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Sachin Bansal-led <keyword id="6392324" type="General" weightage="20" keywordseo="navi" source="Orion">Navi</keyword> Technologies has filed preliminary papers with Sebi to raise Rs 3,350 crore through an initial public offering (IPO). The proposed IPO is completely through a fresh issue of equity shares and there will be no offer-for-sale (OFS), according to the draft red herring prospectus (DRHP). Flipkart co-founder Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO. According to people familiar with the matter, the initial share sale is likely to open in June. Going by the draft papers, the company may explore a pre-IPO placement aggregating to Rs 670 crore. If such placement is undertaken, the size of the public issue will be reduced. Proceeds of the IPO will be used to invest in subsidiaries — Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) — and for general corporate purposes. After moving out of Flipkart, Bansal – along with Ankit Agarwal – founded Navi in 2018. Navi Technologies is a tech-driven financial products and services company. Since the company’s incorporation, it has expanded offerings under the “Navi” brand to include personal loans, home loans, general insurance and mutual funds. It also offers microfinance loans through a wholly-owned subsidiary, under the “Chaitanya” brand. As per its website, Navi is a digital lending app that provides loans of up to Rs 20 lakh instantly through a completely paperless process. ICICI Securities, BofA Securities and Axis Capital, Credit Suisse Securities (India) Pvt Ltd and Edelweiss Financial Services are the books running lead managers to the public issue. To enter the microfinance segment, Navi had acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied to the Reserve Bank of India (RBI) for a universal banking license. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/info-edges-latest-acquisition-aisle-explains-why-it-was-difficult-for-them-to-raise-funds/articleshow/90145724.cms">INTERVIEW: Info Edge’s latest acquisition Aisle’s founder explains why it was difficult for him to raise funds</a> <a href="https://www.businessinsider.in/business/startups/news/boat-has-rejigged-its-entire-upper-management-in-the-run-up-to-the-ipo/articleshow/90140785.cms">BoAt has rejigged its entire upper management in the run up to the IPO</a> <a class="tout-title-link" href="https://www.businessinsider.in/tech/news/russia-will-ban-instagram-in-the-country-from-march-14-citing-calls-for-violence-against-russians-on-the-platform/articleshow/90169705.cms">Russia will ban Instagram in the country from March 14, citing 'calls for violence against Russians' on the platform</a>

Flipkart cofounder Sachin Bansal's latest venture Navi files draft papers for ₹3,350 crore IPO

India’s largest e-commerce platform Flipkart announced rejig in the company. Flipkart’s <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, CEO and co-founder of Flipkart, will be the Executive Chairman and <keyword id="6364080" type="PERSON" weightage="20" keywordseo="Binny-Bansal">Binny Bansal</keyword>, COO and co-founder of Flipkart, will be the Chief Executive Officer. 
 
Sachin will provide strategic direction for Flipkart, mentor the senior leadership of the company and look for new investment opportunities. 
 
He will play an active role in championing the Indian e-commerce sector and building the internet ecosystem, and represent the company in external forums. Sachin will continue to be the Chairman of the Board. 
 
“In this next phase of the journey, it will be our endeavour to fulfil this responsibility and prove that India can produce a world class internet company that can outshine any global behemoth. We also want to continue to play a pivotal role in shaping the internet and the commerce ecosystem of India,” said Sachin. 
 
 
<blockquote class="twitter-tweet" lang="en">
	
		Welcome <a href="https://twitter.com/binnybansal">@binnybansal</a> as the CEO of <a href="https://twitter.com/Flipkart">@Flipkart</a>. Together we'll create magic. <a href="https://t.co/VZSdJGqEZ9">https://t.co/VZSdJGqEZ9</a>
	— Sachin Bansal (@_sachinbansal) <a href="https://twitter.com/_sachinbansal/status/686437140192886784">January 11, 2016</a></blockquote>
 
As the CEO, Binny will now be responsible for operationally driving the company and will be accountable for Flipkart’s overall performance. 
 All the business areas – Commerce, Ekart and <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> will now report to Binny. All Corporate functions including Human Resources, Finance, Legal, Corporate Communications and Corporate Development will also report to Binny. 
 
“Today, we are in a very strong leadership position with over 60% market share of the m-commerce market, 50 million customers and clear leadership in smartphones and fashion. We will continue to build world-class customer experience, expand our supply chain infrastructure to reach all parts of India, drive innovations in mobile commerce and bring in disruptive technologies,” said Binny. 
 
(Image: Indiatimes)

Flipkart rejig: Binny Bansal becomes CEO, Sachin Bansal is now Executive Chairman

Redmi Note 12 Pro Plus Review - Powerful mid-ranger with a solid camera

Have you ever wondered why some stores simply draw you in, forcing you to buy something you never even wanted in the first place? Then there are those stores that try and give away their stuff for nearly free and no one offers them a second look. The secret ingredient is some great merchandising at work. 
 
Physical retail has always set store by its visual merchandising, often investing thousands of dollars in just one statement shop window (Hello, Harrods!) This focus on merchandising is not limited to just the brick-and-mortar domain. Online stores have shown leaps in their conversion rates by simply rejigging the way they offer their wares to their visitors. 
 
L’Oreal’s sub-brand Urban Decay, actually achieved a <a href="http://www.retailtouchpoints.com/features/retail-success-stories/urban-decay-increases-conversions-by-16-with-improved-site-merchandising">16% lift in their conversion rates</a> by radically transforming how they merchandised their online store. If Urban Decay can do it, what’s stopping you? 
 
1. Fresh Merchandise on a Regular Basis 
The human brain is wired for variety. Showcasing the same old products over and over again makes your site more boring than yesterday’s news. Inject new life into your <keyword id="436047" type="UNKNOWN" weightage="20" keywordseo="Ecommerce">eCommerce</keyword> store with new products and fresh deals that tickle your audience’s curiosity. Give them a reason to keep coming back to your site even if simply to check out the fab new stuff you have available. 
 
2. High Quality Product Information 
Once a user clicks on an item, your product page should offer them every possible bit of information that they might need to complete the purchase. Do not leave the shopper with questions in their head that may lead them to postpone or even cancel their purchase. 
 
 
 
Offer a detailed product description with information on what materials the item is made of, what sizes is it available in, what warranties cover it, how will it be shipped, how much will shipping cost, how can returns be made – the works. Offer size charts if you sell apparel with conversions in local sizes for users in different countries. 
 
3. Images that Tempt a Purchase 
Supplement this textual content with some great visuals of the product in question. Offer multiple images from different angles so users can get a real feel of the product. 
 
 
 
Allow them to zoom into the image and rotate it 360 degrees to get a good look at it. Instead of showing only the product, include pictures of the product being actually used. This makes the descriptions more credible and understandable. A video of the product in use would be the icing on the cake. 
 
4. Personalized Content 
Returning shoppers offer retailers the chance to better their last attempt at <a href="http://www.crmbuyer.com/story/5-Crafty-Customer-Retention-Strategies-81815.html">seducing the user’s purse strings</a> by giving them the benefit of historical data. Don’t simply collect big data on your site and forget about it. Actively mine the data that your site logs in every minute and derive insights out of it that can be applied to user sessions in the future. 
 
 
 
A tool like <a href="http://unbxd.com/product-recommendations">Unbxd</a> helps you pull out personalized, actionable insights from your site data and serves up products that the shopper is likely to purchase on the basis of their past behavior. Instead of displaying your regular homepage that any first time user can see, showcase items that are similar to the products that they checked out on their last visit. 
 
5. Customer Education 
Often, eCommerce site visitors are pretty clueless about the item they’re hunting for. Imagine your mom trying to register for a Xiaomi phone on Flipkart and you’ll get an idea of what I’m talking about. 
 
The idea is to tell the user exactly what the product is and how they can use it. The presence of a handy guide helps convince undecided or uninformed shoppers as they develop a sense of trust in your brand and would rather buy from someone they trust as opposed to someone who simply tries to sell, sell, and sell. This is where content marketing becomes your friend and helps convert users by becoming a merchandising tool in the hands of a smart marketer. Take a look at this <a href="http://www.lowes.com/projects/bed-and-bath/prep-tile-floor/project">tile laying article</a> from Lowes for inspiration. Check out how they cleverly blend their content and product placements to educate and simultaneously sell to the user. 
 
6. Cross-Sells and Complementary Items 
Want to increase the ticket size of each purchase? Tempt your customer with another purchase that perfectly complements the one they already have in their cart. By proactively offering to help the customer with products that they can put to immediate use, you are activating the urgency trigger in their minds. Offering users a small discount on the bundled purchase not just sweetens the deal, it also makes them come back again for similar offers. 
 
 
 
Whether it’s a “Complete the Look” route or saying “Other buyers also bought” the whole logic behind cross selling items is to push the envelope and attempt at making two (or more!) sales in place of just one. 
 
7. User Reviews and Social Proof 
Research has conclusively proved over and over again that prospects believe other customers far more than the marketing spiel offered by brands. User reviews are a huge component in the decision-making process regarding an eCommerce purchase. By ensuring that your users have enough positive word of mouth from real buyers you tip the scales in your favor and push the user closer to the finish line. 
 
However, this is not to say that you must hide or delete unfavorable reviews. It is only natural to get a mix of good and not-so-good reviews for any product. By offering a balanced and unbiased set of reviews, you instill confidence in a new user’s mind and indicate to them that the reviews your site sports are real and not doctored. 
 
 
 
Another great way to showcase the popularity of an item is by indicating the number of social shares and likes it has received right on the product page. This social proof again acts as a catalyst hastening the purchase and deepening customer trust levels. 
 
Wrapping Up 
Online merchandising is responsible for what your users see on your site when they first land on it. Now we all know that first impressions can last a lifetime and you definitely do not want to send your visitors away with a lifetime’s worth of terrible merchandising memories.

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