The proposed Snapdeal sale to Flipkart has been put on hold and may be called off as the founders and shareholders of the struggling online marketplace have not yet agreed on the terms of the deal, three people familiar with the matter said. Read more here.
Zomato partners with Ola, allows users to book rides and pay through Ola Money
Two of the country’s leading consumer technology brands, Ola and Zomato, on Thursday announced a strategic alliance that will allow them to cross-sell services on each other’s platforms. Cab hailing service Ola (ANI Technologies Pvt. Ltd), which has recently pioneered an in-car infotainment system called Ola Play, will allow its riders to browse and order from restaurants from within cab. This will be done through a native Zomato feature on Ola Play tablets. Read more here.
The board of online marketplace Snapdeal (run by Jasper Infotech Pvt. Ltd) has given the go-ahead to the company to continue negotiations to sell itself to Flipkart, which increased its buyout offer to $850 million last week, three people familiar with the matter said. The development implies that Snapdeal’s largest investor SoftBank Group Corp. may have won the boardroom battle against two other investors, Nexus Venture Partners and Kalaari Capital, as well as Snapdeal founders Kunal Bahl and Rohit Read more here.
India’s largest online retailer Flipkart has consistently nudged ahead of rival Amazon India in monthly sales this year even as the e-commerce market again grew at a sluggish pace in the quarter ended 30 June. In June, Flipkart Internet Pvt. Ltd reported monthly gross sales of more than Rs2,600 crore, three people familiar with the matter said. That compares with gross sales at Amazon India (Amazon Seller Services Pvt. Ltd) of more than Rs2,400 crore, two other people familiar with the company’s numbers said. Read more here.
Reliance Industries shares at record high after JioPhone announcement
Shares of Reliance Industries Ltd (RIL) closed at a record high on Monday as investors continued to buy the stock on optimism that its earnings may improve further after the full commissioning of its core refining and petrochemicals projects and because of its aggressive moves in the telecom segment. Read more here.
Snapdeal sale to Flipkart hits roadblock as founders want Infibeam buyout
The board of struggling online marketplace Snapdeal (Jasper Infotech Pvt. Ltd) is again divided about the company’s proposed sale, casting doubt about its future. Snapdeal co-founders Kunal Bahl and Rohit Bansal are pushing for a sale to Infibeam Inc. or getting Snapdeal to survive as an independent company by cutting both a majority of jobs and the size of its business, two people familiar with the matter said. Read more here.
BlackBuck appoints former Bluestone executive Arvind Singhal as COO
Former BlueStone chief operating officer (COO) Arvind Singhal has been appointed as a top executive at Zinka Logistics Solutions Pvt. Ltd, which owns online freight services aggregator BlackBuck, a top industry source familiar with the matter said. Singhal, an IIT Bombay and IIM Calcutta graduate, was with the online jewellery company since September 2015. He resigned from the position of COO in March this year. Read more here.
RentoMojo raises $10 million from Bain Capital, others
Furniture and consumer durables rental start-up RentoMojo has raised $10 million in series B funding from private equity investor Bain Capital Ventures and fintech entrepreneur Renaud Laplanche, the company said on Tuesday. Existing investors Accel Partners and IDG Ventures contributed 20-30% of the fund and have increased their share in the firm, RentoMojo chief executive Geetansh Bamania said. Accel Partners and IDG Ventures had earlier invested $7 million over two rounds. Read more here.
Flipkart to test market online groceries service, launches pilot project
Flipkart, the country’s largest e-commerce marketplace, is planning a pilot of its grocery delivery service in several Indian cities before a commercial launch, as it looks to play catch-up with global rival Amazon. The company is currently running a pilot in Bengaluru. Amazon began testing its grocery delivery service Amazon Now in Bengaluru last February and has since expanded it to National Capital Region, Mumbai and Hyderabad. It also has Pantry, a bulk grocery buying service that is present in 30 Indian cities. Read more here.
Flipkart aims to break even this year by paring discounts, overheads
After bringing about consistently strong sales growth since October, India’s largest online retailer Flipkart is pushing hard to cut losses as it seeks to prove it can build a profitable business. Flipkart has set a target of breaking even at the gross profit (GP) level by the end of the financial year by reducing discounts, logistics and warehousing costs, three people familiar with the matter said. Read more here.