911—The number that spooked Snapdeal

Snapdeal-Boxes_feOn Wednesday, Snapdeal founders Kunal Bahl and Rohit Bansal said they will not take salaries for an undisclosed period as the company struggles to survive. Well, that makes financial and ethical sense. It’s ethically right because it takes a large heart to admit mistakes and share the pain of employees, many of whom are losing […]

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B2B online marketplace Tolexo to lay off 300

layoff_tcOnline business goods marketplace Tolexo Online Pvt. Ltd will lay off 300 employees, or 85% of its workforce, according to a report by Business Standard. The report went on to add that the move is part of the company’s plans to wind up its online business to launch a completely new offline initiative. The company […]

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Snapdeal sellers knock govt’s doors as e-tailer struggles

SnapdealA group of sellers on online marketplace Snapdeal has approached commerce minister Nirmala Sitharaman to protect their interests as the company’s troubles mount. The All India Online Vendor Association (AIOVA), an industry group set up to safeguard sellers’ welfare, said in a letter to Sitharaman it was afraid that Snapdeal may default on payments to […]

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Snapdeal’s cost cutting continues, disbands SD Instant team

Snapdeal's cost cutting continues, disbands SD Instant teamAfter reports of Snapdeal laying off nearly 30% of its staff, co-founders Kunal Bahl and Rohit Bansal have sent out an e-mail to the e-commerce firm’s employees stating that the company has to take tough decisions in order to become profitable, a report in a national daily stated. Snapdeal has also dissolved its SD Instant […]

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Forrester trims India e-tail market estimate on note ban, regulatory woes

e-commerce_feUS-based market research company Forrester Research has cut the size of India’s online retail market by 36%, saying it will touch $48 billion by 2020. Last year, the firm estimated the sector to reach $75 billion by 2020. The retail market shrunk due to demonetisation, restrictions on e-commerce, slowdown in investments and fewer buyers, a […]

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Myntra CMO Gunjan Soni to lead Jabong

Gunjan-Soni_feMyntra’s chief marketing officer Gunjan Soni has been appointed head of Jabong, a company statement said on Thursday. Soni is a management graduate from XLRI Jamshedpur who is credited with building ‘End of Reason Sale’, one of Myntra’s key revenue driving events. She has also worked with McKinsey and Company and Star India in the […]

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Snapdeal to shut C2C marketplace Shopo

Snapdeal to shut C2C marketplace ShopoThe app and web store will not be operational after February 10. “The e-commerce market in India will continue its robust growth. However, we realise that it will take some more years for a broader ecosystem to develop around the C2C segment,” the post said. Sandeep Komaravelly, who headed Shopo, had quit Snapdeal recently, and […]

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Will Snapdeal really turn profitable in next two years?

Snapdeal_by-Junaid2Snapdeal co-founder Kunal Bahl has said that the e-commerce firm is looking to turn profitable in the next two years and that it doesn’t need to raise funds unless it decides to make an acquisition. “I see a relatively clear line of sight to (profit) and we’ve been making great progress in that direction also,” […]

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Lingerie e-tailer Clovia’s net sales grow 61%, losses widen five-fold in FY16

raised-thinkstock_feDelhi-based Purple Panda Fashions Pvt Ltd, which runs online-first lingerie and sleepwear brand Clovia, registered a 61% increase in net sales for financial year ended March 2016 even as net losses widened five-fold. According to data sourced from the Registrar of Companies (RoC) by VCCEdge, the research arm of News Corp VCCircle, Clovia’s net sales […]

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Flipkart may raise funds at lower valuation

VCCircle_Flipkart8E-commerce company Flipkart could be preparing to raise a new round of investment at a significantly lower valuation than its previous fundraising exercise, a media report said. Flipkart is likely to raise Rs 3,400-5,400 crore ($500-800 million) at a valuation of $10-12 billion, The Economic Times reported citing two unnamed sources. This is a far […]

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