Mukesh Ambani (US$26bn, rank 21) is the richest Indian. Average age of Indian billionaire is 64. Mumbai is headquarters to most of the billionaires. Manufacturing, Pharma and Tech are the preferred sectors with 22, 20 and 15 billionaires respectively. Totalwealth of billionaires shot up by 16% to US$308bn.
With cofounder Binny being the new CEO, this is going to be a defining moment for the company as the funding environment is slowing down and importantly, Amazon is heating up the market.
Flipkart will shut its groceries delivery app Nearby which was launched four months back. It was an experiment and thus no marketing was done by the e-commerce firm. Lack of customers and cost cutting are the two major reasons for shutting the app by end of this month.
The Flipkart app, which is also among the highest rated Indian shopping app on Google Play, is the first Indian app across all genres including popular ones like communication, social, entertainment, to cross the 50 million install benchmark.
Mukesh Bansal, Head of Commerce Platform,Flipkart is moving out of his active role to be an advisor to the company. Ankit Nagori, Chief Business Officer, Flipkart is also moving on from Flipkart to start an entrepreneurial venture in the sports domain.
Flipkart has now opened its logistics eKart services for all other e-commerce firms. It will soon also roll out an inter-city customer-to-customer courier service called eFlash. The eKart service has already been taken up by Jabong and Shopclues. eKart will operate as an independent business.
Flipkart has partnered with Udacity and aims to change the hiring process in the software industry. It will select candidates be based on their Nanodegree projects and Udacity profiles. It will not include interviews or group discussions. Three Udacity students have started working with Flipkart.
According to SimilarWeb’s data of December 2015, Flipkart has been the dominant player in India with 47% of share of visits. Myntra is ranked at the 2nd position with over 16% while Amazon stands at the 3rd position with 15.86% followed by Snapdeal with 13.84%. Flipkart also leads in app installs with 37%.
Mukesh Bansal will continue to be the Head of Commerce Platform and will have additional responsibility of the ads business. Mukesh will also continue to be the Chairman of Myntra. Sachin will provide strategic direction, mentor the senior leadership of the company and look for new investment opportunities.
The e-commerce player said, “Absence of net neutrality will affect web innovations and create digital inequality in India. We believe that the spirit of net neutrality should apply equally to all companies in India.” Earlier in April, the company had pulled out from Airtel Zero as it drew heavy criticism.
According to FlipTrends, a year ender report released by Flipkart, which analysed consumer buying preferences based on its 50 million registered users, ‘Scion of Ikshvaku’ was followed by Chetan Bhagat’s ‘Half Girl Friend,’ who is also the best-selling author. Bangalore emerged as India’s book capital.
The initiative aims to ease the process for international brands entering India as well as offering consumers more authentic, branded merchandise. Flipkart has tied up with Viacom18 for the licensing of 3 of their largest brands – Teenage Mutant Ninja Turtles, Spongebob Squarepants and Peanuts for sellers.