'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.'
Bengaluru-based Sunny Gupta had been searching for a laptop for months. In August, while sitting at a coffee shop, he decided to order an Acer Predator laptop - typically priced between Rs 95,000 and Rs 2.5 lakh - through the quick-commerce (q-com) platform Flipkart Minutes. "It took exactly 13 minutes from payment to receiving it at the Starbucks I ordered it to," he wrote in a now-viral post on social media platform X.
E-commerce companies managed to beat the odds by adopting a flexible approach in terms of transforming their business models and leveraging emerging technologies. They had to constantly align their objectives with evolving customer needs. With companies hiring thousands of temporary workers, expanding to smaller cities, and launching new products, e-commerce giants gird up to celebrate the peak festival season without Covid restrictions after a three-year time-out.
Employees can take 'unlimited bereavement leave' in case of loss of a family member. All employees are encouraged to take breaks on a daily basis. This includes a mandatory 1-hour lunch break where no other meetings can be scheduled.
Walmart-owned Flipkart on Wednesday said it has eliminated all single-use plastic packaging used across its fulfilment centres in the country. With this, the e-commerce major has delivered on its public commitment to move to plastic-free packaging in its supply chain by 2021. This has been achieved across more than 70 facilities of Flipkart spread all over India, where it has eliminated single-use plastic packaging by introducing the most scalable sustainable alternatives, a statement said.
Flipkart will acquire 100 per cent of Cleartrip's shareholding as the company further enhances its investments to strengthen its digital commerce offerings for customers, a statement said.
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.
For food aggregator platform Swiggy, quick commerce (qcom) is proving to be a better growth opportunity than food delivery. Its qcom arm Instamart is rapidly outpacing its core food delivery vertical across several key financial metrics, the company's recently filed draft red herring prospectus (DRHP) shows.
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
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.
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.
'Son believes India has a significant opportunity in chip design, especially in creating IP that will be uniquely Indian.'
Walmart-owned Flipkart on Wednesday said it has set up a new fulfilment centre (warehouse) in West Bengal, its second-largest in the state, that will help in creating nearly 3,500 direct jobs. Spread across an area of over 2.2 lakh sq ft, the new facility in Dankuni will cater to the needs of Flipkart and Myntra customers in the region and bolster the e-commerce major's efforts to ramps up supply chain infrastructure in the eastern part of the country. The facility will also help thousands of sellers offer a wider selection and enable faster deliveries of customer orders within the region and neighbouring states while also helping create national market access, according to a statement.
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.
His decision follows an independent investigation done on behalf of Flipkart and Walmart into an allegation of serious personal misconduct. Bansal, however, denies the allegations.
Flipkart on Monday said it has entered into a commercial partnership with the Adani group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs.
Dhoni endorses 42 brands to Bachchan's 41 and SRK's 34.
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
Manish Tiwary plans to take up a new role at another firm.
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
'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.'
Walmart is likely to buy stakes of multiple Flipkart investors, including that of Tiger Global Management and Softbank to end up with a significant majority holding
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
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.
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 order follows a complaint filed by Delhi Vyapar Mahasangh which accused the e-commerce firms of anti-competitive practices like preferential listing, exclusive tie-ups and private labels.
After raising $2.5 billion from SoftBank's Masayoshi Son and his Vision Fund, Sachin Bansal and Binny Bansal are back in the driving seat at Flipkart, the company they founded over a decade ago.
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.
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.
American chip behemoth Nvidia Corp and India's retail-to-refining giant Reliance Industries on Thursday unveiled their goal to build a formidable AI computing infrastructure in the country. Highlighting the tie-up, Jensen Huang, founder and CEO of Nvidia, made a broader appeal: India should focus on "manufacturing" AI, rather than racing to build semiconductor fabs. As part of this collaboration, Nvidia will reportedly supply its Blackwell AI processors to power Reliance's one-gigawatt data center in Jamnagar, Gujarat.
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 filing of Swiggy's DRHP has led to direct comparisons with Zomato, which is a direct competitor in food delivery and the fast-growing quick-commerce segment where Blinkit (owned by Zomato) faces off against Instamart (and Zepto). In Q-commerce, Flipkart, Amazon, Reliance and Big Basket are all entering the space. All of them have deep pockets, hence competitive intensity will rise going forward.
The tide of startup-funding is turning in India, with a rising trend of overall funding while the deal sizes grow bigger. However, the spotlight now is on late-stage startups, many of which are seen to be headed for initial public offerings (IPOs). Record surge in stock markets and consistently improving performances of listed startups are understood to have turned the sentiment for the better, especially for those that exhibit a clear path to an IPO.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
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
Union Minister of Commerce and Industry Piyush Goyal's recent comments on large e-commerce players have reignited the debate about their impact on smaller offline retailers. On Wednesday, Goyal said that the rapid growth of e-commerce in India is a "cause for concern" and is diminishing the market share of small, mom-and-pop stores by offering high-margin products such as consumer electronics and apparel at discounted rates.
With an existing consumer base of 400 million across airports, electricity and gas distribution businesses, the Adani group is revving up its retail play. It is planning to use the 2.4 billion consumer interactions a year with group companies to push various products and services. The group has already launched the 'Adani One' super app that will eventually sell products across the spectrum, top executives said.
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.
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.
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