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<keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="ShopClues">ShopClues</keyword>.com, India’s largest marketplace for small medium businesses (SMBs), has raised investment worth $100 million. The new round of investments was led by <keyword id="526777" type="UNKNOWN" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword>, one of the largest global institutional investors. 
 <keyword id="118292" type="PERSON" weightage="20" keywordseo="Sanjay-Sethi">Sanjay Sethi</keyword>, chief executive officer (CEO) and co-founder, ShopClues said, “So far we have brought 100,000 sellers and 10 million products online and the next three years will be focused on bringing 10 million sellers and 1 billion products to the online domain. We will continue to build Technologies &amp; services to enable and empower retailers to participate in the e-commerce revolution that is happening in India. ShopClues levels the playing fields for SMBs to compete with other organized retailers both in the online and offline space, said Sethi.” 
 
Lee Fixel from Tiger Global said in a statement, “ShopClues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier two and tier three cities. Sanjay, Radhika and the team have done a great job aggregating the country’s largest online catalog of regional and local brands and we are excited to partner with ShopClues as it expands its offerings.” 
 
Elaborating about the deal, Radhika Ghai Aggarwal, co-founder, ShopClues said, “In Tiger Global, we found a strategic partner who showed confidence in our capability to operate the country’s largest marketplace for the masses – be it the millions of small merchants wanting to sell online or the vast pool of shoppers in tier 2/3 towns looking for access to the products and categories that they never had before. The fact that another ace investor has been added to our list of institutional investors is a strong endorsement of our team, strategy and business performance.” 
 
ShopClues was set up in 2011 as the country’s first fully managed marketplace. At present, ShopClues has 1.5 million transactions per month. More than 70% of its transactions come from tier two and three cities. ing about 40 million monthly visitors, it is growing by 600% year-on-year.

ShopClues.com Bags $100-million Investment

<keyword id="260318" type="COMPANY" weightage="20" keywordseo="Tiger-Global-Management">Tiger Global Management</keyword>, which created a frenzy in Indian startup industry, gave a bumper year to Ola, Flipkart and others by pouring funds. But, it is going to tone down its pace now. 
 
As per reports, New York-based Tiger Global Management will rather adopt a two-track approach. 
 
Lee Fixel-led Tiger Global Management will take the aforesaid strategy while pumping money in companies on its portfolio. 
 
Tiger Global Management backs Flipkart and owns significant stakes in Ola too. The investor has also raked around $2 billion, or Rs 13,000 crore, in over 35 Indian companies. 
 
"We have been investing in the discount game for the past five years and realised that there is still no clear winner in those markets," one of the founders said who met Fixel. 
 
"He is going to go slow on India going forward. He has basically told all portfolio companies that if you cannot raise funding externally then I will not invest," a venture capital investor who has several co-investments with Tiger told ET. 
 
Reportedly, Tiger Global Management made at least 38 investments in 2015 as compared to 18 deals in 2014. 
 
"The local services industry is in its nascent stages and overcrowded right now. But early 2016 will be an interesting year for all of us and we will see investors joining hands and consolidation starting. By the end of 2016, just two or three large players will be prevailing in this space," Aditya Rao, founder of LocalOye, a local services provider told ET. 
 
(Image: Thinkstock)

One of the biggest investors in Indian startups, Tiger Global Management, says future is uncertain, to tone down approach

<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

<keyword id="6354742" type="General" weightage="20" keywordseo="Flipkart" source="Orion">Flipkart</keyword> co-founder <keyword id="225032" type="General" weightage="20" keywordseo="Sachin-Bansal" source="Orion">Sachin Bansal</keyword> has moved the Madras High Court challenging a show cause notice (SCN) dated July 1 this year issued by the Enforcement Directorate (ED), which held that he and another individual were personally responsible for the alleged violation of FDI policy involving a staggering amount of approximately ₹23,000 crore. Justice R Mahadevan, before whom the writ petition from Bansal came up for hearing on Friday, pulled up the authorities for the delay of 12 years in issuing the notice and adjourned the matter by three weeks, after directing the ED and its officials to file the counters. The petition sought to quash the notice as illegal and arbitrary, insofar as he is concerned. The interim prayer is to stay its operation. The SCN was issued on the basis of a complaint filed by the Deputy Director of Enforcement in Bengaluru, for instituting adjudication proceedings under Sec.16 of the Foreign Exchange Maintenance Act (FEMA) against the petitioner, another co-founder Binny Bansal of the e-commerce giant, Accel, Tiger Global, Subrata Mitra (nominee director of Accel) and Lee Fixel (nominee director of Tiger Global) on the alleged contravention of the various provisions of the FEMA. The notice was issued pursuant to an alleged non-compliance with a condition prescribed vide the Consolidated Foreign Direct Investment Policy of 2010 dated April 1, 2010 in respect of issuance of shares of certain Flipkart group companies to foreign investors during 2009-14. According to Bansal, he ceased to have any association with Flipkart and its group of companies, pursuant to his unanticipated exit following the acquisition of Flipkart by Wal-mart International Holding, Inc. on August 17, 2018. Among other things, he contended that issuance of the SCN was arbitrary, unreasonable and patently a perverse one, as it was issued after 12 years. The complaint followed an investigation by the Directorate of Enforcement in New Delhi, which commenced in 2012, i.e. 9 years ago. He had proactively participated and cooperated in the investigation undertaken by the ED. Given the substantial lapse of time following the inquiry, the petitioner has conducted himself under the bonafide belief that after due study of the materials obtained during the course of the probe, the ED had concluded that no action was warranted in the matter. And, he had effected bonafide transfers to third parties in the intervening period and had completely exited from the Flipkart group in August 2018. However, to the utter shock and dismay, the ED issued the notices, he contended. Specifically, there is no statutory period prescribed under FEMA within which the authorities concerned were required to file the complaint for initiating the adjudication proceedings. In the absence of any period of limitation under the statute, it has been settled by the <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> in various judgments that the Constitution requires every authority, including the ED, to exercise its power to file a complaint within a reasonable time, failing which the actions taken by the statutory authority will be amenable to the writ jurisdiction of constitutional courts, petitioner said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambanis-reliance-acquires-majority-stake-in-strand-life-sciences-for-393-crore-/articleshow/85900998.cms">Mukesh Ambani's Reliance acquires majority stake in Strand Life Sciences for ₹393 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/doge-meme-nft-increases-55-times-in-value-to-220-billion/articleshow/85899796.cms">Doge meme NFT's value flies from $4 million to $220 million overnight after getting split into 17 billion pieces</a>

Flipkart's Sachin Bansal  moves Madras High Court challenging ED notice

<ul><li><keyword id="12042233" type="General" weightage="20" keywordseo="gokwik" source="Orion">GoKwik</keyword> offers tools and solutions to direct-to-consumer (<keyword id="4055555" type="General" weightage="20" keywordseo="D2C" source="Orion">D2C</keyword>) that offer better experience to users.</li><li>Matrix Partners India led the company’s pre-Series A round, with participation from RTP Global.</li><li>In its first year of operations, the company has set plans for international expansion.</li></ul>The Indian <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> industry was growing exponentially last year as customers and several brands were embarking on the digital journey amidst the pandemic. But the show was largely run by giants like Amazon and Flipkart. That’s when <keyword id="4075194" type="General" weightage="20" keywordseo="Chirag-Taneja" source="Orion">Chirag Taneja</keyword> came up with the solution to help Indian brands to set up their own identity in the world of digital retail. GoKwik, launched in January 2021, offers tools and solutions to direct-to-consumer (D2C) brands — that sell directly to customers through their own website — to offer better experience to users. “If you look at D2C websites and compare it to the giants, you’ll realise that many things are broken. If e-commerce has to boom then someone will need to fix these experiences. That is what we do as a company,” Chirag Taneja, chief executive (CEO) and co-founder of GoKwik, told Business Insider. Fundraise to international expansion — all planned out GoKwik on Tuesday, September 7, announced a $5.5 million fundraise in order to expand its presence further. The pre-Series A round was led by Matrix Partners India, with participation of global investors like RTP Global. Several marquee angel investors and serial entrepreneurs also participated in the round. This includes Jupiter’s Jitendra Gupta, Uni’s Nitin Gupta, AngelList India’s Utsav Somani, CarDekho’s Umang Kumar, Shaadi.com’s Anupam Mittal, Livspace’s Ramakant Sharma, OfBusiness’ Asish Mohapatra and more. Over 12 angels invested in the pre-Series A round. GoKwik plans to use this funding to double its current workforce of 75 employees by 2022 and expand to other Southeast Asian countries that face the same ecommerce related challenges as India. The company has zeroed down on Indonesia, Vietnam and Malaysia for now. The Gurugram-based company notes that they will have an early mover advantage if they start international expansion now. For its international play, the company will focus on building local and central teams in the specific region and partner with local players. The technology and the product would largely remain the same for these markets, where cash-on-delivery would be a more common mode of payment. The Gurgaon-based startup helps retailers overcome challenges of setting up online stores and provide better experience to their customers. The company claims to have processed over a million transactions since its launch. Helping boAt, MamaEarth, LimeRoad and more The e-commerce enabler has also added 75 customers to its bucket list, ranging from marketplaces to publicly listed companies and renowned D2C brands. This includes boAt, Mamaearth, The Man Company, Heads Up For Tails, LimeRoad, ManMatters, The Whole Truth, The Souled Store, and TCNS Clothing Co, which owns brands like W, Aurelia and Wishful. Taneja noted that there are four legs of e-commerce — discovery, search/selection, conversion, retention. GoKwik is solving all these problems with its solution, as per Taneja. Ecommerce is expanding and one would need to use ecommerce enablers to bring the cost down, he added. The company was founded by Taneja and Vivek Bajpai. Taneja has previously worked as the chief revenue officer of Bombay Shaving Company, assistant vice president at Yes Bank and founded a food tech company Ketchupp in 2015. Bajpai, chief technology officer (CTO) and co-founder of GoKwik, was the head of technology at an adtech company SilverPush. Ankush Talwar, chief data scientist at GoKwik, is also part of the founding team. He previously was associated with Kognoz Research &amp; Consulting, Quantiphi and Publicis. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/logistics-company-delhivery-raises-76-million-ahead-of-its-ipo/articleshow/85997440.cms">Former Tiger Global exec Lee Fixel picks Delhivery as his second bet in India, after Inshorts</a> <a href="https://www.businessinsider.in/tech/news/el-salvador-just-bought-400-bitcoin-and-plans-to-buy-a-lot-more-a-day-before-making-it-an-official-currency/articleshow/85995497.cms">El Salvador just bought 400 bitcoin and plans to buy 'a lot more,' a day before making it an official currency</a> <a href="https://www.businessinsider.in/retail/news/chipotles-digital-sales-hit-a-record-2-billion-so-far-this-year-heres-how-its-loyalty-program-led-the-company-to-success/articleshow/85995495.cms">Chipotle's digital sales hit a record $2 billion so far this year - here's how its loyalty program led the company to success</a>

A former Bombay Shaving Company exec is helping brands like boAt, MamaEarth go big on ecommerce ⁠— and he now wants to take it abroad

<ul><li>E-commerce gross merchandising volume could hit $7 billion this year during the festive season, a big jump from $3.8 billion last year.</li><li>With Diwali around the corner, the best deals and discounts are up on e-commerce platforms as users tend to splurge during festivals. </li><li>And this <keyword id="6371194" type="UNKNOWN" weightage="20" keywordseo="sale">sale</keyword> frenzy also means that many operations have to be set in order, which creates the room for ‘seasonal <keyword id="11018" type="COMPANY" weightage="20" keywordseo="Jobs">jobs</keyword>’ during the festive season alone. </li></ul>October beckons the start of the festive season and the much-awaited ‘festive sales’ across e-commerce platforms. With Diwali around the corner, consumers will be scouting for the best deals and discounts, as they look to splurge on gifts for family and loved ones. While this anticipated surge in e-commerce sales and the upcoming festive season will bring along some respite for the economy, this sale frenzy also means that companies are gearing up to fulfill this increased demand. Many operations have to be set in order, including infrastructure and workforce — thus creating ‘seasonal jobs’ during the festive season alone. A bumper festive season is coming up While <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> is getting ready with its Great Indian <keyword id="3741625" type="PERSON" weightage="20" keywordseo="festive-sale">Festive Sale</keyword>, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is set to announce the dates for its marquee sale event, the Big Billion Day sale. Both the e-commerce giants rake in millions of orders during these few days. And this year, with physical retail still clocking in lower numbers due to the coronavirus pandemic, e-commerce sales are only going to get bigger. According to a RedSeer report from September 18, e-commerce gross merchandising volume could hit $7 billion this year during the festive season, a big jump from $3.8 billion last year. That also means the bigwigs have to get ready with logistics and operations to ensure fast and safe deliveries. Jobs to surge as companies prep for the festive season According to another report by RedSeer, this festive season will help create over 300,000 permanent and temporary jobs. “We expect the total shipments during festive sales for the first event to grow 60% y-o-y over CY19 to reach 150 million,” said the report. Amazon has already announced that it has created more than 100,000 seasonal job opportunities ahead of the festive season. “This year, more than 100,000 seasonal associates will join us to fulfill customer promises. We remain committed to creating job opportunities across the country, especially at a time when the pandemic has posed challenges in earning livelihood for many”, said Akhil Saxena, Vice President - APAC, MENA, and LATAM Customer Fulfilment Operations, Amazon India, in a statement. Meanwhile, Flipkart had said that it’s Big Billion Days will create 70,000 direct and lakhs of indirect jobs., “As a front runner in e-commerce, our training and investment in the workforce is widely recognised, and contributes to skill development and enhances employability. By generating employment and enabling our sellers to scale their businesses during this time, we’re doing our part to drive growth in the industry and the economy,” said Amitesh Jha, Senior Vice-President, Ekart, and Marketplace, Flipkart in a statement. Logistics partner for many of the e-commerce sites, <keyword id="1560090" type="PERSON" weightage="20" keywordseo="Delhivery">Delhivery</keyword>, too said it was looking to create 15,000 seasonal jobs, as it gears up to ship 65 million to 75 million packages. While most of these are ‘seasonal jobs,’ the RedSeer report states that 20% of them may be retained by the end of the sale season. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/lee-fixel-india-comeback-former-tiger-global-head-leads-a-35-million-round-in-inshorts-for-its-social-media-app-public/articleshow/78402503.cms">Lee Fixel’s India comeback – former Tiger Global head leads a $35 million round in Inshorts for its social media app Public</a> <a href="https://www.businessinsider.in/business/corporates/news/companies-announce-a-four-day-weekend-to-help-beat-work-from-home-stress/articleshow/78426299.cms">From PepsiCo to PwC – companies announce a four-day weekend to help beat WFH stress</a>

Amazon, Flipkart, Delhivery create lakhs of ‘seasonal jobs’ as they gear up for the festive season

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Flickr/ Keith Roper</div></div></div>Tiger Global Management just raised $2.5 billion for a new venture capital fund, <a href="http://www.sec.gov/Archives/edgar/data/1659414/000165941415000001/xslFormDX01/primary_doc.xml">according to a filing.</a>This is Tiger Global's tenth venture capital fund, and it will be called Tiger Global Private Investment Partners X, L.P. Lee Fixel, the head of Tiger Global's private equity and venture capital investing, will oversee the fund.Tiger Global's founder Chase Coleman wrote in a letter earlier this year that Fixel has spearheaded many of the fund's <a href="http://www.nytimes.com/2015/05/19/business/dealbook/tiger-global-to-revamp-management.html">"most important and successful investments."</a>Fixel, who joined the fund in 2006, <a href="https://www.linkedin.com/in/leefixel">has led </a><a href="https://www.linkedin.com/in/leefixel">investments in privately-held companies</a>, including Facebook, Linkedin, Warby Parker, Eventbrite, Makemytrip, Flipkart, Netshoes, Square, MercadoLibre, Trendyol, Jobs.ch and CatchoftheDay.Tiger Global declined to comment. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/james-altucher-american-dream-college-housing-debt-career-2015-11">JAMES ALTUCHER: The American Dream is a lie</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="pxa24weTqtZQduLr4vlODX7xiO2oUVG5" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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ShopClues.com Bags $100-million Investment

BI India Bureau

One of the biggest investors in Indian startups, Tiger Global Management, says future is uncertain, to tone down approach

BI India Bureau

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

Kritti Bhalla

Flipkart's Sachin Bansal moves Madras High Court challenging ED notice

PTI

A former Bombay Shaving Company exec is helping brands like boAt, MamaEarth go big on ecommerce ⁠— and he now wants to take it abroad

Kritti Bhalla

Amazon, Flipkart, Delhivery create lakhs of ‘seasonal jobs’ as they gear up for the festive season

Sanchita Dash

Tiger Global just raised $2.5 billion for a new VC fund

Julia La Roche

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