Page 5 - E-commerce Companies

IIM Indore student gets Rs 1 cr salary package from e-commerce company

An e-commerce company has offered an annual salary of Rs 1 crore to a student of the Indian Institute of Management (IIM) Indore, an official said Tuesday. This is the highest annual package offered during the final placement round of this session at IIM-I, the official said. "One of our students has bagged the highest salary package of Rs 1 crore during the final placement period of this session. This student has been offered a job in the sales and marketing department by a company in the e-commerce industry. The offer is for domestic placement," the official said. Against the backdrop of "a cooling job market", the season culminated with more than 150 recruiters extending offers to 594 students of the two-year Post Graduate Programme (PGP) and five-year Integrated Programme in Management (IPM), the official said, adding that this reflects the industry's unwavering trust in the institute and its students. The statistics for this year consisted of the average CTC (cost to company)

Nykaa Q3 results: Net profit doubles to Rs 16.19 cr on festive demand

The company's consolidated net profit rose 97% to 161.9 million rupees ($1.95 million) in the third quarter ended Dec. 31. It had posted a drop in net profit in three of its previous five quarters

Flipkart co-founder Binny Bansal exits board, launches new startup OppDoor

Binny Bansal has officially exited the board the Walmart-owned e-commerce firm, which he founded along with Sachin Bansal 16 years ago

Flipkart leads e-comm mkt with 48% share, Meesho fastest growing platform

Walmart group firm Flipkart continues to dominate the e-commerce segment with 48 per cent market share while Softbank-backed Meesho has emerged as the fastest growing e-commerce platform in terms of user base in India, a latest report by AllianceBernstein said. According to the report, Flipkart's user base grew 21 per cent year-on-year (YoY), Meesho accelerated at 32 per cent while Amazon lagged at 13 per cent user growth primarily due to relative premium offerings as compared to peers. " As of FY23, Flipkart was the market leader, with a 48 per cent share in India eCommerce. Flipkart continues to grow faster than the industry... Mobile and apparel to be the largest categories for Flipkart with around 50 per cent and 30 per cent mix. Flipkart is estimated to hold 48 per cent and 60 per cent market share in online smartphone and online fashion market respectively," the report said. The report attributed growth in Meesho's market share primarily to its strategic focus Tier 2 and small

$340 million fundraise by Udaan signals pick-up in startup dealmaking

Led by M&G plc, Udaan's Series E funding includes Lightspeed Venture Partners and DST Global

Fraudsters swiped millions of dollars by faking product refunds: Amazon

The lawsuit lists more than a dozen transactions from June 2022 to May 2023 as leading to fraudulent refunds. Items purchased include gaming consoles, smartphones, laptops

Paytm to bring 10 mn sellers to ONDC by 2025 end, says Vijay Shekhar Sharma

"Consumer value (on ONDC) will be dramatically different and superior to current e-commerce platforms," he said

Diwali 2023: Beauty product sales up 52%, phones top-selling electronic items

The beauty products category emerged as the top three favourite among the younger demographic with 47 per cent of sales coming from the 18 to 24 years age group

Sellers seek FDI in inventory models of e-commerce for export purposes

The e-commerce industry has suggested the government permit foreign direct investment (FDI) in inventory-based model of online trade only for export purposes, a senior government official said on Friday. At present, the country's FDI policy does not permit foreign direct investment in the inventory-based model of e-commerce. It is allowed only in firms that are operating through a marketplace model. Director General of Foreign Trade (DGF) Santosh Kumar Sarangi said that they are working on several steps to promote exports through e-commerce medium. He said that the e-commerce stakeholders have asked the department for the promotion of industry and internal trade (DPIIT) to relook at the FDI policy on this issue. "For export purposes, if these (rules) could be revisited is something that we are requesting the DPIIT to examine and explore... and this could be one step forward for creating the e-commerce export zones that DGFT and its team has been working on," Sarangi said here at a

E-commerce firm Meesho's CXO for business Utkrishta Kumar moves on

Megha Agarwal, the current CXO for growth at Meesho, will take the mantle from Kumar and be the new CXO for business and Nilesh Gupta will take on the role of general manager for user growth

Improving signals for Avenue Supermarts with strong Ebitda, PBT growth

Consensus target price of analysts indicates limited upside; rebound in general merchandise and apparels crucial for margin gains

Festivals bring $13 bn sale for e-tailers, MSMEs clock more Diwali orders

MSMEs from non-metro cities are clocking more Diwali orders this year than sellers from metro cities while the e-commerce opportunity could be at a staggering USD 13 billion for the Indian MSMEs during the festive season, says a report. Tech-enabled logistics platform and unicorn Shiprocket in its report released on Thursday noted that with e-commerce gaining traction, it anticipates around 10-15 per cent of the total order volume to be attributed to first-time shoppers. Shiprocket estimates the Indian e-commerce opportunity will be at a staggering USD 13-billion for the Indian MSMEs during the festive season, it said. Observing that as much as 56 per cent of its order volume originates from non-metro cities, the platform said this underscores the rapid adoption of online shopping and digital transactions in smaller towns and rural areas. In this spirit, MSMEs from tier-2, tier-3 and tier-4 cities are expecting higher Diwali gift orders than sellers from metro cities, it ...

iThink Logistics, India Post collaborate to boost e-commerce deliveries

Tech-driven logistics platform iThink Logistics on Thursday announced a strategic collaboration with India Post to boost e-commerce deliveries across remote parts of the country. Under the collaboration, iThink Logistics will leverage the India Posts' extensive reach to enhance e-commerce last-mile delivery capabilities for D2C startups and small and mid-size businesses pan India, the company said. The tie-up has the potential to create economical deliveries, particularly in rural areas with less developed logistics infrastructure, iThink Logistics said. The city-based firm is an end-to-end multiple courier aggregator shipping platform for D2C brands, handling over daily volume of 25,000 shipments per day. It caters to over 26,000 pin codes in India besides a territorial coverage of 180 countries. India Post's experience and wide-ranging network complement the company's technological capabilities as well as efficiency and dependability, among others, it said. This collaboration is

E-commerce aggregator ETrade aims to triple revenue to $ 750 mn by 2025

E-commerce aggregator firm eTrade aims to triple its revenue to USD 750 million by the fiscal year 2025 on account of a multi-faceted strategy, including the launch of their own white labels, the company said on Wednesday. eTrade claims to have an annual revenue of USD 250 million at present. "We are proud to have established ourselves as a leading e-commerce aggregator partner in India. We are fully committed to continuing our growth trajectory and reaching the USD 750 million goal by 2025, solidifying our position as a trusted partner in the e-commerce ecosystem," eTrade Founder, Anuj Bhatia said. The company provides technology, logistics, inventory management and other tools to enable companies to sell their product online. eTrade claims to have over 100 new clients and registered a growth of 60 per cent over the last year. The company said that it recently introduced over 50,000 new products specially curated for the festival season launched by some of its partner brands like

Non-metros drive Flipkart's annual sale on Day 1 with 60% of orders

Non-metro cities dominated Flipkart's The Big Billion Day sale on Day 1, accounting for 60 per cent of orders placed while mobile phones, appliances and lifestyle products were the preferred choice for customers, the company said on Tuesday. Lifestyle products sellers on the marketplace saw a 10-fold growth in the number of orders placed compared to the pre-festive period, followed by Furniture (8-fold) and Electronics (7-fold) categories, Flipkart said in a statement. "Over 60 per cent of orders were placed from Tier 1, 2 and 3 cities," the statement citing sales data on October 7 said. The company recorded 9.1 crore customer visits on the first day of the sale that started on October 7. Flipkart started The Big Billion Day (TBBD) on October 8 with 24-hour early access to its VIP members, which are paid subscribers, and Plus category members, who shop from the platform at least four times in a year. Flipkart saw the highest number of shoppers from Bangalore, Delhi and Hyderabad,

Regret Indonesia's decision to ban e-commerce sales on social media: TikTok

Chinese-owned app TikTok on Thursday said it regretted the Indonesian government's decision to ban e-commerce transactions on social media platforms, particularly the impact it would have on the millions of sellers who use TikTok Shop. But TikTok Indonesia said in a statement they will respect the regulations and laws that apply in Indonesia and will take a constructive path forward. We deeply regret the government's announcement, especially how it will impact the livelihoods of the six million sellers and nearly seven million affiliate creators who use TikTok Shop, said the statement sent to The Associated Press on Thursday. Indonesia banned goods transactions on social media platforms such as TikTok in a bid to protect small businesses from e-commerce competition, accusing them of predatory pricing. Indonesia's Trade Minister Zulkifli Hasan on Monday announced the decision after a meeting with President Joko Widodo. The ban is to prevent the domination of the algorithm and preven

ONDC to open its platform for fintech services like credit, insurance

In insurance, ONDC is starting off with three products - health insurance, marine insurance and motor insurance

Final draft of e-commerce policy skips consumer data protection regulations

The earlier draft of the policy which was released in 2019 talked extensively about the ways in which e-commerce companies could collect user data

'No proposition for independent regulator in proposed e-commerce policy'

In that meeting, a broad level of consensus emerged among the concerned stakeholders on the proposed policy

Kareena Kapoor Khan acquires minority stake in e-commerce brand Pluckk

Actress will be brand ambassador of lifestyle-oriented fresh fruit and vegetables brand