ITV

Tag: Snapdeal

  • Flipkart’s Myntra acquires Jabong for USD 70 million

    Flipkart’s Myntra acquires Jabong for USD 70 million

    MUMBAI: Flipkart’s Myntra has acquired Jabong in a cut-price deal at USD 70 million, thereafter claiming the number one spot in India’s fashion e-commerce marketplace in the face of an onslaught by Amazon India.

    Beating strong contenders like Snapdeal, Snapdeal, Future Group, Aditya Birla Group and Amazon which also bid to buy Jabong, Flipkart will pay cash for the acquisition, according to a statement by Jabong’s parent company Global Fashion Group (GFG).

    GFG has been looking for a buyer for Jabong for more than a year now. “Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith,” said Flipkart co-founder Binny Bansal.

    “This acquisition is a continuation of the group’s journey to transform commerce in India. I am happy that we will now be able to offer to millions of customers a wide variety of styles, products and a broad assortment of global as well as Indian brands,” he added, as reported by media.

    The sale marks one of the most dramatic declines in India’s online retail business. At the end of 2013, Jabong was worth as much as €388 million (about $508 million). In that financial year (year ended March 2014) Jabong reported sales of Rs438 crore. Even though its sales increased to Rs 869 crore in the last financial year, Jabong’s value collapsed because of a combination of leadership issues, market share losses and a funding crunch.

    For Flipkart-Myntra, the acquisition of Jabong will boost sales at a time when Flipkart is struggling to revive growth, and struggling to protect its leadership in a market where Amazon has made rapid strides.

  • DEN Networks takes control of Snapdeal home shopping JV

    DEN Networks takes control of Snapdeal home shopping JV

    MUMBAI: Jasper Infotech CEOs Kunal Bahl and Rohit Bansal are working on getting their ecommerce platform Snapdeal in ship shape by focusing on customer satisfaction and net revenues instead of gross merchandise value (GMV). This follows the march that rivals such as Flipkart and Amazon have stolen from it.

    Getting rid of any diversifications and other assets that are not scaling up is probably part of the fitness plan. And that explains why the company has decided to divest its equity stake in Macro Commerce Private Ltd, which operates the DEN-Snapdeal home shopping channel.

    When it was launched as a 50:50 joint venture with cable TV MSO DEN Networks with much hype last year, Bahl had stated that he was targeting Rs 500 crore in revenues from TV commerce in year one.
    The numbers did not stack up and Snapdeal TV did a turnover of Rs 3.17 crore in 2015 and Rs 28 crore in 2017.

    DEN Network promoter Sameer Manchanda probably has more faith in the home shopping television initiative than Bahl. Hence, late last week DEN informed the Bombay Stock Exchange that it was buying an additional 32.87 per cent stake in the company from Jasper Infotech at a cost of Rs 60 million. Rs 10 million is for purchase of existing shares and Rs 50 million is through a rights issue, which will lead to an infusion of funds into Macro Commerce.

    Post the acquisition, DEN Networks’ shareholding will rise to 82.87 per cent in Macro from the 50 per cent currently.

    The purpose of the deal, the cable MSO says, is to take a controlling stake in the venture, expand the business and effectively manage the operations of the TV channel.

    The market responded well to DEN Networks’ announcement: its shares rose to Rs 94.70 in early morning trades, then dropped to Rs 89.90 – a rise of 0.35 paise over its previous close by day’s end.

  • DEN Networks takes control of Snapdeal home shopping JV

    DEN Networks takes control of Snapdeal home shopping JV

    MUMBAI: Jasper Infotech CEOs Kunal Bahl and Rohit Bansal are working on getting their ecommerce platform Snapdeal in ship shape by focusing on customer satisfaction and net revenues instead of gross merchandise value (GMV). This follows the march that rivals such as Flipkart and Amazon have stolen from it.

    Getting rid of any diversifications and other assets that are not scaling up is probably part of the fitness plan. And that explains why the company has decided to divest its equity stake in Macro Commerce Private Ltd, which operates the DEN-Snapdeal home shopping channel.

    When it was launched as a 50:50 joint venture with cable TV MSO DEN Networks with much hype last year, Bahl had stated that he was targeting Rs 500 crore in revenues from TV commerce in year one.
    The numbers did not stack up and Snapdeal TV did a turnover of Rs 3.17 crore in 2015 and Rs 28 crore in 2017.

    DEN Network promoter Sameer Manchanda probably has more faith in the home shopping television initiative than Bahl. Hence, late last week DEN informed the Bombay Stock Exchange that it was buying an additional 32.87 per cent stake in the company from Jasper Infotech at a cost of Rs 60 million. Rs 10 million is for purchase of existing shares and Rs 50 million is through a rights issue, which will lead to an infusion of funds into Macro Commerce.

    Post the acquisition, DEN Networks’ shareholding will rise to 82.87 per cent in Macro from the 50 per cent currently.

    The purpose of the deal, the cable MSO says, is to take a controlling stake in the venture, expand the business and effectively manage the operations of the TV channel.

    The market responded well to DEN Networks’ announcement: its shares rose to Rs 94.70 in early morning trades, then dropped to Rs 89.90 – a rise of 0.35 paise over its previous close by day’s end.

  • Snapdeal’s top Silicon valley talent Anand Chandrasekaran quits as CPO

    Snapdeal’s top Silicon valley talent Anand Chandrasekaran quits as CPO

    MUMBAI: The eCommerce industry has seen some major tectonic shifts — Snapdeal engineering vp Bhuvan Gupta, Flipkart’s Sharat Singh, Flipkart’s product office Punit Soni, Flipakart’s Mukesh Bansal and Ankit Nagor; and now, most recently, Snapdeal’s Chief Product officer Anand Chandrasekaran.

    Snapdeal co-founder Rohit Bansal confirmed the news with his tweet on Tuesday that read,  “@anandc proud of the super work by you and the product team. Hard to believe that this was just 1 yr. Farewell, keep rocking!”

    Chandrasekaran soon replied back tweeting,  “@rohitkbansal thanks for the support. We did in 1 what would take 3 years anywhere.”

    While Chandrasekaran refrained from making any official comments on his future endeavors, word has it that he is looking to start his own business.

    A  former Yahoo executive, Chandrasekaran joined Snapdeal last June to integrate more services, like Uber, into the company’s flagship app, a model similar to China’s popular WeChat. This high profile Silicon Valley recruit quit the Indian startup within a year, adding to the increasingly long list of top hires from the valley by the Indian Unicorns who are moving on to start their own businesses. As per a leading daily the industry has witnessed close to 17 major movements between  Flipkart, Snapdeal, Ola, Zomato and Paytm to launch  their own startups.

    When asked to comment on it, Snapdeal’s spokesperson further shared, “Anand has done some stellar work on the product side at Snapdeal. His insights and attention to detail have helped us traverse quickly towards launching and improving products at Snapdeal. We wish Anand the very best for his entrepreneurial journey ahead.” Snapdeal didn’t confirm any possible appointments to fill Chandrasekaran’s shoes any time soon.

  • Snapdeal’s top Silicon valley talent Anand Chandrasekaran quits as CPO

    Snapdeal’s top Silicon valley talent Anand Chandrasekaran quits as CPO

    MUMBAI: The eCommerce industry has seen some major tectonic shifts — Snapdeal engineering vp Bhuvan Gupta, Flipkart’s Sharat Singh, Flipkart’s product office Punit Soni, Flipakart’s Mukesh Bansal and Ankit Nagor; and now, most recently, Snapdeal’s Chief Product officer Anand Chandrasekaran.

    Snapdeal co-founder Rohit Bansal confirmed the news with his tweet on Tuesday that read,  “@anandc proud of the super work by you and the product team. Hard to believe that this was just 1 yr. Farewell, keep rocking!”

    Chandrasekaran soon replied back tweeting,  “@rohitkbansal thanks for the support. We did in 1 what would take 3 years anywhere.”

    While Chandrasekaran refrained from making any official comments on his future endeavors, word has it that he is looking to start his own business.

    A  former Yahoo executive, Chandrasekaran joined Snapdeal last June to integrate more services, like Uber, into the company’s flagship app, a model similar to China’s popular WeChat. This high profile Silicon Valley recruit quit the Indian startup within a year, adding to the increasingly long list of top hires from the valley by the Indian Unicorns who are moving on to start their own businesses. As per a leading daily the industry has witnessed close to 17 major movements between  Flipkart, Snapdeal, Ola, Zomato and Paytm to launch  their own startups.

    When asked to comment on it, Snapdeal’s spokesperson further shared, “Anand has done some stellar work on the product side at Snapdeal. His insights and attention to detail have helped us traverse quickly towards launching and improving products at Snapdeal. We wish Anand the very best for his entrepreneurial journey ahead.” Snapdeal didn’t confirm any possible appointments to fill Chandrasekaran’s shoes any time soon.

  • Snapdeal appoints Saurabh Bansal to head Category Management

    Snapdeal appoints Saurabh Bansal to head Category Management

    MUMBAI  Snapdeal has announced that Saurabh Bansal will take on a new role as Vice President and Head of Category Management. In his earlier role as VP – Merchandising Strategy, Bansal lead Analytics and Merchandize Planning at Snapdeal.

    In his new role, Bansal will be responsible for end to end category management and would focus on the continued expansion of product and brand assortment on Snapdeal through strategic partnerships.

    Congratulating Bansal on the role,  Snapdeal co founder Rohit Bansal  said, “Over the last two years of his tenure, Bansal has played a key role in strengthening product planning and merchandizing pipelines, immensely growing Snapdeal’s consumer reach and resonance. I am confident that in this elevated role, he will bring a sharper focus to Snapdeal’s vision of bringing 20 million daily transacting users to our platform by 2020.”

    Speaking about his appointment, Bansal said, “At Snapdeal, we are on an exciting mission together to build India’s most reliable and frictionless commerce ecosystem. I look forward to this new chapter in my Snapdeal journey. Along with my dedicated team, I am committed to making Snapdeal a part of India’s everyday life, by offering the widest assortment of products to our consumers across the country.”

    Prior to joining Snapdeal in March 2014, Bansal led strategy and new business initiatives at Jubilant Enpro and was responsible for many bottom line impacting innovations at leading retailers like Metro Cash & Carry and Spencer’s Retail Limited. Bansal holds a degree in Mechanical Engineering from the Birla Institute of Technology and an MBA from the SP Jain Institute of Management.

  • Snapdeal appoints Saurabh Bansal to head Category Management

    Snapdeal appoints Saurabh Bansal to head Category Management

    MUMBAI  Snapdeal has announced that Saurabh Bansal will take on a new role as Vice President and Head of Category Management. In his earlier role as VP – Merchandising Strategy, Bansal lead Analytics and Merchandize Planning at Snapdeal.

    In his new role, Bansal will be responsible for end to end category management and would focus on the continued expansion of product and brand assortment on Snapdeal through strategic partnerships.

    Congratulating Bansal on the role,  Snapdeal co founder Rohit Bansal  said, “Over the last two years of his tenure, Bansal has played a key role in strengthening product planning and merchandizing pipelines, immensely growing Snapdeal’s consumer reach and resonance. I am confident that in this elevated role, he will bring a sharper focus to Snapdeal’s vision of bringing 20 million daily transacting users to our platform by 2020.”

    Speaking about his appointment, Bansal said, “At Snapdeal, we are on an exciting mission together to build India’s most reliable and frictionless commerce ecosystem. I look forward to this new chapter in my Snapdeal journey. Along with my dedicated team, I am committed to making Snapdeal a part of India’s everyday life, by offering the widest assortment of products to our consumers across the country.”

    Prior to joining Snapdeal in March 2014, Bansal led strategy and new business initiatives at Jubilant Enpro and was responsible for many bottom line impacting innovations at leading retailers like Metro Cash & Carry and Spencer’s Retail Limited. Bansal holds a degree in Mechanical Engineering from the Birla Institute of Technology and an MBA from the SP Jain Institute of Management.

  • Nestle ties up with Snapdeal for new coffee launch with exclusive offering

    Nestle ties up with Snapdeal for new coffee launch with exclusive offering

    MUMBAI: Nestlé India announced the launch of a new coffee -Nescafé Sunrise Insta-Filter, adding to its range of coffee and beverages. Nestlé India has partnered with Snapdeal for an exclusive offering of this product starting April 30. The exclusive pack from Sanpdeal comes with a traditional South Indian steel tumbler.

    The company says that Nescafé Sunrise Insta-Filter provides the taste of filter coffee and yet does not require a filter and is specially made from 100 per cent Indian coffee beans, handpicked from Coorg and Chikmagalur.

    Announcing the launch Nestlé India General Manager – Beverages Nayla Sioufi said, “Traditionally, the coffee market in India is divided into two segments which include the instant and roast & ground coffee. Observing a trend of dual usage we realized that consumers want a product offering which provides the best of both worlds- the taste of filter coffee with the convenience of instant coffee. With the introduction of Nescafé Sunrise Insta-Filter we aim to create a whole new segment expanding the overall category in India while enhancing consumers coffee experience.”

    Nescafé Sunrise Insta-Filter will be available in the market at the cost of Rs 60 for a 24 gram pack that contains 15 sachets of 1.6 gram each as well as a 100 gram pack (tin) for Rs 225.

    Earlier this month, the Indian part of the largest food company in the world, launched a brand new exotic range of Greek Yoghurt under the brand name of Nestlé a+ Grekyo.

    For damage control and rebuilding of trust for its noodles products, Nestlé India hired McCann World Group for the Maggi Noodles relaunch, with the agency’s India unit chief executive Prasoon Joshi in charge of the creatives for the campaign. ZenithOptimedia handles the media buying duties for the company.

  • Nestle ties up with Snapdeal for new coffee launch with exclusive offering

    Nestle ties up with Snapdeal for new coffee launch with exclusive offering

    MUMBAI: Nestlé India announced the launch of a new coffee -Nescafé Sunrise Insta-Filter, adding to its range of coffee and beverages. Nestlé India has partnered with Snapdeal for an exclusive offering of this product starting April 30. The exclusive pack from Sanpdeal comes with a traditional South Indian steel tumbler.

    The company says that Nescafé Sunrise Insta-Filter provides the taste of filter coffee and yet does not require a filter and is specially made from 100 per cent Indian coffee beans, handpicked from Coorg and Chikmagalur.

    Announcing the launch Nestlé India General Manager – Beverages Nayla Sioufi said, “Traditionally, the coffee market in India is divided into two segments which include the instant and roast & ground coffee. Observing a trend of dual usage we realized that consumers want a product offering which provides the best of both worlds- the taste of filter coffee with the convenience of instant coffee. With the introduction of Nescafé Sunrise Insta-Filter we aim to create a whole new segment expanding the overall category in India while enhancing consumers coffee experience.”

    Nescafé Sunrise Insta-Filter will be available in the market at the cost of Rs 60 for a 24 gram pack that contains 15 sachets of 1.6 gram each as well as a 100 gram pack (tin) for Rs 225.

    Earlier this month, the Indian part of the largest food company in the world, launched a brand new exotic range of Greek Yoghurt under the brand name of Nestlé a+ Grekyo.

    For damage control and rebuilding of trust for its noodles products, Nestlé India hired McCann World Group for the Maggi Noodles relaunch, with the agency’s India unit chief executive Prasoon Joshi in charge of the creatives for the campaign. ZenithOptimedia handles the media buying duties for the company.

  • Snapdeal appoints former HUL brand director Kanika Kalra as VP marketing

    Snapdeal appoints former HUL brand director Kanika Kalra as VP marketing

    MUMBAI Snapdeal appointed Kanika Kalra as vice president – marketing. A seasoned global marketing professional with a career spanning over 12 years, Kanika joins Snapdeal after several triumphant stints at Hindustan Unilever limited, Pepsico and GlaxoSmithKline Consumer Healthcare Limited.

    At Snapdeal, Kanika will be focused on making the business more customer-centric and ensuring creativity and impact in all communication.

    Welcoming Kanika, Snapdeal co founder Rohit Bansal  said, “We are thrilled to welcome Kanika. She comes with a vast and distinguished experience in brand marketing. As we look at defining more innovative solutions for our customers, I am sure she will add tremendous value and further fuel our growth”.

    Speaking about her appointment,  Kalra said, “As ecommerce continues to revolutionize the Indian economy, I am confident that Snapdeal is poised to play an even bigger and more impactful role in the coming years. I am excited to be a part of Snapdeal’s journey and to shepherd the company’s growth as the country’s most preferred retail brand.”

    During her eight year stint as the Global Brand Director for Hindustan Unilever Limited, she spearheaded key innovations in the skincare category. Prior to that she was a part of the brand marketing teams at Pepsico and GlaxoSmithKline Consumer Healthcare Limited.

    Kanika holds a Post Graduate degree in Marketing from IIM, Lucknow and a Bachelor’s degree in Mathematics from Delhi University.