Amazon Seller Services, which handles the Amazon marketplace in India, said its US parent invested Rs 830 crore in the firm. Amazon Seller Services said it allocated 830 million equity shares to Amazon Corporate Holdings Ltd and Amazon.com.inc as part of the financial injection. On 19 January, Amazon invested Rs 350 crore in Pay (India), the […]
Swiggy, a food and grocery delivery company, reported a 45 per cent increase in operational revenue to Rs 8,265 crore in the fiscal year ending March 2023, while its net loss increased by 15 per cent to Rs 4,179 crore. The Prosus-backed business, which is presently preparing for an initial public offering (IPO), invested extensively during the […]
Supam Maheshwari, CEO, and Co-founder of the mother and child care ecommerce platform FirstCry, purportedly sold 6.2 million shares before the company’s upcoming initial public offering (IPO). Media sources estimate the value of the shares he sold to be more than Rs 300 crore. Maheshwari, named as a selling shareholder in the draft red-herring prospectus […]
Flipkart Internet, the marketplace arm of ecommerce major Flipkart has reported a Rs 14,845 crore growth in its operating revenue by 42 per cent for the financial year 2023. The company’s loss narrowed by 9 per cent to Rs 4,026 crore, according to a media report on Thursday. The firm’s operating revenue in 2022 stood […]
Furniture brand Pepperfry reported a revenue of Rs 272.3 crore in the fiscal year ending March 2023, reflecting a modest 10 per cent growth, signalling success in its omnichannel expansion strategy. Despite a marginal increase in total expenses to Rs 474 crore, the Mumbai-based firm narrowed its losses to Rs 187.6 crore from Rs 194 […]
According to media reports, Oyo, the hospitality unicorn, is seeking to secure USD 250 million in funding from investors amidst the delay of its initial public offering (IPO). A significant portion of this capital will be allocated to settling its USD 660 million term loan B. To make the funding round more appealing, Oyo plans […]
Dalvir Suri, Co-founder of Dunzo, the on-demand delivery startup, has stepped down amid financial challenges and a comprehensive company-wide reorganisation, as confirmed by CEO Kabeer Biswas. Biswas, also a co-founder, acknowledged Suri’s pivotal role in establishing various business lines at Dunzo and mentioned Suri’s intention to take a break after dedicating over six years to […]
Ahead of India’s 77th Independence Day, Simpl, India’s checkout network, on Wednesday its vision to eliminate cash on delivery in ecommerce by 2028 in order to reduce merchant losses and fastrack the industry’s journey towards profitability. As part of this vision, Simpl has introduced an Artificial Intelligence-enabled checkout suite to eliminate cash on delivery for […]
Tata-owned Air India incurred losses amounting to around Rs 7,000 crore in FY23 due to impairments related to faulty aircraft and engines, as well as the low-cost airline AirAsia India. However, executives noted that the losses have decreased, and the carrier achieved positive EBITDAR (earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs) […]
