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<ul><li>Aditya Birla Fashion &amp; Retail (ABFRL) recently bought Reebok’s India operations and brands like the House of Masaba.</li><li>Now, the company says that it will set up a new subsidiary that will directly sell to the consumer (D2C) the way Thrasio, Mensa and 10Club do.</li><li>Shares of ABFRL have surged 76% in the last one year.</li><li>The story has been corrected to reflect that the new D2C unit will not be a marketplace like Ajio or Tata Cliq, as mentioned earlier.</li></ul>After a series of partnerships with some of India’s top designers of ethnic fashion like Shantanu &amp; Nikhil, Tarun Tahiliani, <keyword id="667" type="General" weightage="20" keywordseo="ritu-kumar" source="Orion">Ritu Kumar</keyword> and <keyword id="8264" type="General" weightage="20" keywordseo="sabyasachi" source="Orion">Sabyasachi</keyword>, <keyword id="3378227" type="General" weightage="20" keywordseo="aditya-birla-fashion-and-retail" source="Orion">Aditya Birla Fashion and Retail</keyword> (ABFRL) is preparing to go directly to the consumer. The company has said that the new entity will build “a portfolio of distinct, new-age, digital brands across categories in fashion, beauty and other allied lifestyle segments” Kumar Mangalam Birla, one of India’s top billionaires with a <a href="https://www.forbes.com/sites/aayushipratap/2022/02/03/indian-billionaire-gautam-adani-becomes-asias-richest-person/?sh=7e7df8744d92">net worth of $90 billion</a>, is ready to take the next big stride into online retail. The board of ABFRL has approved the setting up of a new D2C subsidiary. The retailer has had a bunch of brands for a while but in the last two years, it’s been busy stacking up outfits from some of the top designers of wedding attire. Birla’s recent pacts with designers of ethnic wear <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquisition year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% stake in acquired firm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">June 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jaypore &amp; TG Apparel &amp; Décor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shantanu &amp; Nikhil (S&amp;N) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">July 2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Finesse Designs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">January 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sabyasachi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">February 2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tarun Tahiliani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">33.5% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> <keyword id="13104055" type="General" weightage="20" keywordseo="what-is-d2c" source="Orion">What is D2C</keyword>? Direct to consumer is when a brand sells their products directly to consumers without selling through any third party retailers, wholesalers etc. Some of the popular D2C brands in the market are MyGlamm, Mamaearth, Wow Skin Science, BoAT, and Go Noise and the number of these brands in India has more than doubled in the last two years, according to consulting firm Bain and Company. Platforms selling D2C brands include Meesho, Tata Cliq, Myntra, Nykaa and Ajio. However, ABFRL’s business model will be similar to the New York-based e-commerce player Thrasio, which acquires small merchants and brands listed on Amazon marketplace. Thrasio has acquired more than 100 third party sellers or fulfilled by Amazon (FBA) businesses and is valued at $6 billion. Indian players like 10Club, Mensa Brands (founded by Myntra's former CEO Ananth Narayanan) and GlobalBees (founded by FirstCry founder Supam Maheshwari and Edelweiss' former executive Nitin Agarwal) have garnered the interest of investors. Notably, Mensa Brands is the <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/amp_articleshow/87735832.cms">youngest Indian startup</a> to be valued over a billion dollars and 10Club raised the <a href="https://www.businessinsider.in/business/startups/news/bhavna-suresh-has-closed-indias-largest-seed-round-for-her-nine-month-old-startup-10club/amp_articleshow/83978841.cms">largest seed round</a> in Asia, last year. Even Thrasio is not willing to let go off this opportunity. The company will be looking to invest <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-aggregator-thrasio-will-invest-half-a-billion-dollars-in-buying-indian-brands/amp_articleshow/88894791.cms">half a billion dollars</a> in the Indian market over the next few years. The combined revenue of all D2C retailers in India was $3 billion in 2020, and is likely to be $35 billion by 2025, according to a recent report by O3 Capital. However, ABFRL’s statement pegged the D2C opportunity at a whopping $100 billion by 2025. <div type="image" title="aditya birla fashion stocks" height="900" width="1200" msid="89347682" hostid="261"></div>Now, ABFRL has been selling fashion brands like Louis Philippe, Van Heusen, Allen Solly, Peter England and many others through over 3,000 stores, for a while now. More recently ⁠— aside from the a series of pacts with makers of top dollar designer outfits ⁠— the company has also bought a <a href="https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/aditya-birla-fashion-to-buy-51-stake-in-masaba/articleshow/88892651.cms">51% stake in House of Masaba</a> (a clothing and cosmetics brand), and sportswear brand Reebok’s India operations. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Categories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brands sold by Aditya Birla Fashions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Luxury </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The Collective, Ralph Lauren, Shantanu &amp; Nikhil, Sabyasachi, Tarun Tahiliani </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Super Premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simon Carter, Hackett, Ted Baker, Jaypore, Polo </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Louis Philippe, Allen Solly, VanHeusen, American Eagle </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sub-premium </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Peter England, Forever 21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pantaloons, People </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mass </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Style Up </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>With this business proposition, Aditya Birla is looking to mint money out of the extensive ecommerce offerings created by Jeff Bezos through Amazon, Walmart through Flipkart, Mukesh Ambani and the Tata Group. Birla will use brands like these to sell the D2C brands it acquires to sell online. Ambani’s Reliance Retail has also been making big investments in e-tail including Ajio, a six-year old online marketplace that makes a bulk of its revenue from sale of fashion clothing. Tata’s product is called Tata Cliq, which sells products from Westside, Shoppersstop and other brands. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/textile-cigarette-metal-and-electric-batteries-sectors-stocks-up-budget-day/articleshow/89346157.cms">Textile, cigarette makers and others sector stocks that rallied since budget speech</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-are-now-richer-than-facebooks-mark-zuckerberg/slidelist/89338118.cms">Forbes shows Adani and Ambani are now richer than Facebook’s Mark Zuckerberg</a>

Birla has the best wedding suits stacked up and he wants them displayed on your phone

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> Scaling new heights comes easily for serial entrepreneur Vani Kola. After all, she had climbed Mount Kilimanjaro a decade back. However, she is better known for her penchant to start, grow and sell companies in the Silicon Valley. What got this middle-class engineering graduate from Hyderabad to make a mark in Silicon Valley is pure grit and determination. As the founder of RightWorks, a web enterprise computing company in the 90s, she sent her pitches to Fortune 500 CEOs on a <a href="https://www.rediff.com/news/2000/jan/22us1.htm">large sized cardboard</a>. It’s too big to throw away and impossible to crumble! She later sold the company for a whopping $657 million in 2000, and repeated the same success story with yet another company she founded, Certus Software. In 2006, Kola made a life-changing decision to come back to India. It was tough since she has been living there for 22 years with her husband Srinivas Kola with whom she travelled to the US for masters degree, and two daughters. But Kola who is now based out of Bangalore, during a visit to India and saw ‘how much’ it had changed since she left it. A cab ride that brought her back home The epiphany came when she was taking a cab ride. Her cabbie told her that he is planning to take his family to Bangkok for a holiday, which shocked her. “I have never heard my own father (who is an accountant) say that he has been working hard and needs a vacation,” she said in an <a href="https://www.business-standard.com/article/specials/meet-venture-capital-pioneer-vani-kola-115030500583_1.html">interview to Business Standard</a>. After looking at how consumer behaviour was changing and that India was ripe for innovation, she set up Indo-US Venture Partners in 2006 with yet another serial entrepreneur Vinod Dham and former head of Intel India Kumar Shiralgi. The venture went through management changes to be rebranded in 2011 as Kalaari Capital, named after Kerala-based ancient martial art form Kalaripayat. Breaking the boy’s club Since inception, Kalaari Capital has invested in many e-commerce firms like Snapdeal, Myntra and Urban Ladder. Among her top investments are YourStory, Dream11 and Curefit. Among her top investments and exits is one of India’s first online lingerie stores, Zivame. In the founder of the startup, Richa <a href="https://www.business-standard.com/article/specials/meet-venture-capital-pioneer-vani-kola-115030500583_1.html">Kar’s own words</a>, Kola had grasped the concept in half an hour. With others, it would have taken two weeks across many meetings. It also helped that Kola was one of those rare women in the boy’s club of venture capitalists, and she was the first that Kar came across. Even now, the number of women who seek investments from Kalaari are a mere two percent of the total number. Yet, Kola believes things will change. In the 1980s, she was part of another boys club, called engineering. She was amongst one of the six girls in a batch of 400! Now the ratios are much well balanced and these women, she hopes will become CEOs, investment bankers and also venture capitalists and the so-called boys club will not remain so anymore. SEE ALSO: <a href="https://www.businessinsider.in/business/news/india-has-its-eyes-and-hopes-pinned-on-adar-poonawalla-the-worlds-biggest-vaccine-maker-who-will-be-at-gtf-2020/articleshow/77977949.cms" data-type="tilCustomLink">India has its eyes and hopes pinned on Adar Poonawalla⁠⁠— the world’s biggest vaccine maker who will be speaking at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/the-leadership-from-asia-and-india-in-particular-will-be-at-the-heart-of-global-trends-festival-2020/articleshow/77971081.cms" data-type="tilCustomLink">The leadership from Asia, and India in particular, will be at the heart of Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/largest-global-event-in-2020-trends-festival/articleshow/77461047.cms" data-type="tilCustomLink">Business Insider's Global Trends Festival is coming to India — and it's gonna be huge!</a> <a href="https://www.businessinsider.in/international/news/reed-hastings-to-speak-at-the-business-insider-global-trends-festival/articleshow/77550576.cms" data-type="tilCustomLink">Reed Hastings to speak at the Business Insider Global Trends Festival</a>

Meet Vani Kola, the unicorn hunter, at Global Trends Festival 2020

Shopaholics, it is time for some shopping. Don’t go far and just take out your smartphone and debit card as Myntra’s “End of Reason Sale” is back. 
 
The sale will be held on January 2-3, 2016 and will have a huge collection of specially curated styles and designs across the best of brands at discounts of up to 80%. 
 
Myntra is also expecting to increase its gross merchandise value by 10 times in the third edition of the sale. 
 
Ananth Narayanan, CEO, Myntra, said, “The End of Reason Sale is really about starting the New Year looking good and with a new wardrobe to match. During the two-day sale, we expect to serve over 700,000 customers and the daily revenue rate to go up by as much as 10X.” 
 
Over 2000 brands, including Nike, Adidas, Reebok, FILA, Vans, Tommy Hilfiger, Mango, Marks &amp; Spencer, Casio and Titan are participating in the sale. 
 
During the sale period, Myntra will also launch the Spring Summer 2016 collection in January itself, becoming the first fashion e-tailer to do so. 
 
Meanwhile, apart from smartphones, shoppers will now also be able to browse offers and product details on Myntra's mobile website.

Myntra wants to grow its GMV by 10 times during end of reason sale starting Jan 2

Negotiations to acquire <a href="http://www.businessinsider.in/searchresult.cms?query=jabong&amp;sortorder=effectivedate">Jabong</a> are underway and <a href="http://www.businessinsider.in/searchresult.cms?query=alibaba&amp;sortorder=effectivedate">Alibaba</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=future+group&amp;sortorder=effectivedate">Future Group</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=myntra&amp;sortorder=effectivedate">Myntra</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=aditya+birla+group&amp;sortorder=effectivedate">Aditya Birla's</a> ecommerce venture <keyword id="3103299" type="UNKNOWN" weightage="20" keywordseo="Abof">Abof</keyword> are among the top contenders to seal the deal, which is expected to be at $250-$300 million. 
 <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, reportedly, is also said to be in the race but won’t bid that aggressively. Even though <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword> has asked for $250-300 million, the deal size could be lower. 
 
German incubator Rocket Internet, who founded Jabong in 2012, and Swedish investment firm Kinnevik, which owns a large stake in Jabong's parent Global Fashion Group, are keen to exit. 
 
"Jabong has held talks with these four companies over the past few weeks. While none of the negotiations has reached an advanced stage, the deal size could be around two times its annual sales and is expected to close within the next six months," a executive told ET. 
 
Executives from Rocket Internet and Kinnevik are currently camping in India to oversee a sale, ET quoted sources as saying. 
 
ET reported that Jabong's revenues dropped 7% to Rs 869.1 crore in 2015 from the year earlier but it trimmed losses to Rs 46.7 crore from Rs 159.5 crore after a clampdown on discounts, much as other ecommerce companies have done. 
 
The Gross Merchandise Value (GMV) rose 14% to Rs 1,503 crore from almost 5.4 million orders. 
 
Jabong's net sales grew 14% to 32.6 million in the March quarter with a gross profit of 0.2 million as it derisked business by moving more toward the consignment and marketplace model and away from discounting. 
 
Apart from this, another attractive deal with Jabong could be its top management. Jabong hired former Benetton India managing director Sanjeev Mohanty as chief executive in 2015 and former eBay executive Muralikrishnan B as chief operating officer in February. 
 
Harminder Sahni, founder of retail consultancy Wazir Advisors, told ET, “I see merit in somebody acquiring and rebuilding brand because it is not easy to build brand awareness of that level in today's time as nobody is going to fund that kind of money in brand building anymore.” 
 
(Image: Thinkstock)

Alibaba, Future Group, Myntra in race to buy Jabong, deal size expected to be $250 million

India’s online marketplace, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> , bought at least 34% stake in digital mapping firm <keyword id="103425" type="CITY" weightage="20" keywordseo="MapmyIndia">MapmyIndia</keyword>. 
 
With this new purchase worth nearly $260 million or Rs 1,600 crore, Flipkart will enhance its logistics, giving tough competition to its competitors. 
 
Flipkart’s senior VP for engineering and head of consumer experience and growth are expected to get two seats on the eight-member board of MapmyIndia. 
 
As Flipkart will be investing up to $5 million in primary capital, it bought a stake of about 32% from MapmyIndia's early venture capital funds - Lightbox and Nexus Venture Partners. 
 
Flipkart, which plans to boost its Gross Merchandise Value (GMV) to $10 billion by March 2016, wants to enhance its delivery ops and logistics by using location intelligence capabilities from MapmyIndia. 
 
The online marketplace wants to use MapMyIndia's data for better address verification, real-time shipment tracking, facility mapping and theft minimisation. 
 
MapmyIndia comes as one of the biggest investments since it acquired Myntra. 
 
MapmyIndia raised around $30 million in funding from VCs like Lightbox Ventures, Nexus Venture Partners and Qualcomm Ventures besides Japanese mapping company Zenrin.

Flipkart’s new buy worth Rs 1600cr will give it a unique edge over its competitors

Customers are paramount in any user-centric product organization. Although it’s hard to build a delightful experience for a single user, it’s incredibly hard to build delightful experiences for tens of millions of users and do it every day. That’s the nature of the challenge we’re facing here at <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>: scaling delight and growing our reach at an incredible pace. 
 
When Flipkart first started, finding things online, especially through a mobile device, was un-common. Flipkart had to introduce the breakthrough Cash-On-Delivery (COD) service in India and a number of other product innovations just for people to buy books conveniently. Now, each month we deliver more than 8 million products to happy customers across India, all of which start with an interaction on one of our many Flipkart and Myntra properties. 
 To do that, we’re pushing the boundaries of technology and processes. Our recently launched <keyword id="3132106" type="UNKNOWN" weightage="20" keywordseo="Flipkart-Lite">Flipkart Lite</keyword> web app was done as a partnership with Google. The mobile site is a sophisticated piece of technology because it emulates a native-like application feeling at a fraction of the data cost and doesn’t require a download. Technology aside, we challenged our engineers to come up with a solution for the hundreds of millions of Indians who are about to make the leap from feature to smartphone and will have limited data at their disposal. Our services ring hollow if we’re unable to make them available for all the consumers we aspire to serve. 
 
On the other hand, we challenged ourselves to come up with a way to make shopping more delightful for the millions of Indians who shop with Flipkart every day. Shopping, like many other activities, are social in nature. We decided to develop our in-app chat experience, Ping, while thinking about how to make the shopping experience more connected and delightful. Chatting with your friends or family for gifts and items is just the start of how we think real-time messaging can compliment shopping and commerce. We’re excited to roll out many new innovations leveraging Ping soon. 
 
Creating a workplace that allows for incredible product development requires tremendous talent and thoughtfulness. At Flipkart we’ve worked hard to put together the best product and tech team to solve the complex and dynamic challenges India poses. Unlike other nations, India’s varied consumers and infrastructure requires an equally flexible team and product culture. We’ve blended many styles of work ranging from top tech and consulting firms worldwide to solve these challenges. 
 
With the user as our guiding light we’re assembling the absolute best group of product builders and thinkers to enable and expand commerce in India through technology. Stay tuned! 
 
(This article is authored by <keyword id="2796187" type="PERSON" weightage="20" keywordseo="Peeyush-Ranjan">Peeyush Ranjan</keyword>, Chief Technology Officer, Flipkart) 
 
(Image: Indiatimes)

Flipkart's Chief Technology Officer reveals the secret to creating happy customers

Bengaluru-based <keyword id="2778113" type="UNKNOWN" weightage="20" keywordseo="Rentomojo">Rentomojo</keyword>, a furnishing rental platform, has raised $2 million in Pre Series A from <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword> and <keyword id="145350" type="CITY" weightage="20" keywordseo="IDG-Ventures">IDG Ventures</keyword>. 
 
Founded in 2014 by IIT Madras alumni, Geetansh Bamania and Ajay Nain, Rentomojo lets users rent furniture and home furnishings for a minimum period of three months. 
 
After the funding, Venkatesh Peddi from IDG Ventures India and Prashanth Prakash from Accel Partners have joined the board of Directors of Rentomojo, which currently operates in Mumbai, Delhi-NCR, Pune and Bengaluru. 
 
Bamania, co-founder and CEO, Rentomojo said, “We are witnessing the birth of Access Economy with the advent of Airbnb, Uber, Rentherunway and the likes. We want our users to get an access to a personalized lifestyle without actually owning it. We work as a marketplace and keep this business asset light.” 
 
Accel Partners was one of the first investors for Flipkart, Freshdesk, Myntra and Commonfloor as well. meanwhile, IDG Ventures India is part a global network of technology venture funds and has invested in Flipkart, Yatra, Newgen, Brainbees (FirstCry.com), Vserv, Manthan Software, Valyoo (Lenskart.com), Ozone Media and Actoserba (Zivame.com). 
 
“Rentomojo has a grand vision. The platform is witnessing exponential growth and it is exciting to be part of this growth” said Peddi, Executive Director, IDG Ventures India Advisors.

Furnishing rental platform, Rentomojo, gets Pre Series A funding, raises $2 million

Global wealth tripled over the last two decades, with <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> leading the way and overtaking the <keyword id="6354458" type="General" weightage="20" keywordseo="us" source="Orion">US</keyword> for the top spot worldwide, Bloomberg reported. A report by McKinsey &amp; Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, the report said. "We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent, the report said. The US, held back by more muted increases in property prices, saw its net worth more than double over the period, to $90 trillion. In both countries -- the world's biggest economies -- more than two-thirds of the wealth is held by the richest 10 per cent of households, and their share has been increasing, the report said. As computed by McKinsey, 68 per cent of global net worth is stored in real estate. The balance is held in such things as infrastructure, machinery and equipment and, to a much lesser extent, so-called intangibles like intellectual property and patents, it added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms" data-type="tilCustomLink">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars</a> <a href="https://www.businessinsider.in/stock-market/news/policybazzar-and-sigachi-share-price-jump-in-early-trading/articleshow/87730171.cms">Policybazaar gets a boost after an American fund laps up 3.4 million shares and Sigachi hits upper circuit on the morning after listing</a> <a href="https://www.businessinsider.in/business/corporates/news/jpmorgan-takes-tesla-to-court-over-elon-musks-2018-tweets-demands-162-million/articleshow/87729405.cms">JPMorgan takes Tesla to court over Elon Musk’s 2018 tweets ⁠— demands $162 million</a>

China overtakes US as the richest country in the world

<ul><li><keyword id="5165542" type="General" weightage="20" keywordseo="latent-view" source="Orion">Latent View</keyword>’s IPO was subscribed 338.51 times by investors across the board.</li><li>It received bids for 572 crore shares as against 1.75 crore shares that were up for sale.</li><li>Latent View Analytics has raised ₹600 crore through its IPO.</li></ul>The allotment status of data analytics services company Latent View Analytics’ initial public offering (IPO) is likely to be announced today, November 17. Latent View’s IPO received strong response from investors across the board. The shares have been subscribed 338.51 times by investors in the three days of the IPO bidding process, which lasted between November 10 to 12. The portion reserved for Qualified institutional investors (QIB) has been oversubscribed by150 times, non-institutional investors’ portion was reserved 881.96 times and the retail portion was reserved 123.84 times. Overall, the company received bids for 572 crore shares as against 1.75 crore shares that were up for sale. The grey market is currently paying a premium of ₹370 a piece, over and above the issue price range of ₹190-197. Latent View Analytics has raised ₹600 crore through its IPO. The public issue consisted of a fresh issue of ₹474 crore and an offer for sale of ₹126 crore, which went to the existing shareholders who were selling their shares in the issue. The company will use the net proceeds to fund its organic growth initiatives and meet working capital requirements. Here is how to check Latent View’s IPO allotment status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select the IPO name.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘company name’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/former-myntra-ceo-started-mensa-brand-in-may-and-its-already-worth-a-billion-dollars-with/articleshow/87735832.cms" data-type="tilCustomLink">Former Myntra CEO started Mensa Brand in May ⁠and it’s already worth a billion dollars</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-tumble-as-china-continues-its-crackdown-against-mining/articleshow/87738496.cms" data-type="tilCustomLink">Cryptocurrencies tumble as China continues its crackdown against mining</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-makes-for-nearly-third-of-niftys-fall-today-tata-motors-and-maruti-beat-the-trend/articleshow/87736157.cms" data-type="tilCustomLink">Reliance Industries makes for nearly a third of Nifty’s fall today ⁠— Tata Motors and Maruti beat the trend</a>

Latent View’s IPO will be allotted today — here’s how you can check

<keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, the co-founder of Flipkart sold his 5.5% stake in the company and left it in May 2019 after the ecommerce giant of India was acquired by Wallmart, the world’s largest retailer. Here are a few interesting facts about Sachin Bansal, the mastermind behind Flipkart. <ul><li>Sachin Bansal founded Flipkart in 2007 along with his partner <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword>. In the initial stages, the ecommerce firm sold books online gradually expanding its operations into other domains. Today Flipkart has become one of the top ecommerce businesses in India. </li><li>In April 2016, Sachin Bansal was named among the 100 most influential people in the world along with Binny Bansal by the Times Magazine. </li><li>In some strategic deals, Flipkart acquired some well performing ecommerce businesses like Myntra, Jabong and PhonePe. </li><li>Sachin Bansal would later recollect in his life when Flipkart operated from a rented office costing them Rs.8,000 per month. He said the company during the starting years did not have any power backup they had to suffer the extremities of climate without AC or even windows to the building they had rented out for their ecommerce operations. </li><li>Sachin Bansal was a remarkable gamer. He used to give dinner to those who defeated him in games. </li><li>When the Big Billion Day sales was on, Sachin Bansal delivered the products along with Binny and others in the company.</li><li>Sachin Bansal and Binny Bansal are only business partners and co-founders of Flipkart. They are never related to each other though their surnames might suggest if they could be brothers. </li><li>Sachin and Binny studied at the same school. They were born and brought up in <keyword id="6360078" type="LOCATION" weightage="20" keywordseo="chandigarh">Chandigarh</keyword>, Punjab. Despite sharing their school with each other, they were never friends during their school days. Both of them graduated from IIT Delhi and only there at the college they got to know each other. </li><li>Sachin Bansal worked for Amazon in 2006. Binny Bansal joined the company in 2007. Later they came together to create Flipkart in 2007.</li><li>Sachin Bansal has married Priya Bansal, who was a dentist by profession. They both have a son.</li><li>Sachin Bansal is a highly sociable personality and loves gaming to the core. Sachin’s addiction to gaming was so intense that he wanted to give up his engineering course to find a career in gaming. During his early life, Sachin Bansal was highly passionate about playing games like Age of Empires and <keyword id="1269448" type="PERSON" weightage="20" keywordseo="Quake-III-Arena">Quake III Arena</keyword>.</li><li>Sachin Bansal is a visionary and a seasoned entrepreneur, the skill which he mastered through hard work. In 2018 after 11 years of his tenure with Flipkart, the company was valued at $20.8 billion. During this career at Flipkart, Sachin Bansal had the position of Chief Executive Officer and Executive chairman. </li><li>Sachin exited Flipkart along with the Walmart deal in 2018. During his exit, he had 5.5% stake in the company, which he sold to Walmart. During that time, his net worth was more than $1 billion.</li><li>During his exit from Flipkart, Sachin Bansal said he would focus on some personal projects that were long pending. He also said he wished to give himself to gaming and to brush up his coding skills.</li></ul>Read Also about other Personalities - <a href="https://www.businessinsider.in/interesting-facts-about-ola-founder-bhavish-aggarwal/articleshow/71186840.cms">Ola Founder Bhavish Aggarwal</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Ola founder Ritesh Agarwal</a>

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