#MarketWire is your daily roundup of biggest tech movements of the day. This segment features news from Tata Group, Tiger Global, Amazon & Jugnoo
Tata Group to Launch eCommerce Platform CLiQ on May 27th
Tata Unistore, a Tata group business venture, today announced that their new fashion & electronics eCommerce platform, “Tata CLiQ”, will open to consumers on Friday, 27 May, 2016, across its website, mobile site and mobile apps (Android & iOS).
The store would be launched with apparel, electronics and footwear categories, with more categories to be added later. Aditya Birla Group also run their eCommerce store under the brand name Abof.
Tiger Global Reduces its Stake in Amazon by 67%
Flipkart’s largest investor, Tiger Global, has reduced its stake in Amazon by nearly 67% in the March ended-quarter. As per regulatory filings, the hedge fund holds 1.04 million shares worth $619 million, down from 3.19 million shares worth $2.16 billion as of 31 December, 2016.
Tiger Global had picked up 2.44 million shares for about $1 billion in September 2015, but lost 22% in the first three months of this year, as Amazon shares dipped by 12% during the period. Read More
Jugnoo Re-Enters Hyperlocal Delivery With Fatafat
Auto rickshaw aggregator has again entered the grocery delivery segment with its new service ‘Fatafat’. The service is currently operational in Chandigarh, and would be expanded to other cities starting next month.
“Fatafat is already clocking 100 deliveries a day and the model seems ‘unit-economics positive'” says Samar Singla, Founder, Jugnoo. Read More