India’s ecommerce poster-boy Flipkart is shutting down its electronic wallet PayZippy, just over a year after it launched. “While we phase out our own payments product, PayZippy, nothing changes for our customers, who will continue to enjoy all the benefits of a safe and secure payment system through Flipkart,” a Flipkart spokesperson told Tech in Asia. The news was first reported by Medianama . With PayZippy, ecommerce merchants can accept payments from all credit and debit cards as well as use 53 net banking options.
Here’s the answer to India’s who-is-first ecommerce debate: the Flipkart-Myntra combo leads the race with 26 million unique visitors in July 2014. Jabong, with 23.5 million unique visitors, is a surprisingly close second, and Amazon is third with 16.9 million unique visitors, according to a study by the Associated Chambers of Commerce and Industry of India (Assocham) and ComScore. These numbers do not include visitors accessing the sites using mobile internet and mobile apps.
Earlier on Tuesday (5 August), Xiaomi Mi3 went on for its third flash sale and the response from the public was so overwhelming that, it shattered the 29 July’s record sale speed. On 29 July, Xiaomi phone got sold out in 5 seconds time; but on Tuesday the company ran out of Mi3 stocks in just 2 seconds. Xiaomi updated regarding this on the company’s official Facebook page, thanking the fans for the tremendous response, but most of registered consumers who could not order the phone did not find it amusing and took to Twitter to troll Xiaomi with funny memes.
Flipkart emerged as India’s top e-commerce company when it did not face any significant competition in the Indian market. The rules of the game changed last year when global e-commerce giant Amazon came out in the market to compete with Flipkart and other e-commerce companies. Last year, Flipkart moved its back end technology operations to Singapore. Flipkart Pvt Ltd, the key holding arm of Flipkart, is a Singapore incorporated entity.
Flipkart, the retailer that pocketed $1 billion in the biggest fundraising by an Indian e-commerce company, is happy to keep losing money as it tries to maintain a market lead, Chief Executive Officer Sachin Bansal said. “We don’t intend to become profitable anytime in the near future,” Bansal, 32, said in a conference call yesterday after the announcement of the capital injection. “We want to first settle down into a business model and then think about profitability over time.”
Earlier on Tuesday (29 July), Xiaomi Mi3 went on for the second sale this month and the response from the public was even more overwhelming than the previous time. Last week, Xiaomi phone got sold out within 40 minutes; today the company ran out of Mi3 stocks in a record 5 seconds time. Xiaomi boasted the feat on the company’s official Facebook page, thanking the fans for the tremendous response.
India’s biggest ecommerce site Flipkart is often benchmarked against Amazon. People ask: Can it be the Amazon of India? But today, Sachin Bansal, cofounder and CEO of Flipkart, set the record straight. With US$1 billion of fresh funding under its belt, Flipkart, he pointed out, is in the same position as Alibaba was in 2005. “We want to shape the ecommerce ecosystem in India. We want to be India’s first US$100 billion technology company,” he added.
On July 22, the Xiaomi Mi3 smartphone went on sale on the website of India’s largest online retailer, Flipkart. This was an exclusive launch introducing Xiaomi’s phones to India. Given the marketing bonanza enveloping the launch, a sea of online buyers logged on the site. Buyers started seeing an HTTP Error 503 Service Unavailable response. Amod Malviya, CTO, Flipkart, says the outage wasn’t due to an infrastructure failure. “In fact, we have almost never gone down in the past three years because of that sort of an issue,” he says.
India’s ecommerce poster-boy Flipkart has raised over US$1 billion. According to The Economic Times, Flipkart will make the official announcement next week. Half of the fresh funds are expected to come from existing investors: Tiger Global, Russian billionaire Yuri Milner’s DST, and Accel Partners. This is not only the biggest ever funding round by an Indian e-commerce company, but comes close to global taxi services company Uber’s US$1.2 billion round last month.
Flipkart, India’s homegrown ecommerce titan, started selling Motorola phones online five months ago – it’s the only official sales channel for Motorola in the country. Flipkart revealed this week that shoppers have bought one million Motorola phones in that time. That covers three models: the Moto E, Moto G, and Moto X. To put that figure into context, people in India bought 52.4 million smartphones in the financial year 2013-14, according to data from India’s Manufacturers’ Association for Information Technology (MAIT), the body representing the nation’s tech sector.
The budget smartphone market in India keeps getting more crowded by the day. Just a week ago, Google announced plans to build and sell affordable Android One smartphones in India in partnership with local phone makers. But before Google’s phone could arrive, Indian ecommerce leader Flipkart has pressed ahead by launching a range of budget smartphones, starting at INR 2,699 (about US$45), in partnership with smartphone maker Karbonn.
Perhaps inspired by arch-rival Amazon, India’s top ecommerce store today unveiled its own-brand tablet. The Flipkart Digiflip Pro XT712, despite the awful, convoluted name, is a simple and affordable gadget that seems designed to help people spend more money on Flipkart from their mobile device. The new Flipkart Digiflip – let’s stick with that abbreviated name for now – costs Rs 9,999 (US$160) and is now on sale exclusively from the Flipkart estore. It comes, the company says, with “shopping benefits” worth over Rs. 5,000 (US$83) and complementary ebooks worth over Rs. 2,000 (US$33).
Just one week after acquiring India’s biggest fashion and apparel estore Myntra, the country’s biggest online marketplace Flipkart has raised US$210 million in funding. The investment is led by Russia’s DST Global, followed by existing investors Tiger Global, Naspers, and Iconiq Capital, according toNextBigWhat. This bring’s Flipkart’s total funding to date to US$750 million, the highest of any Indian startup. It’s previous round closed out at US$360 million in October.
With Indian ecommerce leader Flipkart and the country’s number one online apparel shop Myntra on the verge of announcing their merger, the former’s biggest rival is upping the ante. EBay-backed Snapdeal yesterday revealed another US$100 million funding round from five new investors: Premji Invest, Temasek, BlackRock Inc, Myriad, and Tybourne, according to NextBigWhat.
After months of rumors, the merger between two of India’s biggest ecommerce companies, Flipkart and Myntra, has been completed, according to NextBigWhat. Neither company has confirmed this officially. The two will keep operating as separate entities. Flipkart is the biggest general online marketplace in India, while Myntra is the biggest apparel-focused estore. Myntra raised US$50 million from its latest funding round back in February. Techcrunch reported last month the deal values Myntra at US$330 million, but the acquisition was delayed due to some regulatory bottlenecks.