OYO in talks to raise $500 mn from SoftBank; valuation set to soar

Anil GoelBranded budget hotels marketplace OYO Rooms, run by Oravel Stays Pvt. Ltd, is in talks to raise $300-500 million (Rs 2,000-3,335 crore) from SoftBank Vision Fund, in what will possibly be one of the biggest deals in India’s consumer internet space, a daily reported on Monday. If the deal goes through, OYO will become the […]

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Flipkart COO Nitin Seth looks to ‘bring back the DNA’ by rehiring old hands

Nitin SethE-commerce major Flipkart, which has seen continuous churn at the top level for the last few quarters, is quietly working to revamp its senior leadership team by bringing back old hands. At least half-a-dozen senior executives have returned to the company in the last few months. Flipkart COO Nitin Seth, who also oversees the human […]

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Exclusive: Jewellery e-tailer Johari Shop goes omni-channel, gets angel funding

Johari ShopJewellery e-commerce marketplace Johari Shop has raised $94,000 (Rs 62.5 lakh) from three angel investors, including a diamond exporter and a high net-worth individual, to power its omni-channel efforts. The company will invest the capital to work on its omni-channel strategy that would start with the launch of its first brick-and-mortar store in Bangalore’s VR […]

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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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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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Swedish investor Kinnevik to sell half its stake in Rocket Internet

KinnevikSwedish investment firm Kinnevik AB is selling nearly half of its 13% stake in German Internet conglomerate and incubator Rocket Internet SE. It plans to sell nearly 10.9 million shares, representing 6.6% of Rocket Internet’s issued share capital, to institutional investors at €19.25 per share, Kinnevik said in a statement on Wednesday. “Kinnevik’s gross proceeds […]

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Snapdeal to lay off 600; founders forego salary

Jasper Infotech Pvt. Ltd, which runs Snapdeal, has decided to lay off 500-600 employees across the e-commerce marketplace and its subsidiaries, mobile wallet Freecharge and logistics wing Vulcan Express, a person aware of the development told Techcircle. The person added that the process of lay-offs has already started and will continue for “the next few […]

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Exclusive: eBay India’s head of product development Ramkumar Narayanan quits

Ramkumar NarayananRamkumar Narayanan, general manager and global head of monetisation products at eBay Marketplaces in India, has resigned from the firm. He was primarily responsible for generating revenues for eBay. Narayanan has confirmed the development to Techcircle. Previously, he was the vice president of global product management at Yahoo and also worked with Microsoft in the […]

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