March 29, 2024

Web and Technology News

Walmart pays $1.4 billion to buy Tiger Global’s remaining Flipkart stake

Walmart paid $1.4 billion to buy out Tiger Global’s remaining holding of Flipkart shares as the retail giant further expands its stake in the Indian e-commerce startup. The transaction took place in recent days and Tiger Global, which has cashed most of its Flipkart shares earlier, overall made a return of $3.5 billion on an […]

Flipkart makes $700 million payout to employees following PhonePe split

Flipkart commenced a $700 million “one-time discretionary” cash payout to employees on Friday, the single-largest such compensation in the Indian startup ecosystem. The Walmart-backed Bengaluru-headquartered startup is compensating employees for the separation of fintech PhonePe from the e-commerce group, a move that devalued Flipkart’s shares. The two firms completed a full ownership separation late last […]

Flipkart makes $700 million payout to employees following PhonePe split by Manish Singh originally published on TechCrunch

India’s Flipkart begins customer lending in bid to boost sales

Flipkart has begun lending to customers, expanding its financing offerings in a move that could potentially boost sales even as its chief rival Amazon has signalled a slowdown in India. The Walmart-owned Bengaluru-headquartered firm, in partnership with lender Axis Bank, is extending a credit of up to 500,000 Indian rupees, or $6,100, according to a […]

India’s Flipkart begins customer lending in bid to boost sales by Manish Singh originally published on TechCrunch

Coupang says no plans to enter India

Coupang doesn’t plan to enter the Indian market, the company said, refuting a local media report that claimed that the South Korean e-commerce firm had expressed interest in entering the South Asian nation. “Coupang has no plans to enter the Indian market,” a company spokesperson told TechCrunch in a statement. India is one of the […]

Coupang says no plans to enter India by Manish Singh originally published on TechCrunch

Bernstein pegs Reliance as India’s eventual e-commerce kingpin

The Indian conglomerate Reliance is poised to outpace Amazon and Walmart-backed Flipkart in the race for the country’s $150 billion e-commerce market, analysts at Bernstein projected in a scathing report to clients this week, challenging the prevailing industry views that favor the incumbent global powerhouses. Bernstein’s projection hinges on a quartet of compelling advantages that they […]

Bernstein pegs Reliance as India’s eventual e-commerce kingpin by Manish Singh originally published on TechCrunch

PhonePe expands new funding to $850 million

General Atlantic has poured another $100 million into PhonePe, four months after leading a $350 million investment in the Indian fintech startup that has so far raised $850 million in an ongoing financing round at the height of the slowing global economy. Walmart-backed PhonePe disclosed the investment in a statement on Monday. The ongoing round […]

PhonePe expands new funding to $850 million by Manish Singh originally published on TechCrunch

Amazon omits India business in earnings, a first in years

Amazon omitted India updates in Thursday’s earnings call and release, a notable change for the e-commerce giant that has consistently highlighted rapid growth in the South Asian market. The absence of India in the quarterly earnings, the first since early 2014, follows Amazon’s shutdown of multiple services, including food delivery and wholesale distribution, in the […]

Amazon omits India business in earnings, a first in years by Manish Singh originally published on TechCrunch

India warns e-commerce giants, urges adoption of open network

India will use the “full force of the government” to promote the adoption of its open e-commerce network, cautioning e-commerce giants failing to join the initiative within the stipulated time frame may result in withdrawal of the offer. The commerce minister of India Piyush Goyal reiterated his appeal to the e-commerce giants to join the […]

India warns e-commerce giants, urges adoption of open network by Manish Singh originally published on TechCrunch

Walmart-backed payments giant PhonePe makes e-commerce push

In a move reminiscent of its successful early bet on the government-backed UPI network seven years ago, PhonePe, India’s leading mobile payments app, is now setting its sights on the e-commerce sector. The Bengaluru-based startup, backed by retail giant Walmart, on Tuesday launched a hyperlocal commerce app, called Pincode, that is powered by the Open […]

Walmart-backed payments giant PhonePe makes e-commerce push by Manish Singh originally published on TechCrunch

India government-backed open e-commerce network expands to mobility

Open Network for Digital Commerce, the Indian government-backed initiative that is attempting to “democratize” e-commerce, has set its eyes on another industry it would like to disrupt. ONDC, a nonprofit firm set up by India’s commerce ministry in 2021, is opening up its railroads to serve mobility firms, it said at a press conference in […]

India government-backed open e-commerce network expands to mobility by Manish Singh originally published on TechCrunch

Ex-Flipkart exec’s Flash app wants to be an inbox for your e-commerce needs

Email inboxes are tricky tools because over time they become hard to manage and users have to spend a lot of time searching for what they are trying to find. And if you have been using one email address everywhere, it’s also painful to change that at a later stage. Email tools often fail to […]

Ex-Flipkart exec’s Flash app wants to be an inbox for your e-commerce needs by Ivan Mehta originally published on TechCrunch

Walmart invests $200 million in Indian mobile payments giant PhonePe

PhonePe has raised another $200 million as part of an ongoing round, a deliberation that has now helped it pull $650 million in recent weeks despite the market slump, as the Indian fintech giant bulks up its war chest following the recent separation from the parent firm Flipkart. Walmart, which owns the majority of PhonePe, […]

Walmart invests $200 million in Indian mobile payments giant PhonePe by Manish Singh originally published on TechCrunch

Walmart readies another $2.5 billion investment in India’s e-commerce and payments

Walmart is preparing to spend over $2.5 billion in India as the retailer doubles down on the opportunities it sees in India’s e-commerce and payments markets even as the firm contends with rising costs amid the market downturns. Walmart spent about $780 million earlier this month to the Indian tax authorities after PhonePe, in which […]

Walmart readies another $2.5 billion investment in India’s e-commerce and payments by Manish Singh originally published on TechCrunch

Amazon launches freight service Air in India

Amazon has launched Amazon Air, its dedicated air cargo fleet, in India as the e-commerce giant bulks up its logistics infrastructure in the key overseas market where it has deployed over $6.5 billion. The retailer has partnered with the Bengaluru-based cargo airline Quikjet to launch its maiden air freight service in the country, which it […]

Amazon launches freight service Air in India by Manish Singh originally published on TechCrunch

Flipkart and PhonePe complete separation

Indian e-commerce giant Flipkart no longer owns a stake in payments firm PhonePe. The two said on Friday that they have completed a full ownership separation of PhonePe and shareholders in the Singapore entities of both firms have purchased shares directly in PhonePe’s India entity. The move comes as PhonePe, which was acquired by Flipkart […]

Flipkart and PhonePe complete separation by Manish Singh originally published on TechCrunch

Amazon shutting down wholesale distribution in third business exit in India

Amazon is shutting down its wholesale distribution business in India, the latest in a series of retreats for the retailer in the key overseas market where it has deployed over $7 billion in the past decade. The American e-commerce giant said Monday that it is discontinuing Amazon Distribution, its wholesale e-commerce website available in small […]

Amazon shutting down wholesale distribution in third business exit in India by Manish Singh originally published on TechCrunch

Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months

The funding winter for the startup ecosystem may continue for another 12 to 18 months and the industry might have to grapple with a “lot of turmoil and volatility,” e-commerce giant Flipkart chief executive Kalyan Krishnamurthy has warned executives. “This is going to be tough next year. My estimate is that a lot of startup […]

Flipkart chief warns startups of turmoil and funding crunch for another 12 to 18 months by Manish Singh originally published on TechCrunch

Amazon quietly opens its logistics network to third-party merchants in India

Amazon is quietly beginning to offer its transportation and logistics network as a service to third-party merchants, businesses and direct-to-consumer brands in India, tapping its large delivery chain to drive revenue in the key overseas market as the e-commerce group attempts to replicate a model it has been testing in the U.S. for several months. […]

Amazon quietly opens its logistics network to third-party merchants in India by Manish Singh originally published on TechCrunch