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Stop predatory pricing: Piyush Goyal tells ecommerce companies

Friday, November 8, 2019, 11:51 AM

Stop predatory pricing: Piyush Goyal tells ecommerce companies

Commerce and industry minister Piyush Goyal has warned ecommerce companies of strict action if they don't halt predatory pricing on their platforms, flouting foreign direct investment (FDI) rules, said officials with knowledge of the matter. The issue figured in a discussion Goyal had with Amazon India head Amit Agarwal on November 5, they said.

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NCLT admits plea against Flipkart

Wednesday, November 6, 2019, 3:45 PM

NCLT admits plea against Flipkart

A single judge bench of the Bengaluru NCLT has ordered an corporate insolvency process against Walmart controlled online retailer Flipkart for non-payment of the Rs.26.95 crore of dues to Mumbai based LED TV supplier CloudWalker Streaming Technologies Private Ltd after a petition by the Mumbai based company. In response to a query Flipkart said the Karnataka High Court had already stayed the NCLT order.

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Amazon pumps in over Rs 4,400 crore in India business

Wednesday, October 30, 2019, 9:28 AM

Amazon pumps in over Rs 4,400 crore in India business

The US-based Amazon is pumping in over Rs.4,400-crore in its various units in India including marketplace and food retail to provide them more ammunition to compete against arch-rival Flipkart. Amazon, which is locked in a battle against Flipkart, had registered cumulative losses of over Rs.7,000-crore across various units in 2018-19. However, the fresh funding is indicative of Amazon's confidence in the Indian market.

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Boy, 16, Wants Amazon, Flipkart To Cut Plastic Use, Writes To Green Court

Tuesday, October 22, 2019, 5:36 PM

Boy, 16, Wants Amazon, Flipkart To Cut Plastic Use, Writes To Green Court

The National Green Tribunal on Tuesday sought a report from the Central Pollution Control Board on a plea by a minor boy seeking directions to e-commerce giants Amazon and Flipkart to stop excessive plastic use in packaging. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel directed the top pollution monitoring body to submit the report within a month.

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Sachin Bansal's Navi paid Rs.5 Cr plus to Ankit in salary and perks

Wednesday, October 16, 2019, 3:24 PM

Sachin Bansal's Navi paid Rs.5 Cr plus to Ankit in salary and perks

Ankit Agarwal, who along with Flipkart Co-founder Sachin Bansal founded investment fund Navi Technologies (formerly BAC Acquisitions), drew over Rs.5 crore in salary and perks in FY19, a source reported. The fund was founded in December 2018 itself. It posted a total income of Rs.16.7 crore and turned out profits in the very first fiscal of its operations.

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Flipkart confirms it is entering the food retail business in India

Tuesday, October 15, 2019, 6:22 PM

Flipkart confirms it is entering the food retail business in India

Walmart-owned e-commerce giant Flipkart is entering the food retail business in India, said its CEO Kalyan Krishnamurthy. It has registered a new entity, 'Flipkart FarmerMart', which will sell locally-produced and packaged food products directly to consumers, reportedly via both online and offline stores. As per regulatory filings, Flipkart has authorised to invest Rs.1,845 crore in the venture.

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EComm portals festive offers under the lens

Friday, October 11, 2019, 3:57 PM

EComm portals festive offers under the lens

The government is looking at complaints that global ecommerce giants have violated foreign direct investment (FDI) norms and will take corrective action against those flouting them even as Amazon and Flipkart said they are following the rules. Countering allegations by small retailers of deep discounts and price distortion, Amazon and Flipkart told the government on Thursday that they are not flouting any rules.

News

 
Mobile makers to bring festival deals to stores

Monday, October 7, 2019, 11:54 AM

Mobile makers to bring festival deals to stores

The dispute, between India's brick-and-mortar stores selling mobile-phones and brands such as Samsung, Oppo, Vivo, Xiaomi and Realme, appears to have been resolved after a series of recent meetings between two sides. Retailers said the brands have promised offers or promotions during the festive-season in the offline space. This is the fallout after the retailers' association red-flagged predatory pricing and discounts on e-commerce platforms.

News

 
Binny Bansal youngest to get distinguished alumni award from IIT Delhi

Wednesday, September 25, 2019, 6:26 PM

Binny Bansal youngest to get distinguished alumni award from IIT Delhi

Flipkart Co-founder Binny Bansal has become the youngest alumnus this year to be recognised as a distinguished alumnus by IIT Delhi. He was awarded for his "outstanding contribution made in entrepreneurship". Binny, who co-founded Flipkart along with Sachin Bansal in 2007, had quit as Flipkart's Group CEO in November 2018 after an independent investigation into an alleged "personal misconduct".

News

 
Amazon, Flipkart create over 1.4 lakh temporary jobs

Tuesday, September 24, 2019, 5:46 PM

Amazon, Flipkart create over 1.4 lakh temporary jobs

E-commerce giant Amazon and Flipkart have created over 1.4 lakh temporary jobs across supply chain, last-mile connectivity and customer support in preparation for their festive sales that kicks off later this month. Amazon.in, in a statement on Tuesday, said it has created more than 90,000 seasonal employment opportunities across its fulfilment centres, sortation centres, delivery stations, partner fulfilment network and customer service sites.

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