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 layoffs: In the works for months, but kept out of employees’ sight

Snapdeal_by-Junaid2For employees of India’s third-largest e-commerce firm Snapdeal, the last couple of weeks have been stressful, to put it mildly. The tension is palpable, with the HR calling everyone for a one-on-one session, a meeting that will decide whether they are headed towards the exit door or will manage to hold on to their job. […]

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FreeCharge CEO Govind Rajan quits

Govind RajanFreeCharge chief executive officer Govind Rajan has resigned from the company just nine months after he was appointed to lead the Jasper Infotech-owned digital payments subsidiary. “It has been a unique privilege to helm FreeCharge in these exciting times of rapid growth and user-focussed innovation. I am confident that FreeCharge will achieve still greater heights […]

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Will abundant cash supply poop the m-wallet party?

Mobile-wallet_feWithout a doubt, digital wallets have been the biggest beneficiary of Prime Minister Narendra Modi’s November move to scrap high-value banknotes. The resultant cash crunch brought thousands of borderline and non-users into the ecosystem, something that would have otherwise taken a few quarters. Data on payment systems released by the Reserve Bank of India (RBI) […]

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Flipkart-owned PhonePe in talks with PayPal to raise funds

PhonePeFlipkart-owned PhonePe is in talks to raise a significant amount of funding independently at a valuation of about $500 million as strategic investors line up for a slice of India’s booming e-payments market, a national daily reported on Wednesday, citing people aware of the development. A report in The Times of India said that PhonePe […]

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FreeCharge rolls out Google Play recharge codes on app, website

In U-turn, NPCI tells PhonePe to adhere to UPI normsMobile wallet firm FreeCharge said on Wednesday that users can now purchase Google Play recharge codes on its app and website. The codes can then be redeemed on the Google Play Store to buy digital content like movies, games, e-books, Android apps etc., the company said in a media release. Users first need to select […]

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Snapdeal in talks with Softbank to raise funds at lower valuation

snapdeal22E-commerce marketplace Snapdeal is in talks with its investor Softbank Group to raise fresh funds at a lower valuation. The e-commerce firm had raised its last funding round at a valuation of $6.5 billion, a report by Mint newspaper said on Wednesday, citing unnamed sources. Snapdeal and SoftBank have already held discussions with valuation ranging […]

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Chandrasekarans in startup world: It’s resolve, not the IIT-IIM tag, that matters

The elevation of Tata lifer N Chandrasekaran as chairman of India’s most revered corporate group—the $103-billion salt-to-software conglomerate Tata Sons—begs the much-debated question: Does one’s college pedigree matter? Corner offices at top business houses, both in India and abroad, are usually occupied by alumni of global business schools and leading engineering colleges. But Chandra, or […]

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FreeCharge partners Indus OS for direct integration, eyes 6 mn user base

Freecharge-Investment_Shah-JunaidMobile wallet firm FreeCharge has partnered with Indus OS, India’s second most popular mobile operating system, for direct integration on smartphones using the platform. With the move, FreeCharge expects to tap the 6 million-plus existing Indus OS user base and new users of Indus OS powered-devices. This is likely to boost its recharge transactions and […]

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FreeCharge receives $57 mn from Snapdeal

Freecharge-Investment_Shah-Junaid2Jasper Infotech Pvt Ltd, which runs e-commerce firm Snapdeal, puts in close to Rs 390 crore ($57 million) in FreeCharge, filings with the Registrar of Companies (RoC) showed. As FreeCharge is in the process of raising its next external round of funding, Snapdeal’s digital payments arm has increased its authorised share capital from Rs 6 […]

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