Page 5 - E Commerce Firm

Udaan in talks with existing and new investors to raise $400 million

Amid the funding winter and macroeconomic uncertainty, this funding will result in bolstering the balance sheet of the company and supporting its IPO plans, according to the sources

ONDC can support growth of financial services, e-commerce: Deloitte

The government's initiative ONDC is providing a huge platform for growth of four key sectors, including financial services, agriculture, manufacturing, and e-commerce retail, a Deloitte report said on Thursday. The Open Network for Digital Commerce (ONDC) is an initiative of the commerce and industry ministry to create a facilitative model to help small retailers take advantage of digital commerce. It is not an application, platform, intermediary or software but a set of specifications designed to foster open, unbundled, and interoperable open networks. The network aims at helping MSME players in the retail sectors to take advantage of the fast growing e-commerce space in the country. The report said that the ONDC presents an opportunity for financial institutions to engage with MSMEs segment that is mainly dependent on government schemes and non-baking financial companies (NBFCs) for credit as they are not deemed creditworthy by mainstream financial institutions. The size of lendi

Alibaba ecommerce arm to hire 2,000 graduates as Big Tech crackdown eases

China suspended publishing data on its soaring youth unemployment rate in July, saying it needed to iron out complexities in the numbers. The rate had risen every month this year and reached a record

Commerce minister Piyush Goyal to meet e-commerce firms on Wednesday

Commerce and Industry Minister Piyush Goyal is scheduled to meet representatives of e-commerce firms and domestic traders body CAIT on August 2 to discuss issues related to the sector, an official said. Representatives from different companies including Amazon, Flpikart, Tata CLiQ, Reliance, Zomato, Swiggy and Meesho are expected to participate in the deliberations. The meeting assumes significance as the government is in the process of framing a national e-commerce policy and consumer protection rules for the sector. Confirming about the meeting, Confederation of All India Traders (CAIT) National Secretary General Praveen Khandelwal said he has urged the government to immediately notify the policy and the rules for the online retail sector, which is dominated by global players. The policy would help in providing a conducive environment for inclusive and harmonious growth of the sector. In June, secretary in the department for promotion of industry and internal trade (DPIIT) Rajes

Meesho's monthly active users count about 55% of Amazon, Flipkart: Report

Meesho is India's third largest e-commerce retailer with CY22 GMV of $4.5 bn and 7 per cent market share, growing much faster than overall e-commerce market, according to the brokerage firm Jefferies.

Nykaa expects BPC biz FY23 revenue growth rates 30%, Q4 performance robust

In its regulatory filing, Nykaa said that in Q4 FY23, against the backdrop of subdued industry growth, Tier 1 consumers have demonstrated sustained consumption

Google-backed startup unveils multilingual voice search technology

Slang Labs was co-founded in 2017 by founders who had earlier co-founded Little Eye Labs, the first and only Indian company to be acquired by Meta (Facebook)

Eye on profitability, quick commerce firms turn into brand magnets

Attract advertisers to their platforms while also focusing on core business and scaling up

Amazon to slash more than 18,000 jobs as technology slump deepens

The reduction is concentrated in the firm's corporate ranks, mostly Amazon's retail division and human resources functions like recruiting

Udaan, Ola and Oyo see highest senior executive exits in 2022: Data

Ola and Oyo Hotels & Homes followed Udaan in recording the most senior executive exits in 2022, according to Longhouse Consulting data

Quick commerce finds it footing amid funding winter, now needs to scale

The sector has fared well both on the fund raising front and on operational performance

GeM closes in on Amazon, Flipkart in gross merchandise value

In FY22, govt's public procurement portal recorded a GMV of $14.2 bn, as against Amazon India's $17 bn and Flipkart's $23 bn

JD.com announces pay cuts of 10-20% for managers amid China slowdown

JD's decision came a few days after Chinese President Xi Jinping reiterated "common focus" as the government's aim

Best of BS Opinion: Meritocracy & reservations, trading on growth, and more

Here is the best of Business Standard's opinion pieces for today:

'Difficult decision': Amazon CEO says more layoffs will happen in 2023

The mass layoffs that began in Amazon's corporate ranks this week will extend into next year, CEO Andy Jassy said on Thursday. In a note sent to employees, Jassy said the company told workers in its devices and books divisions about layoffs on Wednesday. He said it also offered some other employees a voluntary buyout offer. "I have been in this role now for about a year and a half, and without a doubt, this is the most difficult decision we have made during that time (and, we have had to make some very tough calls over the past couple of years, particularly during the heart of the pandemic)," Jassy wrote in the memo. Seattle-based Amazon, which has been cutting costs in various areas of its business in the past few months, is undergoing an annual review process to figure out where it can save more money. Jassy said this year's review is "more difficult" due to the economic landscape and the company's rapid hiring in the last several years. Other tech companies -- many of which had

Flipkart burns over $3.7 billion cash in about a year till Sep 2022

E-commerce major Flipkart has burnt cash of USD 3.7 billion (about Rs 30,000 crore) in about a year ending September 2022, according to regulatory filings. Flipkart had USD 1 billion in cash in July 2021, which came down to USD 887 million by September 2022. The company, in July 2021, raised USD 3.6 billion (about Rs 29,000 crore), which has been completely exhausted, according to regulatory filings of Flipkart and Walmart. It is the biggest cash burn in a year by any new-age company in the country, according to industry estimates. A Walmart regulatory filing shows that the company had approximately USD 1.1 billion as of July 31, 2022. "As of July 31, 2022, and January 31, 2022, cash and cash equivalents of USD 3.5 billion and USD 4.3 billion, respectively, may not be freely transferable to the US due to local laws or other restrictions. "Of the USD 3.5 billion on July 31, 2022, approximately USD 1.1 billion can only be accessed through dividends or intercompany financing arrange

Udaan raises $120 mn amid funding winter; plans IPO in 12-18 months

Business-to-business e-commerce firm raises capital from existing investor, was valued at $280 million in January 2021

Shiprocket becomes first inter-city logistics provider to join ONDC network

Company will enable sellers to select delivery partners to ship products across India

E-commerce firms give airlines a miss, ship Diwali parcels by road, rail

This comes on the back of tie-ups between e-commerce companies and Indian Railways, and expansion of fulfillment centres which has enabled increased storage and quicker deliveries

Amazon boasts of 25% increase in British marketplace sellers in 2021

The number of small and medium-sized British businesses selling over Amazon.com Inc.'s marketplace soared by more than 25% in 2021, faster than in Germany, France or Italy.