E-commerce marketplace Flipkart, owned by US-based retail giant Walmart, has witnessed a substantial dip in valuation, plummeting by approximately USD 5 billion or around Rs 41,000 crore as of January 2024 compared to its value in January 2022. This decline is revealed through equity transactions executed by Walmart, Flipkart’s parent company. According to Walmart’s restructuring […]
The Open Network for Digital Commerce (ONDC), a government-backed initiative, has embarked on a pilot project to integrate street food vendors into its interoperable network, starting with Delhi and Lucknow. The initiative aims to accelerate the network’s expansion and promote digital inclusion among small-scale sellers. As per reports, the pilot project aims to onboard 500 […]
Retail technology firm Ace Turtle has launched khaki apparel brand Dockers in collaboration with ecommerce platform Myntra, it said in a press release on Tuesday. “Docker is a division of Levi Strauss & Co. and Ace Turtle is the licensee of Dockers in India,” read the release. “We are excited to expand our relationship with […]
Vishal Mega Mart is reportedly planning a USD 1 billion initial public offering (IPO) that would value the company at up to USD 5 billion. The IPO proceeds are intended to fund the addition of new stores, according to sources familiar with the matter as reported by Reuters. Switzerland’s Partners Group and India’s Kedaara Capital, […]
The Ayurveda Experience (TAE), a direct-to-consumer company specialising in Ayurvedic beauty and wellness goods, raised USD 27 million in a fundraising round headed by Singapore-based venture capital firm Jungle Ventures. Investors in the round included SIDBI Ventures, Anicut Capital and Sharrp Ventures (part of the Mariwala Family Office, which operates the consumer products company Marico). […]
BigBasket, a grocery e-tailer, has created a new frozen food brand called Precia in conjunction with chef Sanjeev Kapoor, according to a press statement issued on Tuesday. Precia will provide three product categories: frozen veggies, frozen nibbles, and frozen sweets, according to the statement. “We aim to redefine the landscape, meeting the growing demand for […]
The Unified Payments Interface (UPI) service has been made available by ecommerce giant Flipkart for both online and offline payments made both inside and outside of its app. Flipkart, which says it has over 50 crore registered users and 14 lakh sellers on its marketplace, would be able to rely less on third-party UPI apps […]
Myntra has received a significant investment of USD 54 million from its parent company, Flipkart. The injection of funds comes at a critical juncture for Myntra, as it faces intensified rivalry from competitors such as Reliance’s Ajio and Tata Cliq. The funding was disclosed through regulatory filings in Singapore and is the second such major […]
Flipkart and Chinese smartphone manufacturer OnePlus have been fined Rs 30,000 for marketing a used phone as new. In addition to the penalties, the State Consumer Disputes Redressal Commission in Chandigarh has ordered that the firms repay the whole money paid by the complainant, Ashwani Chawla. Padma Pandey and Preetinder Singh, commission members, presided over the […]
Two US Senators, Sherrod Brown and Rick Scott, are advocating for a significant crackdown on the influx of duty-free packages from China into the United States. They have called upon President Joe Biden to take executive action to address what they perceive as an unfair advantage given to Chinese products. In a letter to President […]
