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Birla loses $3 billion as India’s mobile war weighs on wealth

Birla is the latest mogul to burn his fingers in Indian telecom since Mukesh Ambani’s entry.

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Nov 22, 2019, 12.57 PM IST

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Three killed at shooting at Walmart in Oklahoma: Media

Three victims were killed, local media reported citing the Oklahoma Highway Patrol. A spokeswoman for the police in Duncan, Oklahoma, confirmed the shooting but said she had no information on the victims' condition. Oklahoma Highway Patrol officials could not immediately be reached for comment.

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  • Studies suggest that customer’s behaviour has now been shifted to need-based decision rather than brand-driven decision. 70 percent of the word searches done on Amazon are for general goods.

    NinjaCart, which connects farmers directly with businesses by cutting out middlemen, issued 300 debentures to Trifecta Capital for a total consideration of Rs 30 crore on October 24, regulatory filings showed.

    The German wholesale retailer has thrown its might behind mom-and-pop groceries and has demanded level-playing for the unorganised sector, wading into a debate in India that ecommerce companies like Amazon and Flipkart are hurting small businesses here.

    The investment, as per EasyRewardz executives, is part of an ongoing funding round that could also see the startup raise capital from others.

    Indian digital payments took off when the govt pushed demonetization in 2016, invalidating most of the country’s high-value currency notes in to curb corruption and push Indians away from cash. UPI has now surpassed a 100 million users 3.5 years after its launch, thanks to booming smartphone use and wireless data rates among the lowest in the world.

    The average order value for Flipkart stood at Rs 1,976 versus Rs 1,461 on Amazon, indicating that customers bought higher-value items from the Walmart-owned marketplace. Flipkart led with 64% share of the combined gross sales while Amazon continued to fare higher in net promoter score (NPS). NPS measures the loyalty of customers to a company.

    “We continue to build capabilities for the future through investments in revamping our technology infrastructure to enhance our omnichannel capabilities and in people development,” the company said.

    The ecommerce marketplace is the top recruiter at the NITs, including those at Jalandhar, Trichy, Calicut and Malviya NIT, Jaipur. Amazon was day 1 recruiter at NIT Trichy this year along with others like Microsoft, DE Shaw and General Electric. Flipkart is looking to hire interns from the top 22 B-schools, according to a company spokesperson.

    In the previous financial year, Flipkart Group’s total revenue increased by 50% to Rs 30,644 crore.

    The letter comes in wake of Flipkart and rival Amazon facing probes over alleged roles in predatory pricing.

    Flipkart India's revenue from operations, however, saw a 42.82 per cent jump to Rs 30,931 crore in 2018-19 from Rs 21,657.7 crore in the previous financial year, it added. Flipkart has its holding company registered in Singapore.

    Separately, Flipkart Internet, the India unit which runs the company’s marketplace business, has recorded a 40% rise in losses to Rs 1,624 crore fuelled by increased employee expense and advertising for the year ending March 31, 2019.

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