ITV

Category: e-commerce

  • BedBathMore.com plans $20 mn investment in 18 months; to raise $10 mn

    BedBathMore.com plans $20 mn investment in 18 months; to raise $10 mn

    MUMBAI: Social commerce platform BedBathmore.com will be investing close to $20 million as part of its expansion plans over the next 18 months. The company is already in talks with investors from the retail trade sector as well as VCs to raise an initial round of about $7-10 million over the next couple of months.

     

    BedBathMore.com, currently funded internally and via Blume Ventures, is likely to close the first round of investment over the next 90 days.

     

    The company, which recently re-aligned its business from a pure-play commerce model to a content-community-commerce model, will invest the funds to build its product offering as well as technology. The company will also be doubling its team size, increasing from the current 100-member team to over 250 by the end of the current fiscal.

     

    Over the next 18 months, the company will focus on extending the current value-propositions it offers to its users. Key amongst these will be increasing the community of architects and designers on its platform from the current 3500 to 10,000 by December this year. BedbathMore will also begin development of several industry first features to its platform that will appeal to users looking to style their homes. 

     

    BedBathMore founder and CEO Amit Dalmia said, “BedBathMore.com will be a platform to combine content, community and commerce, in a simple yet intelligent manner. We don’t want to be viewed just as a commerce company but as a discovery based company. BedBathMore.com will be a disruptive and an integral part of bridging the gaps, currently not being looked at in the market. As a part of this journey, we are looking for partners who can associate with us to realize this vision.”

     

    Over the past few months, BedBathMore has made key acquisitions of Homado.com, an online community of architects and CrudeArea, an art based start-up focused on the discovery of graphic art.

  • NDTV’s Gadgets 360° secures investment from Paytm’s parent co

    NDTV’s Gadgets 360° secures investment from Paytm’s parent co

    MUMBAI: One97 Communications, owner of consumer brand Paytm, has invested in NDTV’s e-commerce venture Gadgets 360°. 

     

    Additionally, NDTV has also appointed Bhawna Agarwal as CEO of Gadgets 360°.

     

    “NDTV Gadgets has always been the most credible go-to-destination for all gadget enthusiasts in India and it is very exciting to see them move to a transactional model with Gadgets 360°. We are looking forward to partnering them in this journey and creating a compelling market-place experience which marries content, curation and commerce,” said One97 & Paytm founder Vijay Shekhar Sharma.

     

    Gadgets 360° has raised funding at a valuation of close to $50 million. Other investors include Inflexionpoint co-founder John Scully, Genpact founder Pramod Bhasin, Sixth Sense Ventures founder Nikhil Vora, former Unilever chairman Vindi Banga and M&S Partners founder and director Hiro Mashita.

     

    Sixth Sense Ventures founder & CEO Nikhil Vora said, “I am most excited to be investing in Gadgets 360°, which has a unique model of being the only curated launch platform for all gadgets. With over 3,000 gadgets launched every year in India, I believe that there is a case for a credible platform to become the brand, which we see in the form of Gadgets 360°.” 

     

    NDTV Convergence chief technology officer Kawaljit Singh Bedi said, “I am personally very excited to have such great investors in Gadgets 360° and to leverage their experience in building this into a large and meaningful business in India and globally. The investors have been pioneers in their field and with their incredible knowledge of building big businesses, they will be crucial for our success.”

     

    The company’s new CEO Agarwal has over 16 years of experience in leading start-ups of the country. She has been instrumental in setting and scaling up brands such as Yatra.com, Seventymm among others. She has been associated with Luxury Retail in the past and is also on the advisory boards of OYO Rooms, Venture Fund among others.

     

    “NDTV Gadgets is a very popular and well respected platform amongst gadget lovers in India and is at a very interesting stage from where it can scale up very well. The new platform will be the game changer for the category and I am very excited to be a part of this journey to help take the category to the next level,” added Agarwal.

     

    NDTV Group CEO Vikram Chandra said, “Gadgets has become one of the most exciting areas of expansion for the NDTV Group. We had built a powerful brand connect in this thanks to our digital platform NDTVGadgets.com and our TV programming, with popular shows like Gadget Guru and Cell Guru. I am delighted to welcome Paytm and Vijay Shekhar Sharma, as an investor in Gadgets 360°.”

  • Shadowfax bags $300k funding from Snapdeal founders & others

    Shadowfax bags $300k funding from Snapdeal founders & others

    MUMBAI: In view of the booming e-commerce industry, the Gurgaon-based tech-enabled logistics startup Shadowfax has raised funds of $300,000 from multiple investors.

     

    Merely within four months since inception, the hyperlocal merchant delivery services company received the investment in an angel round led by established Indian entrepreneurs such as Snapdeal founders Kunal Bahl and Rohit Bansal, Powai Lake Ventures’ Zishaan Hayath and Limeroad’s Prashant Malik.

     

    The reason they are betting big on the venture lies in the difference in approach, according to Shadowfax co-founder and CEO Abhishek Bansal. “We believe that improving the existing state of last mile delivery and hyperlocal logistics would enable all future business growth. At Shadowfax, we are looking to build India’s most formidable, credible and fastest merchant delivery service. To achieve our aim, we have invested in strengthening our people on-boarding & training with tech-enabled solutions that help us provide 100 per cent service assurance,” he said.

     

    Shadowfax has invested in robust and reliable technology that uses multiple modes of communication in order to provide relevant solutions in the Indian context. It employs integrated GPS tracking functions and automated algorithms in its product to improve the efficiency of the network. 

     

    Shadowfax CTO and co-founder Vaibhav Khandelwal elaborated, “We have incorporated several features that leverage our proprietary end-to-end capacity planning algorithm to put the merchant directly in touch with the rider, geo-location for tracking orders, rider route planning, order coupling etc. that will help us become most efficient delivery company. Our advanced technology around restaurant preparation time ensures riders pick up meals only after they are ready and use the shortest route to navigate their way to their destination. We are single-mindedly focused towards building a highly reliable and smart network that guarantees seamless and accurate delivery which will help us lead this space.”

     

    Facts and figures support Shadowfax’s exponential growth within a short span of time. Since its launch in May 2015, Shadowfax today has an average delivery volume processing of approximately 3000 orders a day and 120-150 outlets that are currently utilising its service for last mile delivery in the Delhi-NCR region. Its service levels have made the company the vendor of choice with the merchants. The growth of the company has been driven through referrals.

     

    “We’re growing very rapidly. We have already created a niche for our services in Delhi-NCR and are looking to strengthen our present team of 35+ employees and 350+ riders and expand into 10 more cities within the next one year. With the recent investment, technology maturity and endorsement from our partners we are well poised to achieve that goal,” says Abhishek.

     

    The company further aims to take its services beyond food delivery and expand its efficient logistical infrastructure to multiple other categories. Angel investor Hayath added, “Abhishek and Vaibhav are focused on using technology as the core to build a strong merchant delivery network. This is a large problem with high fragmentation and the founders are obsessed with skill, efficiency and speed. This gives me the confidence that Shadowfax will grow into a very valuable company.”

     

    Moreover, Shadowfax has a strategic tie-up with NSDC’s training partners to enhance skills of riders and provide customized training that focused on continuous improvement. “With our superior training infrastructure and pioneering approach towards the delivery management sector, we will make the delivery industry an aspirational avenue for the youth of the country. We have opted for a partial crowd-sourced model, where anyone who wishes to be a rider can join our rider pool. However, every rider is imparted vocational skill based training before deployment,” said Abhishek.

     

    “Our core team comprises members who have known each other well from our time at IIT-Delhi. We share an extremely strong bond from our college days, and it has translated into a strong base on which to build the organisation. We are keen on getting like-minded individuals on board who can contribute to Shadowfax’s growth,” he concluded.

  • Sports365 launches offers for Independence Day weekend

    Sports365 launches offers for Independence Day weekend

    MUMBAI: Sports lovers now have another reason to be excited about Independence Day. Sports 365.in, an online sports store, has rolled out an offer to celebrate India’s 69th Independence Day. 

     

    The company is all set to offer a flat 15 per cent discount on products from 14 – 16 August, 2015.

     

    The discount is over and above the existing discounts across a range of products. The categories covered by the Independence Day offer by include Racquet Sports, Cycling, Hiking, Fitness, and Nutrition among many others.

     

    Sports365 co-founder and vice president Aashutosh Chaudhari said, “With this special offer that we are launching on the eve of Independence Day, we aim to delight the sports-enthusiasts of the country and attract them to shop from our portal. We see this day as an opportunity to address the sporting needs of our patrons with an added incentive and enhance our brand visibility in the market. This will be a good chance for our customers to buy products of popular sports brands from our portal at reduced prices. The offer serves as a testament to the fact that we are relentlessly working towards becoming the most-preferred choice for sports-shopping.”

     

    Over the Independence Day weekend, Sports365 will also display special combo offers.

  • Yash Raj Films partners Bewakoof.com for SRK themed merchandise

    Yash Raj Films partners Bewakoof.com for SRK themed merchandise

    MUMBAI: Indian youth casual wear brand, Bewakoof.com has teamed up with Yash Raj Films to launch a merchandise range titled ‘The King Khan Collection’.

     

    The collection features Shah Rukh Khan’s most popular YRF movie dialogues like ‘Rahul..Naam to Suna Hoga’, Bade Bade Deshon me aisi chotti chotti baaten hoti rehti hain’, ‘Kal raat kya hua tha’, ‘K..k..k..k..k..Kiran’ on t-shirts and boxers.

     

    The popularity of these iconic dialogues coupled with Bewakoof.com’s quirky take makes for an interesting and fun range of t-shirts, boxers and phone covers.

     

    Yash Raj Films vice president marketing and merchandising Manan Mehta said, “Team Bewakoof’s perspective on our content along with their ability to engage young audience with their product designs is the reason for our successful relationship so far. With this new range we intend to take this relationship a notch higher and are confident that our audience will love this range.”

     

    “Our official merchandise partnership with YRF clearly marks a milestone for us when it comes to merchandising potential and further strengthens our positioning in the key market areas as the coolest casual wear brand,” added Bewakoof.com co-founder Prabhkiran Singh.

                                                                                                                                         

    The collection will be live on www.bewakoof.com starting 13 August 2015.

  • ShopClues launches Neighbourhood Market for localised sellers

    ShopClues launches Neighbourhood Market for localised sellers

    MUMBAI: E-commerce venture ShopClues is set to redefine online shopping norms with its latest offering – the Neighbourhood Market. 

     

    With this new feature, ShopClues will create opportunities for localised sellers to showcase their products to buyers near them across mobile and web platforms. The discovery engine selects and brings forth deals and merchandise of local vendors, spread across all categories for an easy purchase experience. 

     

    The Neighbourhood Market will also provide customers with best prices along with faster delivery timelines, speedier complaint resolution and quicker return protocol. ShopClues is targeting a reduced delivery time of four hours with this initiative.

     

    ShopClues.com co-founder and CEO Sanjay Sethi said, “ShopClues is known in the e-commerce segment for its value-driven technological development and innovative shopping approach that cater to the specific preferences of Indian consumer. Our latest offering, the Neighbourhood Market will enable local shoppers and sellers to interact for a better overall shopping experience. Many of our users are first-time buyers who are used to shopping from malls or local bazaars. They prefer to have a physical face to their purchases which is now possible with our new property.”

     

    At present, ShopClues offers more than 19 million products from around 200k sellers across the country and has over two million daily visitors.

  • Best Foodworks invests in online fresh food store iOrderFresh

    Best Foodworks invests in online fresh food store iOrderFresh

    MUMBAI: iOrderFresh, the mobile-first, fresh food and grocery retail brand from Supply Chain Analytics and Technologies has received a strategic investment of an undisclosed amount from Best Foodworks. 

     

    Brainchild of Nitin Sawhney, iOrderFresh currently operates in the Delhi-NCR region with a key proposition of ‘Fresh Produce from Farm to Kitchen’. Sawhney, who is the former COO of India Today Group’s lifestyle marketplace BagItToday.com, had successfully mobilised strategic funding from Axel Springer AG for the BagIt venture in 2010. 

     

    Best Foodworks is founded by Alkesh Tandon, who is the executive director of Nelson India, a reputed corporate design firm providing architecture, interior planning and space management solutions. Following this investment, Tandon will join the Board of iOrderFresh and provide strategic guidance to grow the business exponentially.

     

    Tandon said, “The smartphone is ubiquitous in modern India and slated for tremendous growth. We are seeing how online shopping has shifted from a trend to a lifestyle. The m-Commerce tide is yet to sweep the country and we are certain that grocery shopping will be on top of the list, given our fast-paced lives. We are excited to partner with iOrderFresh, which we believe will redefine the food consumption supply chain of NCR and progressively across India. At Best Foodworks, we are constantly looking at opportunities which are aligned to the consumption story of the Indian economy.”  

     

    Sawhney added, “Online grocery though still nascent, is at a sunrise stage in India. In the past three months alone we have seen volumes double with negligible marketing spends. We are committed to delivering the best quality Fresh Produce to our customers day after day. Our action plan is to emerge as the leading player in the NCR region and then expand to other cities. We will be expanding our product offerings with the inclusion of new categories very soon. The money raised in this round will be invested in bolstering our technology, supply-chain, customer acquisition and services.”

  • Alibaba acquires 20% stake in Suning for $4.63 billion

    Alibaba acquires 20% stake in Suning for $4.63 billion

    MUMBAI: Alibaba Group Holding is all set to invest approximately $4.63 billion (RMB28.3 billion) for a 19.99 per cent stake in China’s consumer electronics retail chains Suning. After the closing of the investment in Suning, Alibaba will be the second-largest shareholder in the company.

     

    Concurrent with Alibaba’s investment in Suning, Suning will invest up to $2.28 billion (RMB14 billion) to subscribe for up to 27.8 million newly issued ordinary shares of Alibaba. After the investment, Suning will hold approximately a 1.1 per cent interest in Alibaba’s enlarged issued and outstanding share capital.

     

    The strategic collaboration between Alibaba and Suning marks a milestone that signals the further integration of digital and offline retail. The collaboration will bring benefits to hundreds of millions of Chinese consumers who use Alibaba’s online platforms and Suning’s offline channels. By cooperating, Alibaba and Suning will be able to provide holistic and more convenient shopping experiences, as well as superior customer service to users looking to purchase online and through mobile devices.

     

    As part of the transaction, Alibaba and Suning have entered into an agreement to build on synergies in e-commerce, logistics and incremental business through joint omni-channel initiatives. Under the collaboration, Suning will open a flagship store on Alibaba’s Tmall.com platform, focusing on consumer electronics, home appliances and baby products. The store will offer high-quality product offerings at attractive prices and an unparalleled superior shopping experience. Suning’s flagship store will be a major win for Tmall.com, and reflects Tmall’s status as the premiere platform for brands and retailers who wish to establish their online presence and direct engagement with customers.

     

    In the area of logistics, Suning will become a partner of Cainiao, Alibaba’s logistics affiliate and Suning’s logistics services cover almost all of the 2,800 counties and districts in China. Suning boasts a nationwide logistics network covering over 90 per cent of China’s counties including eight national distribution centers, 57 regional distribution centers, 353 city forwarding centers and over 1,700 last-mile delivery stations. With Cainiao’s intelligent delivery solutions and Suning’s well-developed distribution network, customers can expect to receive their orders in as fast as two hours in the near future.

     

    This collaboration highlights how Alibaba Group’s unrivalled leadership in mobile commerce and payments makes it possible for offline retailers to have an aggressive and successful omni-channel strategy. This collaboration brings together a strong bricks-and-mortar operation with an extensive online customer base and resources. Capitalizing on Suning’s extensive network of offline stores and leveraging Alibaba’s edge in data technology, both parties can explore online-to-offline and offline-to-online commerce opportunities that better serve customer needs and preferences. The collaboration will provide many tangible benefits to consumers. For example, consumers will be able to have a physical experience with the product in store, while at the same time being able to operate other areas – such as ordering and payment – through their own mobile device. Not only will customers be able to enjoy the tremendous amount of offerings and pay directly via the Alipay Wallet on their mobile device, they will also be able to experience the products and after-sale services in person in Suning’s over 1,600 physical retail stores in 289 cities across China. In addition, Suning’s retail stores, as well as its over 3,000 after-sales service locations and over 5,000 affiliate servicing partners in 320 cities across China will also be able to perform important after-sale maintenance or repair services to Tmall consumers.

     

    Alibaba Group executive chairman Jack Ma said, “Over the past two decades, e-commerce has become an inextricable part of the lives of Chinese consumers, and this new alliance brings forth a new commerce model that fully integrates online and offline. This alliance will benefit consumers and merchants by cultivating an open and transparent integrated ecosystem that will be the backbone of the future economy.”

     

    Alibaba Group CEO Daniel Zhang added, “We are seeing the integration of e-commerce with traditional commerce where consumers are able to enjoy a more engaged, omni-channel and seamless shopping experience. Customers will be able to enjoy the vast online offerings while having convenient access to physical stores. By maximizing Suning’s bricks-and-mortar assets with Alibaba’s vibrant ecosystem, we are in the best position to provide the ultimate shopping experience for all our customers.”

     

    Suning chairman Zhang Jindong said, “The collaboration between Alibaba and Suning is a milestone in China’s retail industry and its influence on e-commerce and offline retailing will be enormous. This collaboration signals a new trend in the Internet age: Strengthening China’s traditional industries by leveraging the power of Internet. It will also help transform China’s manufacturing industry and broaden the global horizons of Chinese brands.”

     

    Suning vice chairman Sun Weimin added, “We believe the strengths of Alibaba and Suning complement each other. By exploring standards and models in the O2O sector, we hope to bring real benefits to Chinese consumers.”

  • YRF partners Snapdeal to launch home decor merchandise

    YRF partners Snapdeal to launch home decor merchandise

    MUMBAI: Yash Raj Films (YRF) has launched its latest official Home Décor Merchandise Collection on Snapdeal.

     

    Snapdeal will now showcase ‘The BollyHome Project’ by YRF featuring more than 100 products including cushion covers, bean bags, stationary products, posters, coffee mugs and a host of other home décor products.

     

    The collection is inspired by YRF classics such as Silsila, Dil To Pagal Hai, Dilwale Dulhania Le Jayenge as well as recent hits like Rocket Singh, Band Baaja Baaraat and Jab Tak Hai Jaan. The products will be featured on the dedicated YRF store on Snapdeal (http://yrf.snapdeal.com/).

     

    YRF vice president – marketing and merchandising Manan Mehta said, “Through this collaboration with Snapdeal, YRF can now reach it’s consumers at their doorstep. We constantly work towards engaging our communities in exciting ways and now the Bollywood inspired Home Décor collection will provide a YRF brand experience for one and all! And who better than a partner like Snapdeal.”

     

    “We are constantly looking to bring on-board brands on our platform that customers associate with closely. We are extremely thrilled to bring to our customers Bollywood inspired home décor and furnishing options in partnership with Yash Raj Films Licensing, a pioneer in Bollywood merchandise,” added Snapdeal head of strategic partnerships Vibhu Arya.

  • Amazon.com to ‘double down’ on India ops; sales up 20% to $23 billion

    Amazon.com to ‘double down’ on India ops; sales up 20% to $23 billion

    MUMBAI: Amazon.com has reiterated that it will continue to double down on its India operations, which is its fastest growing geography. Amazon India remains the company’s fastest growing geography in sales, and India’s online store is the largest with over 25 million products.

     

    In its financial results for its second quarter ended 30 June, 2015, Amazon.com’s net sales increased 20 per cent to $23.18 billion, compared with $19.34 billion in second quarter 2014. Excluding the $1.39 billion unfavourable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 27 per cent compared to second quarter 2014. Operating income was $464 million in the second quarter, compared with operating loss of $15 million in second quarter 2014.

     

    Net income was $92 million in the second quarter, or $0.19 per diluted share, compared with net loss of $126 million, or $0.27 per diluted share, in second quarter 2014.

     

    Amazon’s operating cash flow increased 69 per cent to $8.98 billion for the trailing twelve months, compared with $5.33 billion for the trailing twelve months ended 30 June, 2014. Free cash flow increased to $4.37 billion for the trailing twelve months, compared with $1.04 billion for the trailing twelve months ended 30 June, 2014.

     

    In India, Amazon launched the Global Selling Program for sellers, which enables them to access hundreds of millions of customers around the world. The Indian portal (Amazon.in) also introduced Sunday delivery across 100 cities in India for all FBA products at no additional cost. Moreover, Amazon Web Services (AWS) will also open a new region in India in 2016, which will enable customers to run workloads in India and serve Indian end-users with even better latency.

     

    Amazon.com founder and CEO Jeff Bezos said, “The teams at Amazon have been working hard for customers. We unveiled Amazon Business, opened Amazon Mexico, launched Prime free same-day, rolled out our ninth Prime Now city, broke our Black Friday record with the first-ever Prime Day, received 11 Emmy nominations for Transparent, debuted six new kids pilots, brought Echo to general availability, introduced the Alexa Skills Kit and Alexa Voice Service, opened FBA Small and Light, continued to double down on our fastest growing geography — India, launched 350 significant AWS features and services so far this year (ahead of last year’s pace), introduced AWS Educate, and entered into agreements for new solar and wind farms — enough to exceed our 2016 goal of 40 per cent renewable energy.”