Myntra has been attempting to enhance its portfolio of international brands collections, with premium offerings showing fast growth. This as online fashion in the lower-price segments has lately witnessed a softness in demand.
Ecommerce major Flipkart is seeing senior vice presidents (SVPs) leaving, including leaders from Cleartrip, Mobikwik, and Instagram. The company is addressing its top-heavy structure and improving agility. Performance-based layoffs are happening across all verticals. Flipkart is focusing on financial services, grocery business, and PhonePe, while aiming to turn profitable.
The new year has begun on a sombre note for people working in large and well-capitalised startups as companies like Swiggy, Flipkart, and Paytm are laying off a sizable chunk of their teams.
Spotlight on Cleartrip, grocery and Shopsy; $1-billion funding in progress at company.
In FY23, Amazon Seller Services, the marketplace arm of Amazon, recorded 29% growth in ad revenue at Rs 5,380 crore, according to the RoC filings sourced from business intelligence platform Tofler. For Flipkart Internet, the marketplace arm of Flipkart, revenue from this segment rose 60% to Rs 3,325 crore.
A joint report by consulting firm Bain & Company and ecommerce major Flipkart said the online retail industry will likely return to annual growth of between 23% and 25% through 2028.
IDFC First Bank and Hurun India unveil the 'Top 200 Self-made Entrepreneurs of the Millennia 2023,' celebrating India's post-2000 companies driving unprecedented success, Damani of Avenue Supermarts at the top. The list reflects the diverse age range of visionaries, with Bengaluru a prime choice for startups. The collective value of the companies featured on this list is an impressive INR 30 lakh crore, equivalent to the GDP of Denmark.
The investment will be done gradually as the team is working on several products, and the platform is expected to be ready by end-2023 or early next year.
The fleet deployed by Mahindra Logistics will mainly facilitate Flipkart's e-commerce parcel movements through hub-to-hub operations.
A division bench of Justices Yashwant Varma and Dharmesh Sharma said "...we note that the respondents (VAT tax officer) clearly appear to have acted arbitrarily in making numerous adjustments post May 31, 2015 and, thus illegally depriving the petitioner (Flipkart) of the refund as claimed."
Online platforms such as Amazon running its Independence Day sales saw a surge in laptop sales following the government announcement, industry executives said. The sales momentum is continuing even on Monday, retailers and brands said.
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