Flipkart and Meesho, which are Amazon's biggest rivals in India, are also raising fresh capital. Flipkart received a cash infusion of about Rs 924 crore in two parts from its related entities based in Singapore in January. Meesho closed a $275 million funding round comprising a mix of primary and secondary share sales.
Meesho secures $275M funding in a $600M round. Share transfers hinted in SEC filing. In total, Meesho has raised $1.36 billion – including secondaries – since 2015.
With Lok Sabha elections approaching, political merchandise is gaining popularity in India, mirroring trends from the US. Ecommerce platforms like Amazon, Flipkart, and Meesho are witnessing increased demand for 'election clothing' including t-shirts, caps, and sweatshirts featuring slogans like 'NaMo Hat Trick' and 'Rahul is Hope'.
Indian-origin startups considering relocating to India face tax implications, aiming for better valuations. Minister Goyal emphasized using tax revenue for social development. Walmart paid significant taxes during PhonePe's separation. Angel tax and valuation norms are being regulated for startup balance.
“It (ESOP buyback program) underscores our commitment to rewarding our teams, and we are pleased that despite prevailing macroeconomic conditions, we persist in providing opportunities for wealth creation and nurture a culture of growth within the organization,” said Ashish Kumar Singh, CHRO at Meesho.
Reliance Retail’s e-commerce platform, JioMart, has stopped listing glue traps for sale, and PETA India has been informed that its offline retail chain – with over 16,000 stores across the country – is in the process of ending sales of glue traps.
Norwest Venture Partners, WestBridge Capital are among entities said to be in talks to pick up stake in ecommerce firm Meesho. The development underscores the growing trend of secondary share sales in late-stage firms.
Amazon plans to wheel cart down value aisle, mirror Meesho model in fashion, lifestyle categories to tap value customers. It competes with Meesho, Flipkart's Shopsy, and Reliance Industries' Ajio Street, while also facing competition from Shein, Temu, and Pinduoduo in its home market.
Ecommerce companies like Flipkart, Meesho, and Jumbotail are fixing the gender balance in supply chain roles through various initiatives. These include creche facilities, gender-balanced sourcing, partnerships with women’s campuses, and training programs. Recruitment firms have seen a surge in demand for female talent.
With Valmo, the company is partnering with micro-entrepreneurs for services including first-mile, last-mile, and sorting centres across the country, thus allowing delivery partners to be located close to users and reduce the time taken for each delivery.
Presenting her 6th Union Budget, Sitharaman said that the government is prioritising ensuring timely and adequate finances, relevant technologies and appropriate training for the Micro, Small and Medium Enterprises (MSME) to grow and compete globally.
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