Exclusive: Car repair aggregator BookServicing raises seed funding

For-Bookservicing-Story-TC_antique-1868726_1920StatSoft Technologies Pvt Ltd-run online car servicing platform BookServicing has raised Rs 20 lakh ($30,000) in seed funding from the National Science and Technology Entrepreneurship Development Board (NSTEDB), a government arm that promotes tech enterprises. “The funds will be used for developing solutions for optimising operational inefficiencies in the automotive aftermarket and enhancing car owning […]

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Why high-paying Indian startups are cutting no ice with job-seekers

For-Startup-Cut-no-ice-Story-TC_ThinkstockPhotos-509872398For 31-year-old Puneet Parthasarthy (name changed), it was a dream job. His employer, a B2B tech startup, had deep-pocketed investors, and it was offering him a designation and compensation that could give many around him a strong bout of jealousy. It was a neat corporate job with “some hectic days” thrown in when new clients […]

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Alibaba to invest $177 mn in Paytm E-Commerce, hike stake to 62%

AlibabaPaytm E-Commerce Pvt. Ltd, the online marketplace arm of One97 Communications Ltd, is raising $200 million (Rs 1,334 crore) in a funding round led by Alibaba Singapore E-Commerce Pvt. Ltd, a wholly-owned subsidiary of Chinese internet giant Alibaba Group Holding Ltd, a financial daily reported on Thursday. Alibaba will invest $177 million (Rs 1,182 crore) […]

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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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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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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 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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Exclusive: Massive job cuts loom large at Yepme as funds dry up

YepmeDelhi-based VAS Data Services Pvt. Ltd, which operates fashion e-commerce firm Yepme.com, is going through trying times with the company looking to reduce headcount by 80-90% and forcing entire teams to resign. Several people that Techcircle has been speaking to for the past few months said on the condition of anonymity that both VAS Data […]

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Flipkart has no plans to cut jobs, says COO Nitin Seth

VCCircle_Flipkart8Flipkart’s chief operating officer Nitin Seth has allayed fears that employee rationalisation, which has been rearing its head in the country’s e-commerce sector, will engulf the company as well. “We had to go through that phase last year but with the growth we saw in the last quarter and January, and with February shaping up […]

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SAIF Partners checks out of MakeMyTrip with multi-bagger returns

MAKEMYTRIP-FEVenture capital and growth-equity investment firm SAIF Partners has fully exited MakeMyTrip Ltd, according to the Nasdaq-listed online travel services provider’s filings with the US Securities and Exchange Commission. The investment firm sold its remaining stake in MakeMyTrip in the October-December for about $150 million, according to VCCircle estimates. This takes the total amount that […]

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