Business, News

Marketwire – Amazon Infuses Additional Rs 2010 Cr in Indian Business & More Market Updates

Jeff Bezos Amazon India

Shown above – Amazon Founder & CEO, Jeff Bezos

Marketwire is a quick summary of notable market movements in the technology industry. The organisations covered in this segment include Amazon India, IIT, Jabong, Myntra, Acer and Uber.

Amazon Infuses Additional Rs 2010 Cr in Indian Business

Amazon infused Rs 2,010 crore in its main Indian unit in November 2016. This brings Amazon’s total investment in its Indian arm in the last 12 months to Rs 7,000 crore. While it recorded higher revenues than Flipkart in the last fiscal, it also incurred massive losses. During the festive season, it reportedly lost over Rs 1,000 crore. Read More

Pan-IIT Alumni to Set Up Rs 1000Cr Startup Fund

Pan-IIT Alumni India is setting up a Rs 1000 crore venture capital fund to boost the startup ecosystem in the country. The fund, which will take at least 18 months to set up, will be a part of a larger programme that will also offer networking, entrepreneurship and access to finance etc. Read More

Jabong to List Myntra’s Private Labels on Its Platform

In order to give a boost to Jabong’s business, Myntra will now sell its private labels on Jabong as well. Private labels on Myntra account for 20% of its business. Flipkart-owned Myntra had acquired its rival firm in July 2016, which is now running on its processes and platform. The two will continue to run separately owing to their respective customers having different demographics. Read More

Acer Suspends Smartphone Business in India

Taiwanese hardware maker Acer has suspended its smartphone sales in India, owing to high competition and price sensitivity in the country. The company had re-entered the Indian smartphone market in 2016, initially selling through eCommerce portals only. Acer India makes up 10% of total personal computer (PC) market in India. Read More

Uber Planning to Take its Bike-Taxi Business Pan India

On his recent trip to India, Uber CEO Travis Kalanick launched the company’s bike-taxi service UberMOTO in Hyderabad. The firm has signed an MoU with Hyderabad Metro Rail Ltd to extend last-mile services with UberMOTO. It had piloted in Gurgaon. And had also launched in Bangalore in March 2016, but was soon plugged due to a ban by the state government. Nonetheless the firm is still planning on taking it pan India one city a time. Read More

Amazon India Launches a Logistics Marketplace for 3PL

In order to strengthen its retail marketplace logistics operations, Amazon India has launched a platform for aggregating third-party logistics players. ‘’ would be, in a way, a marketplace for 3PL companies. It would be managed by Amazon Transport Services (ATS) which would also screen the companies signing up. Read More

Image Credit – Forbes

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