#Marketwire is your quick summary of notable market movements in the technology industry. The firms covered in this segment include Flipkart and Stepathlon Lifestyle.
Sachin Bansal Trying to Lobby Other Players to Counter Offline Retail Biggies
Sachin Bansal, Executive Chairman and Co-founder, Flipkart took the initiative to send personal invites to his counterparts in other eCommerce platforms to create a lobby group that can counter brick and mortar retailers like Aditya Birla Group and the Future Group, who are seen to be influencing government policies through organizations like the Retailers Association of India (RAI), according to a report in TOI.
Bansal along with the heads of several other eCommerce & internet based companies, recently met Minister of State for Finance Jayant Sinha to discuss the concerns of the online sector. Read More
Flipkart has no Plans of Raising Funds
India’s eCommerce giant, Flipkart is well funded for a long time and is not looking at any fresh round of funding, says Sachin Bansal. He added that “I do not think much of the markdowns of valuation. We should just focus on execution and keep our heads down on serving our customers.”
The company has cumulatively raised around $3.2 billion till now. The last round of funding came in July 2015 when it received $700 million. On the other hand, its nearest competitor, Amazon has announced a fresh investment of $3 billion in India. Read More
Fintech Company Citrus Pay Launches Sellfie
Sellfie, a contextual commerce startup, part of Citrus Payments has announced the launch of a disruptive platform that enables individuals and small businesses to take a picture of an item, price it, choose shipping options, and push a link to Twitter, Facebook, Instagram as well as other platforms like WhatsApp to sell and collect payments. Citrus MD Amrish Rau said that even though Citrus has made it easier for businesses to collect payments seamlessly on web & mobile, it now wants to offer individuals and small businesses implement purchase opportunities into everyday activities and natural environments through contextual commerce. Read More
Virat Kohli Launches New Venture with Stepathlon to Tackle Fitness Issues Affecting Kids
Indian cricketer Virat Kohli kicked off a new fitness venture in a joint venture with Stepathlon Lifestyle. The venture Stepathlon Kids, seeks to tackle fitness issues affecting kids by taking them through to a 30 day pedometer based virtual race that will help increase awareness on health issues.
The new venture looks to reach 50,000 children in the first year of operations. “We will generate revenues from a combination of sponsorships, partnerships, licensing and merchandising for the medium to long term”, said Ravi Krishnan, CEO, Stepathlon Lifestyle. Read More
Flipkart Brings Back its Own Labels like Digiflip, Citron & Flippd
Flipkart is all set to re-launch its own private labels Digiflip, Citron & Flippd, that include products in categories such as apparels, consumer electronics and jewellery, with a twist. Considering the fact that its first stint did not worked out well, the company is ensuring that only trusted sellers and top-notch merchants develop these products. Read More