Japanese conglomerate SoftBank Group said it has recorded loss from investments to the tune of $1.4 billion, or over Rs 9,000 crores, for 2016-17 in Indian startups like Snapdeal and Ola. SoftBank Group (SBG) registered loss from financial instruments at FVTPL (fair value through profit or loss) of JPY 160,419 million in consolidated financial statements for the fiscal year ended March 2017, SoftBank said in a statement.
Update- In response to BGR India's query on the revised policy, Flipkart Head of Consumer Shopping Experience, Ranjith Boyanapalli said, "The last major policy change for mobile phone returns was done in 2016 when the replacement window was brought down from 30 days to 10 days based on consumer data." As per historical data, most consumers filed for refunds/returns within the first 10 days of buying a mobile phone. Hence, based on that data, the decision was made," he explained.
One more week in the tech world has come to an end, leaving behind some interesting, some shocking, and some exciting news at our steps. From Snapchat CEO Evan Spiegel s alleged comment on India being a poor country, to the India launch of Samsung Galaxy S8 and Galaxy S8+, this week had it all.
Is India really an intolerant country? Well, if recent happenings in the tech world is anything to go by, we would rather be skeptical of exercising our right to freedom of speech and expression. This past weekend was quite charged up with Snapchat (not Snapdeal!) CEO Evan Spiegel s alleged remarks on India being a poor country which doesn t make it worthy to be considered for expansion. What followed was #BoycottSnapchat trending on Twitter India, along with a hilarious case of mistaken identity, where Snapdeal had to deal the backlash for having a similar reading name.
In a case of mistaken identity, many people downgraded and uninstalled the mobile application of e-commerce platform 'Snapdeal' instead of social networking app 'Snapchat' to mark their protest against certain unverified comments of Snapchat CEO about the Indian market. The social media was today abuzz with criticism against Snapchat CEO Evan Spiegel after a report quoted one of the company's former employees as saying that the top executive told him that the "app is only for rich people" and that he (CEO) was not interested in expanding the business to "poor countries" like India and Spain. Snapchat, on its part, has rubbished the allegations.
E-commerce major Snapdeal s CEO Kunal Bahl and two others have been summoned by a Delhi court on a criminal complaint of an entrepreneur who alleged that his idea of connecting sellers and buyers through an e-platform was unauthorizedly usurped by the firm and its officials. Additional Sessions Judge RK Tripathi issued a notice to Snapdeal CEO Kunal Bahl, COO Rohit Bansal and its former chief financial officer (CFO) Vijay Ajmera for allegedly cheating entrepreneur Gaurav Dua s concept of non-inventory holding marketplace model for retail in the garb of collaborating with him.
It s no secret that Snapdeal has had a difficult year, with multiple lay offs, and top executive shuffles, among other things. Also the rumors that the tough year may lead to a sale of the company to Flipkart, a deal which will be pushed by SoftBank, has not been particularly hidden either. However, the fact that these were still believed to be rumors, and Snapdeal also categorically denied any such takeover moves, always left a big question mark on the company s future. But now, in a letter sent out to the employees by Snapdeal founders, all but confirms the sale.
Coping with the heavy competition that Amazon has posed in the Indian e-commerce market, home-grown companies like Flipkart and Snapdeal have reportedly been speculating consolidation for a while now. Few weeks ago, Flipkart raised $1 billion, and was even rumored to take over ebay s India business. Soon after, there were rumors of Flipkart and Snapdeal entering a merger deal allowing a joint entity to tackle the competition. And now, according to an new ET report, Japan s Softbank, which is the largest shareholder of Snapdeal, held a meeting with Flipkart for the proposed sale of Snapdeal.
The recent issue of offensive tricolor doormats being listed on Amazon Canada had sparked outrage in India. After backlash from citizens, politicians, online netizens, and even a threat from Minister of Foreign Affairs Sushma Swaraj to cancel visas to Amazon employees in India, the e-commerce company delisted the tri-colored doormats. In order to avoid repetition of such incidents in the future, Amazon has now reportedly updated their global compliance process to include a list of Indian laws that permit the usage of the national flag and other emblems.
Even as Amazon is pumping millions of dollars into its Indian venture, Indian e-commerce companies are looking for options to cope with the competition. Just a few days ago, Flipkart reportedly raised $1 billion, and was even rumored to take over ebay s India business -- a move that hinted at a possible trend of consolidation in the ecommerce space. Now, there are strong hints that Flipkart and Snapdeal will enter into a merger deal, allowing a joint entity to tackle the competition.
Intex has launched the Aqua 4G Mini, another entry-level device in its Aqua series. The smartphone has only been listed on the Intex India website, and there is no news of when will it be up for sale. There s also no word on whether it is an e-commerce exclusive device or whether it will also be made available in stores. The phone is listed on the website with a price tag of Rs 4,199.
In what is a big news regarding India s e-commerce market, Flipkart is said to be in advanced talks to acquire eBay s Indian operations. The news comes days after Flipkart reportedly raised $1 billion in its latest round of funding. While details of the finances are not out yet, this is believed to be a cashless deal.
Micromax, expanding its Spark series, has announced the new Spark Vdeo smartphone in the entry-level segment in India. The phone is priced at Rs 4,499 and will be a Snapdeal exclusive. Micromax Spark Vdeo will be up for sale on the e-commerce portal from March 24th. This is the fifth smartphone by Micromax under its Spark range.
As expected, OPPO launched a new selfie-centric smartphone called the OPPO F3 Plus in India today. The F3 Plus is priced at Rs 30,990, making it OPPO s costliest smartphone in the last couple of years. OPPO will be conducting a flash sale for the F3 Plus on April 1. However, pre-booking for the smartphone starts today and will be valid till March 31. The OPPO F3 Plus will be sold through e-commerce sites Amazon India, Flipkart, and Snapdeal, and will be available in black and gold color options.
Lately, Snapdeal has been witnessing a phase of slippery slope with multiple top executive exits, layoffs, its struggle to raise fresh funds and its chiefs sacrificing their salaries to keep up the company s operations. Amid these news, latest report alleged Snapdeal being in preliminary talks with two of its biggest rivals Alibaba-backed Paytm E-Commerce Pvt Ltd and Flipkart India for a potential sale. However, in a response to the report, Snapdeal has denied any such discussion.
Online marketplace Snapdeal on Thursday said it had entered into partnership with Japan External Trade Organization (JETRO) to sell products from popular Japanese small and medium enterprise (SME) brands. According to the company, the partnership will enable customers to purchase JETRO products across various categories directly from Snapdeal.
Snapdeal expects to garner over Rs 100 crore in revenue from its ad platform that assists sellers in improving their brand visibility on the e-commerce platform. Snapdeal has also announced a 50% cut in ad rates for most of the categories, including fashion and electronics, applicable from today.
Online marketplace Snapdeal on Thursday announced its partnership with Taiwanese smartphone-maker ASUS with the launch of ASUS Zenfone 3s Max smartphones on its platform. The Asus ZenFone 3S Max is powered by 1.5GHz octa-core MediaTek MT6750 processor. It comes with 3GB of RAM along with 13-megapixel primary camera and 8-megapixel front camera.
Online marketplace Snapdeal's fully-owned subsidiary Vulcan Express is set to expand its GST-compliant logistics network across 80 major cities, offering services to external clients as well. Vulcan is targeting several top businesses to offer GST-compliant logistics as it begins to serve companies in the B2B and B2C space from next month onwards, Snapdeal said in a statement here today. It estimates that the business will grow four times over the 2017 financial year, making it a significant contributor to Snapdeal revenues.