Flipkart raises $1 bn in down round: Report

VCCircle_Flipkart8Bengaluru-based e-commerce behemoth Flipkart Online Services Pvt Ltd has reportedly raised $1 billion in a massive fundraising round. The firm will also secure an additional $1 billion in the next few months, a report by Bloomberg stated citing people aware of the development. The funds were secured at a down round that valued the company […]

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Axis Bank limits support for Snapdeal’s seller financing programme

For-Axis-Bank-Story_Shah-Junaid_tc_feAxis Bank has withdrawn its credit limit to some sellers on e-commerce firm Snapdeal’s platform over falling sale numbers, a report by a financial daily stated. The private sector lender even asked sellers to repay outstanding loans, an Economic Times report stated. The merchants had availed loans through Snapdeal’s Capital Assist programme. “What we have […]

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Snapdeal’s potential fundraise from Softbank may cut its valuation in half

Snapdeal-by-Shah-Junaid_AE-commerce firm Snapdeal is in talks to raise funds from existing investor Softbank, which could see its valuation fall below $3 billion, a financial daily reported on Wednesday. Jasper Infotech Pvt. Ltd., which runs Snapdeal, is looking to raise approximately $300 million, of which $100-150 million could be from SoftBank, a report by The Economic […]

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What’s firing up Infibeam

Infibeam22India’s e-commerce story is a familiar one—cash burn, negative unit economics and a pipe dream called profitability, all in the name of customer acquisition. But Ahmedabad-based Infibeam Incorporation Ltd, the country’s first online retailer to go public, has scripted a growth story that flies in the face of the prodigal ways of other, heavily-funded e-commerce […]

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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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