to deliver goods to people in the time of a pandemic.
Amazon's Indian unit said earlier it will open five new warehouses in the country, which will almost double its storage capacity to half a million square feet.
What is driving the digital-first approach of traditional, legacy brands? Apart from the growing adoption of the internet in the country, brands are drawn to the agility of the medium.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
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 high court had passed the restraining order after Ramdev claimed that the book had defamatory content.
The size of the Indian financial services market could touch around $340 billion in the next few years.
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.
IIM Lucknow has concluded its 2020-21 final placements.
The Navi lending app, launched in May, provides instant loans of up to Rs 5 lakh, with repayment tenures of up to 36 months.
Since September, Reliance Retail has raised money from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority , GIC, TPG, General Atlantic and Saudi Arabia's Public Investment Fund in a divestment programme that mirrored sister Jio Platforms a few months earlier.
'Technology is streamliming the entire process of aid distribution and making it transparent and digital.'
E-commerce sites like Amazon, Flipkart and Snapdeal have to ensure that the country of origin is displayed on imported products sold on their platforms, the Centre told the Delhi high court on Wednesday.
The big boys of India's traditional retail have finally come together to fight the onslaught of their online counterparts.
Apart from the growing adoption of the internet in the country, brands are drawn to the agility of the medium, its targeted and data driven approach and the increasing cost of offline channels for sales and distribution.
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
The online retailer offers largest assortment of products.
Flipkart crashing when sale of Xiaomi's Mi3 opened proves the phone has generated much interest.
Flipkart's appointment of Kalyan Krishnamurthy as CEO and Ola's choice of PepsiCo's Vishal Kaul for COO speaks to the growing trend of bringing in experienced professionals to run business. Karan Choudhury reports.
Keen to back start-ups while they are half-unicorns, SoftBank plans to invest $100 million in a firm with $500-million valuation.
As many as 40,000 units of the much-hyped handset launched exclusively on Flipkart, was sold out within 4.2 seconds, said company head Hugo Barra on Twitter.
E-commerce companies typically stick to the gross merchandise value run rate to calculate sales.
As many as 81 per cent people support having rules for consumer e-commerce, but want more services-based platforms to have more clearly defined roles, a survey by community social media platform LocalCircles has found. The survey asked respondents to answer questions based on the recent draft Rules proposed by the ministry of consumer affairs. The responses found 81 per cent consumers wanting sales of products and services over electronic or digital networks to be governed by a set of electronic commerce rules.
The founding members of The E-Commerce Council of India include Snapdeal, ShopClues, UrbanClap, Shop101, Flyrobe and Fynd, among others.
However, many of these firms were facing an uphill task of convincing the people on the ground to return to work, as many are apprehensive of their safety.
The move is significant since it signals the growing importance of foods in Marico's overall strategy. It also comes six months after Marico stepped into honey, a Rs 1,500-crore category dominated by players such as Dabur.
Since its launch in April, helpline 155260 has been able to prevent more than Rs 18.5 million of defrauded money from reaching the hands of fraudsters.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
There is a lot of police action on the ground and even inter-state movement has been stopped, because of which deliveries of essential items via platforms, such as Flipkart, Amazon, Grofers, and Milkbasket, aren't happening. Food-delivery firms -- Swiggy and Zomato -- are facing similar challenges, according to the sources.
