ICICI Bank rejects NPCI call to unblock PhonePe

For-ICICI-Reject-Story_Shah-JunaidThe tussle between ICICI Bank and online retailer Flipkart’s digital wallet, PhonePe, isn’t likely to end soon with the private-sector lender again refusing to allow transactions through the payment app. The latest refusal comes after National Payments Corporation of India (NPCI), an umbrella organisation for all retail payments system in India, on Thursday evening asked […]

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Myntra adds three new sellers to comply with FDI norms

myntra_feWith the deadline for compliance with foreign direct investment (FDI) norms approaching, Flipkart-owned Myntra has added three new sellers on its platform to reduce its dependence on Vector E-commerce Pvt Ltd, the biggest seller on the fashion e-tailer. A report in the Mint newspaper said, citing two people aware of the development and documents with […]

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B2B logistics startup BlackBuck to raise $10 mn from IFC

For-Blackbug-Story-TC_ThinkstockPhotos-500646181International Finance Corporation plans to make an equity investment of up to $10 million (Rs 68 crore) in logistics startup BlackBuck for a minority stake, the World Bank’s private-sector arm said. The investment will help BlackBuck, operated by Bangalore-based Zinka Logistics Solutions Pvt. Ltd, drive growth in contract and spot business and build ancillary services […]

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Myntra’s Vector E-commerce back in red as FY16 revenue rises 40%

myntra_feVector E-commerce Pvt Ltd, the biggest seller on online fashion marketplace Myntra, posted a loss of Rs 8.72 crore in FY16 after turning a profit in the last two financial years, filings with the Registrar of Companies (RoC) show. Profit after tax stood at around Rs 6.5 lakh in FY15. Revenue, however, grew from Rs […]

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Flipkart, Amazon drop $1 bn Souq acquisition bid: Report

Snapdeal_flipkat_amazonUS-based Amazon.com Inc and Indian online retailer Flipkart have dropped a bid to acquire Middle East-based horizontal e-commerce venture Souq.com due to a disagreement over price, Bloomberg reported on Wednesday. Souq.com has now reached out to Dubai-based mall company Majid Al Futtaim, the report said, citing two people aware of the development. Amazon had started […]

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Snapdeal revenues up 56% but losses more than doubled to $436 mn in FY2015-16

Snapdeal_by-Junaid2Jasper Infotech Pvt. Ltd, which runs online marketplace Snapdeal, more than doubled its losses to Rs 2,960 crore (around $436 million) in the financial year ended 31 March 2016. Its total revenues went up by 56% to Rs 1,456.6 crore in FY2015-16. It had garnered revenues of Rs 933.3 crore with a net loss of […]

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Parenting social network TinyStep secures fresh funds from Flipkart

Untitled-2Bangalore-based WeHive Technologies Pvt. Ltd, which runs parenting social network TinyStep, has raised Rs 13.6 crore ($2 million) in a fresh round of funding from its existing investor, e-commerce major Flipkart. The company said it will use the current funds to innovate on its product and expand its services. “We’ve grown as a product, as […]

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ICICI Bank blocks transactions through Flipkart’s PhonePe as turf war looms

For-ICICI-Story_Shah-Junaid_feIn what is a sign of rising competition between large banks and digital wallets over grabbing the retail payment pie, India’s largest private bank, ICICI Bank, has blocked payments by its customers on Flipkart-owned digital wallet PhonePe, citing “security-related” concerns. In an emailed response to Techcircle, an ICICI Bank spokesperson said that it has raised […]

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Voonik appoints ex-Groupon executive as chief data scientist

Himmat Singh Padode, chief data scientist, VoonikFashion marketplace Voonik has appointed ex-Groupon executive Himmat Singh Padode as its chief data scientist, the company said in a statement on Thursday. Padode was previously leading the data team of coupons firm Groupon, from its Silicon Valley headquarters. He has also worked with companies such as Essar and Religare. “Voonik is building one-of-a-kind data […]

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Grofers FY16 revenue drops, losses widen 15-fold

Grofers3Hyperlocal delivery startup Grofers India Pvt. Ltd reported a sharp drop in revenue and a multifold jump in losses for 2015-16, hurt by rapid expansion and high costs that subsequently forced it to curtail operations and lay off staff. Revenue for the year through March 2016 fell 32% to Rs 58.34 lakh from Rs 86.38 […]

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