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<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

<ul><li>According to the latest report by AON, 98.9% companies in India intend to give a <keyword id="6355281" type="General" weightage="20" keywordseo="salary-hike" source="Orion">salary hike</keyword> to its employees in 2022.</li><li>The percentage of salary hike given to employees was 8.8% this year, it is projected to increase to 9.4% in 2022.</li><li>Employees with upgraded technical and digital skills are said to be the most successful in 2021.</li></ul>It is projected that 98.9% companies in India will give or intend to give a salary increment to its employees in 2022, according to the latest report by professional services firm AON. This is a jump compared to this year, which saw 97.5% of Indian firms giving a salary hike to its employees. The average percentage of salary increment given to the employees this year was 8.8%. However, the report has forecast an increase to 9.4% in the year 2022. The COVID-19 pandemic may have disrupted people’s lives, but companies say that it has definitely not hampered productivity throughout these 18 months, as per AON. The survey also reveals that around 45.4% of companies saw an improvement in their overall business outlook. This percentage is also projected to further increase to 61.9% in 2022. Therefore, most of the companies decided to give a pay raise and bonuses to its employees. “Despite another wave of COVID-19 hitting the nation hard, Indian organisations have displayed resilience in riding through the tough times. While pandemic risk in India continues, the business sentiment and salary projections for 2022 tell us that employers are building for growth and are much better prepared than in 2020,” said Roopank Chaudhary, partner at AON’s human capital business in a press release. Expected salary increment across various sectors: <div type="image" title="Percentage of salary increment expected in 2022" msid="86008557" hostid="261" caption="&amp;lt;p&amp;gt;Percentage of salary increment expected in 2022&amp;lt;/p&amp;gt;"></div> The graph clearly shows that information technology (IT)/hi-tech, professional services and ecommerce are the top three sectors with the highest salary increase in 2022 for India. As the hospitality sector was one of the most affected sectors during the pandemic and is still recovering from the losses, it is one of the sectors with least salary increments projected for 2022. Other than the hospitality sector, engineering services and energy sector will have low salary increments for 2022. Another notable aspect is that the number of organisations choosing not to give an increment may also decline from 2.5% to 1.1%, which means that there will be very few companies that might not give an increment next year, according to the report. Chaudhary further said that the employees with digital and technological skills are the “most successful” in 2021. The salary increment trend was seen mostly for the employees who had updated skills according to the trend going on in the market. He also added, “We expect that this trend will intensify over time, as organisations have an increased need for this talent to transform their business models and build resilient workforces.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/cuemath-toppr-aakash-institute-and-many-more-are-looking-for-online-tutors/articleshow/85979681.cms">Cuemath, Toppr, Aakash Institute and many more are looking for online tutors</a> <a target="_blank" class="c-link c-message_attachment__title_link" 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>

IT, HR and ecommerce employees will get the biggest pay hike next year

<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

US-based <keyword id="10027285" type="UNKNOWN" weightage="20" keywordseo="biotech-company-moderna">biotech company Moderna</keyword>'s Covid-19 vaccine candidate has shown signs of working in older adults, new results from an early stage trial have revealed. This study evaluated a two-dose vaccination schedule of <keyword id="4912868" type="PERSON" weightage="20" keywordseo="moderna">Moderna</keyword>'s Covid-19 vaccine candidate mRNA-1273 given 28 days apart in 40 healthy adult participants across two dose levels -- 25 and 100 microgram -- in two age cohorts --ages 56-70 and ages 71+. These results, published in the <keyword id="299045" type="LOCATION" weightage="20" keywordseo="New-England">New England</keyword> Journal of Medicine, showed that both the 25 microgram and 100 microgram dose levels were generally well-tolerated in both age cohorts, with no serious adverse events reported one month after the second dose. "These interim Phase 1 data suggests that mRNA-1273, our vaccine candidate for the prevention of Covid-19, can generate neutralizing antibodies in older and elderly adults at levels comparable to those in younger adults," Tal Zaks, Chief Medical Officer of Moderna, said in a statement. "Given the increased morbidity and mortality of Covid-19 in older and elderly adults, these data give us optimism in demonstrating mRNA-1273's protection in this population, which is being evaluated in the Phase 3 COVE study." Immune responses were dose-dependent with the 100 microgram dose eliciting higher binding and neutralising antibody titers, supporting the selection of the 100 microgram dose for further study in the Phase-3 trial. The study was led by the National Institute of Allergy and Infectious Diseases (NIAID), part of the US National Institutes of Health (NIH). The most common solicited adverse events were headache, fatigue, myalgia, chills, and pain at the injection site, the majority of which were mild-to-moderate in severity and of self-limited duration, Moderna said. The US government has agreed to purchase 100 million doses of mRNA-1273, with an option to purchase an additional 400 million doses. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" 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>

Moderna's COVID-19 vaccine shows promise in protecting older adults

<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>

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

Kritti Bhalla

IT, HR and ecommerce employees will get the biggest pay hike next year

Vaamanaa Sethi

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

PTI

Moderna's COVID-19 vaccine shows promise in protecting older adults

IANS

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

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