Page 6 - E-commerce Firms

Flipkart Ventures invests in five early-stage technology startups

These investments are a part of the accelerator programme - Flipkart Leap Ahead (FLA)

Inflection Point Ventures announces full exit from Koovers at 47% IRR

Founded in 2016, Koovers is a B2B e-commerce platform specializing in supplying auto parts to independent workshops and the aftermarket sector

E-com retailers may clock about Rs 90k cr during festive sales: Redseer

This is 18-20 per cent higher than last year and will be driven by about 140 million shoppers who are expected to be transacting online at least once during this festive month

Flipkart crosses 1.4 mn sellers ahead of its annual shopping event

Businesses are using e-commerce to digitise and modernise themselves, says company

Higher growth, margin expansion likely to drive further gains for Emami

Valuations, reduction in share pledge are the other triggers for the stock

Udaan makes organisational changes in business and tech verticals

Vivek Gupta, who led the essentials business, will transition from the operating role

E-commerce firm Meesho aims to digitise 10 mn small businesses by 2027

The company said this would unlock new opportunities for small, medium, and local enterprises with an annual turnover below 40 lakhs, to embrace digital commerce

Independence Day sales: E-tailers are all smiles after 23% surge in orders

Customers explored offers on millions of products and shop from a wide selection

Centre asks e-commerce platforms to stick to their business model

Draft e-commerce policy to be out in few weeks; stakeholder consultation process-led by Goyal held

Meesho says it removed 42 lakh counterfeit products from its platform

Under this project, Meesho has implemented stringent verification processes, engaged in brand partnerships, and leveraged analytical models for fraud detection

Exempt small suppliers on e-commerce platforms from GST registration: GTRI

Think tank Global Trade Research Initiative (GTRI) said small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration if their turnover does not exceed the threshold. The GST Council has exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule will kick in from October 1. Ahead of the 50th GST Council meeting on Tuesday, GTRI has recommended that similar registration rules should be applicable for inter-state supplies done by micro and small businesses through e-commerce platforms. Giving example, GTRI Co-Founder Ajay Srivastava said that a small village artisan with less than Rs 10,000 annual turnover selling metal-ware craft through her website must enrol for GST pay tax and file regular returns despite low turnover. However, if the artisan restricts business within a ...

E-commerce operators face problem in GST drive to check fake registration

The pan-India drive against fake GST registration has created problems for e-commerce companies which maintain virtual offices in various states with minimal staff and no books of accounts. Talking to PTI, MakeMyTrip Group Vice President -Taxation Tajinder Singh said that the GST officials should enquire with the head offices with regard to virtual offices before categorising the state registration as a fake entity for non-production of books of accounts. "We maintain virtual offices in states ...in this fake registration drive the field offices have mistook these offices as fake registration, however we were only using these offices for tax payment, there was no ITC flow or fraud being committed using those registration. Because of this, lot of registration were blocked for compliance purpose and that created problems for us," Singh said. Centre and state GST authorities have on May 16 launched a two-month drive to check fake registration under Goods and Services Tax (GST). The fak

Alibaba CEO Eddie Wu: Little-known coder to continue Jack Ma's legacy

The appointment of Eddie Wu Yongming to replace the affable Daniel Zhang surprised insiders, even though the 48-year-old computer scientist has been with Ma from Alibaba's humblest beginnings

Daniel Zhang to step down as Alibaba CEO, Eddie Wu Yongming to succeed him

Daniel Zhang to focus on Alibaba Cloud Intelligence Group as chairman and CEO; change will take effect September 10

GJEPC welcomes CBIC's step to simplify policy on jewellery e-commerce

The Gem and Jewellery Export Promotion Council (GJEPC) on Friday lauded the government's decision to simplify the policy on jewellery e-commerce by allowing its exports through courier and said the move will benefit the industry. "We are pleased to see the government's acceptance of our recommendations to simplify the policy on jewellery e-commerce. The recent notification and circular issued by CBIC reflect their responsiveness to industry needs and will benefit the exporters," GJEPC chairman Vipul Shah said in a statement. The reduction in documentation requirements and simplified shipping bill details will make the export process more efficient and contribute to the growth of e-commerce exports in the gem and jewellery sector, Shah added. The Central Board of Indirect Taxes and Customs (CBIC), on June 15, issued a notification and circular for further simplification of the exports of jewellery through courier mode for such exporters who do not wish to re-import. The new guidelin

TikTok plans to fuel e-commerce business with billions in investment

TikTok is planning to pour billions of dollars in Southeast Asia over the next few years, aiming to drive growth in one of its biggest markets amid heightened scrutiny in the US. The company's CEO, Shou Zi Chew, made the announcement on Thursday during a speech at a TikTok forum in the Indonesian capital Jakarta. The investment comes as the app's e-commerce marketplace, TikTok Shop, is experiencing some growth following its expansion to more countries in the region last year. But its still trailing more established power players, like online shopping sites Shopee and Lazada. The popular video-sharing app, though, is attempting to harness the power of its user base. Chew said on Thursday that the app generates more than 325 million visitors in Southeast Asia each month. And the research group Insider Intelligence expects its user base in Indonesia, Malaysia, Thailand, Vietnam and the Philippines to increase by more than 10 per cent this year. TikTok did not provide a detailed break

Govt asks e-comm firms for self-regulatory framework to end 'dark patterns'

The government has taken a serious note of 'dark patterns' and asked e-commerce firms to create a self-regulatory framework to stop such practices, Consumer Affairs Secretary Rohit Singh on Tuesday said. The e-commerce sector has the largest contribution to dark patterns, and the framework will be created in the next two months, Singh told reporters here after a stakeholder meeting. Dark patterns refer to practices which deliberately exploit the consumers on the internet, like adding items to a shopping cart even though a user has not opted for it, changing the price of a product at the time of checking out or even creating a false sense of urgency to advance a buying decision. Singh, who was present in the over two and half hour meet here, said he has asked the e-commerce players like Amazon, Flipkart, Swiggy and Zomato in association with the Advertising Standards Council of India and some law firms to create a self-regulatory framework to help curb such practices. He said educat

Demand for warehouses in India reached record high in 2022-23: Report

All sectors saw a rise in warehouse demand but the e-commerce sector saw a decline in demand in FY23, primarily due to early capacity building

Amazon to waive off seller fee by 10% to celebrate its 10 years in India

Amazon noted in a blog post that the company's goal from the start was to digitise all businesses in order to offer the largest choice of things while leveraging technology

Magicpin plans to have 20,000 fashion stores on its platform: CEO

Hyperlocal e-commerce firm magicpin plans to have 20,000 fashion stores on its platform by December this year, a senior company official said. The company claims to have added over 150 fashion brands and 10,000 fashion stores in the last 12 months. Fashion as a category currently contributes 25 per cent to the company's total business, magicpin CEO and co-founder Anshoo Sharma told PTI "Going further, we will double down our presence and tie up with 10,000 more fashion stores by the end of this calendar year and bring our grand total to 20,000 stores by end of the year, as customers' seek value for money fashion options from popular international and national brands," he said. According to Statista, India's fashion market size was estimated at USD 97.8 billion in 2020 and is projected to reach USD 180 billion by 2030, growing at a CAGR of 8.5 per cent. The company has onboarded brands like Puma, Titan World, Wildcraft, United Colors of Benetton, Levi's, Lifestyle, Pantaloons, Max