FLIPKART SALE
Online discounts to rain heavy from July, ease dry spell of electronics, apparel cos
Brands are gearing up for a surge in online discounts and promotions starting this month, aiming to clear unsold inventory ahead of the festive season. Expectations are high for the discounts to be the steepest since Covid-19, particularly in categories like smartphones, electronics, and apparel, which have faced sales pressure in the first half of the year. Multiple sales events are planned by marketplaces like Amazon and Flipkart, including Prime Day and Independence Day sales, extending till Diwali.
Top fintechs dial NBFCs for secured credit partnerships
Fintech startups, having built trust as unsecured loan providers, are setting their sights on the secured credit market. Companies like PhonePe, Cred, and Paytm are seeking collaborations with non-banking financial institutions (NBFCs) to facilitate these secured loans. Lenders also want to work with fintechs for such products, as they look to source prime customers through these platforms.
Top brands bank on 'imported' sales events to boost demand
Back to school sales in India have seen rapid growth over the last five to six years, with the event generating over a fourth of retail laptop sales. This trend is second only to the Diwali festive season's contribution of 30-35%, according to industry estimates. Other 'imported' sales events include small business days, Black Friday, Cyber Monday, Mother's Day, Father's Day, and Valentine's Day.
Amazon plans discount store in US to fight China's Temu and Shein: report
Amazon is launching a new storefront on its website in the US for low-cost items in fashion, lifestyle and home goods. This is the etailer's latest move is being viewed a move to one-up Chinese companies Temu and Shein, which have gained major traction in the US due to their modest prices.
Flipkart explored a deal with Swiggy for a pie of quick commerce
Eight to ten months ago, discussions about a potential investment by Flipkart in Swiggy, two of India's biggest internet companies in the consumer sector, were underway. This potential alliance was driven by the changing landscape of the market, particularly the rise of quick commerce. However, due to disagreements on valuation, the talks ultimately fell through.
How capital surge may fuel discount war in quick commerce space
The $665 million funding round at Zepto may trigger a discounting war among players like Blinkit, Instamart, and Flipkart. Blinkit faces increased competition in logistics infrastructure as the quick commerce market heats up.
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Indians get hooked on 10-minute grocery apps, squeezing small retailers
India's quick commerce boom is reshaping how Indians shop, with Swiggy leading the charge in the fast-paced delivery game. The SoftBank-backed company's grocery warehouse in a middle-class suburb of Mumbai operates precisely, aiming to deliver orders within 10 minutes. Swiggy's bikers, clad in bright orange T-shirts, race against time to collect and deliver packed grocery orders, with the warehouse manager emphasising the need for speed in the entire process.
Too hot, too good for e-tailers: ACs, ice creams and beauty products' online sales enjoy the heatwave
Consumers are increasingly turning to online shopping for a variety of products like air conditioners, beauty products, and snacks as heatwaves prompt them to stay indoors, especially during peak afternoon hours. Brands like Voltas and Panasonic have witnessed significant growth in online sales, particularly in the AC category. E-commerce platforms are seeing a surge in demand for large purchases like ACs and coolers, with quick commerce becoming popular for daily essentials. Companies like Parle, Mother Dairy, and Baskin Robbins are experiencing a boost in online sales.
Ixigo closes pre-IPO secondary sale at Rs 176 crore
New investors Ashoka India Equity Investment Trust, Tata Mutual Fund, Bay Capital, and Steadview Capital, have acquired these shares. During a secondary sale, existing investors sell their stake, so the proceeds do not go to the company. Ixigo is also raising Rs 120 crore in fresh capital through the public issue.
How startups are changing their hiring strategies to streamline costs
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
Startup layoffs in 2024: Ola Electric, Byju’s, Flipkart among firms shedding jobs
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
Adani One superapp clocked gross sales of Rs 750 crore in FY24
According to the 2023-24 annual report of the Ahmedabad-based conglomerate's flagship company Adani Enterprises, the user base of the superapp grew to 30 million at the end of the financial year. The company aims to expand the superapp's customer base to 400 million by 2030. Adani group is also in discussions with Paytm for potentially acquiring a stake in the fintech firm.
Myntra gained market share, scaling beauty and home decor: CEO Nandita Sinha
Over the past year-and-a-half, online fashion retailer Myntra has gained market share even as rivals like Reliance Ajio and Nykaa Fashion have snapped at its heels, chief executive Nandita Sinha told ET in an interview–without naming the competition.
Ecommerce fails to click for firms in Q4 as sales dip across segments
Online consumption lagged in the March quarter across segments like electronics, wearables and beauty. Delhivery said ecommerce delivery volumes declined 13% sequentially in the March quarter to 176 million, while on a year-on-year basis they were down 2%. Cofounder and CEO Sahil Barua indicated this slowdown comes after a strong December quarter.
Google invests $350 million in Flipkart as part of nearly $1 billion funding round
Flipkart secures $1 billion funding with investments from Google and Walmart. Walmart, which holds an 85% stake, invested $600 million in the round. Valued at $35-36 billion, Flipkart plans to expand with Google's cloud collaboration.
Prathyusha Agarwal to head Flipkart's Shopsy
Prathyusha Agarwal has joined Flipkart as vice president (VP) and head of Shopsy, a spokesperson for the firm confirmed to ET. She was previously the chief business officer of edtech firm Byju’s, with earlier stints at Zee Entertainment, Tata Cliq and Unilever.
iPhone 14 vs iPhone 14 Plus on sale: Which Apple smartphone should you buy at Flipkart’s discounted price?
Flipkart is offering the iPhone 14 and iPhone 14 Plus at the same surprising price of Rs 58,999, which is a significant discount from Apple's official prices. Normally, the iPhone 14 sells for Rs 69,900 and the iPhone 14 Plus for Rs 79,900. This limited-time offer presents a great opportunity for buyers. The iPhone 14 features a 6.1-inch screen, while the iPhone 14 Plus has a larger 6.7-inch display.
Amazon, Flipkart to have quick commerce play in certain categories: Delhivery CEO Sahil Barua
Quick commerce platforms like Zepto, Blinkit and Swiggy Instamart are venturing into ecommerce categories such as fashion, electronics, home appliances and luggage, and go beyond just daily essentials and groceries.
Share of quick commerce in online FMCG sales rockets to 35% in FY24
Quick commerce drove overall ecommerce for these companies as well as the broader fast moving consumer goods (FMCG) industry, company executives said.
Amazon pumps Rs 1,660 crore into India marketplace entity
Amazon's biggest rivals in India, Flipkart and Meesho, are also raising fresh capital. Walmart-backed Flipkart received a cash infusion of about Rs 924 crore in two parts from its related entities based in Singapore in January. Meesho closed a $275 million funding round comprising a mix of primary and secondary share sales.
Platforms see scorching summer sending ecommerce sales soaring
Early summer heatwave boosts online demand for cooling products, driving significant growth in ecommerce sales. The surge in appliance sales leads to concerns of supply shortage. Offline markets also witness substantial growth in cooling-related appliance sales.
Sales glut, sweat and tears: For ecommerce, heat wrings out the worst of worries
Temperatures are a health hazard, erode delivery teams; companies are struggling to meet summer demand. Experts say extreme weather conditions will continue to drive unpredictability and increase absenteeism among gig workers.
Flipkart’s Blockchain-based FireDrops seeks more use cases
Walmart-owned ecommerce major Flipkart is collaborating with Polygon for its web3 plans and aims to go deep with this partnership this year, which can help change the way Indians shop and engage with brands online, senior industry executive told ET.
Ather eyes new round, Nikhil Kamath buys big part of Sachin Bansal’s holding
Sources told ET Ather Energy is also in the final stages of plans to raise $75-90 million (about Rs 750 crore) in primary funding from existing investors. This underscores increasing investor interest in the company and the mobility segment. The company is also approaching new investors.
Flipkart’s supply chain head Hemant Badri to lead quick commerce business
Flipkart's quick commerce, led by Hemant Badri, to launch in July with dark stores setup. Potential deals with Zepto and Dunzo didn't progress. Swiggy integrates Mall with Instamart.
Zepto improves quick-commerce market share; Instamart loses ground: HSBC report
A report from HSBC Global Research said Zepto market share rose from 15% in March 2022 to 28% in January 2024. During this time, Instamart's share fell from 52% in March 2022 to 32% in January 2024.
Non-grocery items deliver bright growth to dark stores
Quick-commerce platforms like Zepto, Swiggy Instamart and Blinkit are seeing rapid growth in the sale of non-grocery items as they continue to diversify their offerings and enter ecommerce turf.
iPhone 15 series, iPad sale: Buy Apple devices at huge discounts with added exchange offers; check details
Reliance Digital's Digital Discount Days sale is offering massive discounts and double exchange offers on iPhones and iPads under Rs 25,000. Alongside, Amazon and Flipkart are also providing significant discounts on various iPhone models, making it an ideal time to upgrade your tech gadgets. Don't miss out on these incredible deals before the sale ends on April 15.
Flipkart Internet receives $111 million in new fund infusion
The fresh capital came from the Flipkart's related Singapore-based entities on January 8, 2024. Two resolutions to infuse capital into the firm were approved on December 20 and December 22 last year, documents showed.
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