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The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> on Monday declined to entertain a plea by e-commerce giants <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, saying they must face inquiry by Competition Commission of India (CCI) for anti-competitive practices. A bench headed by Chief Justice <keyword id="2797471" type="PERSON" weightage="20" keywordseo="N-V-Ramana">N.V. Ramana</keyword> and comprising justices Vineet Saran and Surya Kant said: "Big organizations like you ( Flipkart and Amazon) should volunteer for inquiry... Inquiry has to be conducted." The bench declined to interfere with the orders of the <keyword id="6371973" type="UNKNOWN" weightage="20" keywordseo="karnataka-high-court">Karnataka High Court</keyword>, which refused to interfere with the preliminary enquiry ordered by the CCI into their alleged anti-competitive practices. The top court emphasized that the CCI inquiry must go on. However, the court accepted the request made by senior advocate Abhishek Manu Singhvi for extending the time for the companies to reply to CCI. The e-commerce companies had moved the apex court challenging the Karnataka High Court order. The bench said it sees no reason to interfere in the high court order, and seeing that time granted is expiring on 9 August, "we extend it by 4 weeks". On July 23, the Karnataka High Court dismissed the plea by Amazon and Flipkart against a probe initiated by CCI for the alleged violation of competition law. A division bench comprising justices Satish Chandra Sharma and Natraj Rangaswamy passed the order on a batch of appeals moved by the e-commerce companies challenging a June 11 order passed by a single judge of the high court. The bench noted that by no stretch of imagination the inquiry can be quashed at this stage and the appellants shouldn't be afraid of investigation by CCI. The bench said: "In the considered opinion of the court, appeals filed by appellants are devoid of merit and deserved to be dismissed..." Amazon had moved Karnataka High Court against a CCI order which had called for a director general (DG) level investigation into allegations of anti-competitive conduct in the online sale of smartphones on its platform. The Delhi Vyapar Mahasangh (DVM), the informant before the CCI, had alleged predatory pricing, deep discounting, preferential seller listing, and exclusive partnerships, among others, against Amazon and Flipkart. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-great-freedom-festival-get-last-day-deals-and-discounts/articleshow/85173017.cms">Amazon Great Freedom Festival 2021: Best last day tech deals and offers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/vivo-launched-its-y53s-with-64mp-rear-camera-in-india-on-monday/articleshow/85173234.cms">Vivo launched its Y53s with 64MP rear camera in India on Monday</a>

Supreme Court asks Amazon, Flipkart to volunteer for CCI probe

<ul><li><keyword id="9472803" type="UNKNOWN" weightage="20" keywordseo="ecommerce-platform-flipkart">Ecommerce platform Flipkart</keyword> on Saturday said it has enabled more than 90% of its sellers to resume operations on the marketplace.</li><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has also seen 125% rise in new seller signing-up on the platform, in comparison to its existing seller base, in the April-June period, the company said in a statement.</li><li>Local <keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword> from Uttar Pradesh, Maharashtra, West Bengal, Delhi and Tamil Nadu have shown maximum interest in taking their businesses online.</li></ul>As India gears up for unlock 2,0, ecommerce platform Flipkart on Saturday said it has enabled more than 90% of its sellers to resume operations on the marketplace. Flipkart has also seen 125% rise in new seller signing-up on the platform, in comparison to its existing seller base, in the April-June period, the company said in a statement. Local MSMEs from Uttar Pradesh, Maharashtra, West Bengal, Delhi and Tamil Nadu have shown maximum interest in taking their businesses online. These sellers operate in various categories, ranging from women's clothing, personal care, food and nutrition, home improvement tools and baby-care products, said the company. "By allowing MSMEs, artisans and smaller traders in India to bring greater efficiencies in their operations with a strong market reach, e-commerce is further empowering these businesses to generate livelihood opportunities," said Flipkart. The most important need of the seller community, in these times, is that of working capital. To address this, Flipkart ran a special offer on loans through Flipkart's Growth Capital programme which is designed specifically to enable independence for MSMEs who operate online. "Through the programme, most of the transacting sellers can avail credit at competitive interest rates with an approval time of one day and disbursal within 48 hours. A 3-month moratorium period has been implemented on existing loans," informed the company. Further, any additional amount on sellers' existing loans sanctioned during this period will have an extended financial limit with a 6-month moratorium period. Flipkart also extended certain ongoing premium services availed by sellers to include the lockdown period in their subscription terms so that their investment is not hampered for a stipulated period of time. Under the ‘<keyword id="7933169" type="PERSON" weightage="20" keywordseo="flipkart-samarth">Flipkart Samarth</keyword>' programme, it has supported the livelihood of over 500,000 artisans, weavers and micro enterprises across the country.

Flipkart witnesses 125% increase in new sellers as it resumes operations

New Delhi, Jan 27 () E-commerce major Flipkart on Monday said it has signed a MoU with Gujarat State Handloom and Handicrafts Development Corporation Ltd (GSHHDC) for promotion of local handicrafts.
 The agreement is part of Flipkart's Samarth initiative under which the Walmart-backed company is helping artisans, weavers and craftsmen set up their business on the Flipkart Marketplace.
 As part of this Memorandum of Understanding (MoU), GSHHDC and Flipkart will work together to enhance business and trade inclusion opportunities for artisans, weavers and craftsmen in Gujarat, a statement said.
 Eligible sellers under GSHHDC will receive training and incubation support from Flipkart in the form of onboarding, business insights, dedicated seller support and warehousing, it added.
 "The MoU with Flipkart is the start of a new era for Garvi Gurjari. The handloom and handicraft artisans living in remote areas of Gujarat will now be able to use Flipkart's platform to expand their market reach," GSHHDC Managing Director Mahesh Singh said.
 Along with marketing their products, the artisans will gain valuable knowledge about developments in designs, colour patterns and selling techniques from the platform, he added.
 "With every artisan who becomes a part of Samarth, we take a step further in making e-commerce more inclusive for all Indians and contributing to the economic growth and prosperity in the country," Flipkart Group Chief Corporate Affairs Officer Rajneesh Kumar said. SR SHW
SHW

Flipkart partners Gujarat State Handloom, Handicrafts Development Corporation Ltd

India’s largest online marketplace <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> is planning to set up a brick-and-mortar store and will start with master franchisee for foreign brands in the Indian market. As per reports, Flipkart will sell foreign brands through its stores and sublicense the offline business. Reportedly, Flipkart is in talks with <keyword id="1446793" type="PERSON" weightage="20" keywordseo="Giordano">Giordano</keyword> for a licensing deal to sell products offline and online in India. ET quoted sources as saying Flipkart has been planning to set up stores for a long time now. Presently, the ecommerce space is undergoing a slowdown as discounts are shrinking and people are wary of buying items before touching them. Flipkart is not new to open an offline store as Urban Ladder, Pepperfry, Lenkskart, Faballey and <keyword id="6376684" type="ORGANIZATION" weightage="20" keywordseo="Nykaa">Nykaa</keyword> have already set up brick-and-mortar stores. ET reported that <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> is appointing two sub-franchisees for Mango that includes Jaipur-based Samarth, which operates more than 100 outlets of Benetton, Tommy Hilfiger, US Polo, Puma, Lee, Wrangler and Calvin Klein, and New Delhi-based G&amp;B that runs 25 stores of Benetton in the National Capital Region. However, Myntra is also selling its own brands.

Flipkart is opening its stores soon! Here are the details

New Delhi, Dec 5 () Logistics firm Shadowfax has raised around Rs 430 crore in a funding round led by e-commerce player Flipkart. 
Eight Roads Ventures, Nokia Growth Partners, Qualcomm Ventures, Mirae Asset Naver Fund and the World Bank-backed IFC also participated in the funding round, a joint statement by Shadowfax and Flipkart said.
Flipkart has an existing partnership with Shadowfax for delivery of products and the investment is part of Flipkart's strategy to build hyperlocal ecosystem by bringing offline 'kirana' stores within the fold of its business, the statement said.
 "By leveraging kirana stores and the deep delivery capabilities of Shadowfax and other Flipkart-led innovations, we are building a strong foundation to make inroads into a dynamic hyperlocal consumer market," Flipkart CEO Kalyan Krishnamurthy said.
Shadowfax CEO Abhishek Bansal said with this capital infusion, Shadowfax plans to invest extensively in building long-term capabilities which are essential to developing an efficient and superior service quality ecosystem in Indian logistics. 
"This strategic integration with Flipkart and its global best practices will not only unlock huge opportunities for Shadowfax but will also enable us to innovate with the largest online platform in India and build core capabilities that can be democratized for the larger logistics ecosystem," Bansal said. PRS ANU
ANU

Shadowfax raises Rs 430 cr in funding round led by Flipkart

New Delhi, Jan 28 () Domestic traders body CAIT on Tuesday "strongly condemned" the decision of the Gujarat government for a pact between Gujarat State Handloom and Handicrafts Development Cooperation Ltd (GSHHDC) and e-commerce firm Flipkart.
The Confederation of All India Traders (CAIT) in a statement said it "strongly condemned the decision of the Gujarat government announcing" this memorandum of understanding (MoU).
CAIT Secretary General Praveen Khandelwal said that it is "extremely unfortunate and regrettable" that on one hand Commerce and Industry Minister Piyush Goyal has publicly expressed his concerns for the "unethical and unlawful business practices being carried out on Flipkart, and on the other hand Gujarat Chief Minister Vijay Rupani has joined hands with Flipkart". 
He said this decision not only contradicts and conflicts with the Centre's stand but it also hurts the sentiments of seven crore.
This action by the chief minister also shows his "insensitivity and indifference" to the small retailers of Gujarat who are involved in a nationwide agitation against Flipkart's business model.
E-commerce major Flipkart on Monday said it has signed a MoU with GSHHDC for promotion of local handicrafts.
The agreement is part of Flipkart's Samarth initiative under which the Walmart-backed company is helping artisans, weavers and craftsmen set up their business on the Flipkart Marketplace. RR CS 
 MKJ

CAIT condemns Gujarat handloom cooperation body's MoU with Flipkart

<keyword id="8506093" type="COMPANY" weightage="20" keywordseo="Jiomart">JioMart</keyword> now offers delivery in nearly 200 locations across the country and is democratising modern retail of essentials by reaching <keyword id="9295849" type="UNKNOWN" weightage="20" keywordseo="several-new-towns">several new towns</keyword>. JioMart is making modern and online retail experience accessible to many more Indians and towns for their daily essentials. All this is resulting in a launch pad for kiranas post-Covid-19, sources said. The platform offers enhanced reach in newer towns and cities with many more essentials, faster delivery and better pricing. With JioMart, some small/semi-urban towns are experiencing an exclusive "essential dedicated e-commerce" service for the first time. There are several towns now where JioMart is the only essentials delivery platform. These include Udupi and Gokak in Karnataka, Kapurthala in <keyword id="6354953" type="PERSON" weightage="20" keywordseo="punjab">Punjab</keyword>, Guna and Sagar in <keyword id="6355554" type="LOCATION" weightage="20" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword>, Nokha and Bhiwadi in Rajasthan, Junagarh and Himatnagar in Gujarat, Palwal in Haryana among others. It has the least delivery time with delivery ahead of schedule for several orders. JioMart promised delivery within two days and most orders delivered in less than scheduled time. No slots are available on BigBasket and delivery time is 5-7 days on an average for most essentials on Amazon &amp; Flipkart. In terms of choice of essentials, most platforms are offering a select range of packaged products and have limited or no fruits and vegetables (F&amp;V) options. There are no F&amp;V options on Flipkart. Amazon Pantry has limited F&amp;V options in big towns and minimal choice (onions &amp; potatoes) in the small towns. Often essentials are priced very high by third party sellers, listed on marketplace, for delivery in small towns. Availability of listed products is much higher than on other platforms. In terms of the overall reach, JioMart offers delivery in nearly 200 locations across the country. On the other hand, Amazon Pantry is live in several cities and towns but current availability is limited to around 100 cities currently. In some cities, third party sellers on Amazon may be offering select essentials/grocery. Bigbasket is available in nearly 30 cities. Flipkart is offering its <keyword id="7088894" type="COMPANY" weightage="20" keywordseo="flipkart-supermart">Flipkart Supermart</keyword> service in 26 select cities through a tie up with Vishal Mega Mart stores. Jiomart is offering better pricing and offers a minimum 5 per cent less than MRP on packaged products. There is a highly competitive pricing on JioMart and the most commonly ordered essentials are priced higher on other platforms as compared to JioMart, especially in small towns. This can be seen through Monday evening's pricing for Mumbai where Red Label tea 1 kg packet is priced at Rs 423 in DMart, Rs 450 in Bigbasket, Rs 410 in Amazon and Rs 408 in Jiomart. Similary, Saffola Gold 1 litre is priced at Rs 135 in DMart, Rs 149 in Bigbasket, Rs 137 in Amazon and Rs 132 in Jiomart. Parle G 800 gm is available for Rs 65 on DMart, Rs 70 on Bigbasket, Rs 68 on Amazon and Rs 63 on Jiomart. Potato is available at Rs 36 from DMart, Rs 39 from Bigbasket, Rs 39 from Amazon and Rs 32 from Jiomart. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/three-ways-tcs-infosys-and-other-it-giants-in-india-are-trying-to-cut-costs-but-its-not-going-to-increase-their-profitability/articleshow/76021884.cms" data-type="tilCustomLink">Three ways TCS, Infosys and other IT giants in India are trying to cut costs — but it’s not going to increase their profitability</a>

JioMart now delivers in nearly 200 locations across India

New Delhi, Jul 9 () Arvind Fashions (AFL) on Thursday said Flipkart Group has invested Rs 260 crore to pick a minority stake in its subsidiary Arvind Youth Brands. Arvind Youth Brands is Arvind Fashions' recently-formed subsidiary which will own the Flying Machine brand. "The Flipkart Group and Arvind Fashions (AFL) strengthened their partnership, through an investment of Rs 260 crore by Flipkart Group to purchase a significant minority stake in... Arvind Youth Brands which will own the Flying Machine brand," AFL said in a regulatory filing. Arvind Fashions said Flying Machine has been retailing on the group's platforms of Flipkart and Myntra for more than six years. "Through this investment, the Flipkart Group and Arvind Fashions will work collaboratively to identify opportunities and synergies to innovate and develop products with strong value propositions at attractive price points," the company added. Kalyan Krishnamurthy, Chief Executive Officer, Flipkart Group, said, "Through this investment, we look forward to partnering with the team at Arvind Youth Brands to continue to grow the market for its portfolio of products and enhance the strong brand equity that has been built over the last few decades." The transaction is subject to customary conditions precedent. Metta Capital Advisors acted as the financial advisors to AFL for this transaction. J Suresh, Managing Director and Chief Executive Officer of Arvind Fashions, said, "The partnership with the Flipkart Group will help us accelerate our online growth strategy as we focus our efforts on developing an omni-channel retail approach for Arvind Youth Brands and Flying Machine." SVK ANS ANS

Flipkart Group invests Rs 260 cr to pick minority stake in Arvind Fashions arm

New Delhi, Dec 1 () Traders' body CAIT on Sunday lashed out at e-commerce majors Amazon and Flipkart, calling them "economic terrorists", and demanded that the government take action against them for alleged violation of FDI policy norms. 
 However, a Flipkart spokesperson vehemently denied the allegations and said the company operates through a marketplace model in India and is fully compliant with all the laws of the country, including all FDI regulations.
 "It is unfortunate that some fringe organisations with vested interests keep peddling their agenda," the Flipkart spokesperson said, adding that vested interests are against the entrepreneurial spirit that the government wants to kindle in the country to create jobs and support wealth and economic growth creators.
 A response could not be elicited from Amazon India. 
 The Confederation of All India Traders (CAIT) claimed that small retailers have suffered at the hands of Amazon, Flipkart and other e-commerce portals for the last one year, leading to decline in their business. 
 "These companies can easily be termed as economic terrorists and a major roadblock in making India a USD 5 trillion economy vision of Prime Minister Narendra Modi," the traders' body said. 
 "We expect the government to take immediate action against Amazon and Flipkart and either they should follow the policy or wind up their business activities from India," it added. 
 Flipkart, on the other hand, said innovation and tech-driven digital commerce is central to India's dream of a USD 5 trillion dollar economy.
 It said e-commerce was enabling the success of MSMEs, kiranas, farmers and also creating new livelihood opportunities while supporting formalisation of the economy and bringing in more tax revenue to the exchequer. 
 "Over the last five years, we have created lakhs of new jobs through our deep investments in infrastructure and the seller ecosystem and have built several hundred path-breaking innovations through our technology and engineering team," the Flipkart spokesperson said. 
 CAIT alleged that an unholy cartel of e-commerce companies, brand owning companies and banks was involved in ensuring predatory pricing and deep discounting on e-commerce portals of Amazon and Flipkart, and demanded a comprehensive investigation against this nexus.
 It also demanded severe action against the e-commerce players as well as brands and banks. RSN SR RVK

CAIT seeks action against Flipkart, Amazon for FDI norms violation, calls them 'economic terrorists'

New Delhi, Nov 20 () Trade associations observed "National Protest Day" on Wednesday and held protest dharnas against "unethical trade practices" of leading e-commerce firms like Amazon and Flipkart in over 700 cities across the country, CAIT said.
 The traders' body, which has been alleging that these e-commerce firms were adopting unethical trade practices and are openly violating the government's FDI policy, claimed the protests were attended by lakhs of traders.
 "The demonstrating traders said India's e-commerce market has been made highly toxic by Amazon and Flipkart with their unethical trade practices and open violation of the government's FDI policy," the Confederation of All India Traders (CAIT) said.
 According to the traders' body, the protestors demanded that the government impose an immediate ban on e-commerce portals of both Amazon and Flipkart.
 B C Bhartia, National President of CAIT said traders have no objection to Amazon and Flipkart conducting business in India, but like merchants, these e-commerce firms should also follow every provision of foreign direct investment (FDI) policy of the government and other tax laws.
 The traders' body demanded that Amazon and Flipkart be asked to shut their portals till the time these firms make their portals fully compliant with FDI policy and other laws.
 It has also sought a probe into the business model, accounts and inflow of foreign investment and its disbursal by both the companies. RSN DRR

Traders' body holds nation-wide protests; demands ban on Amazon, Flipkart

New Delhi, Feb 13 () Traders' body CAIT on Thursday said it has sought an audience with US President Donald Trump, who will be visiting India on February 24-25, to express concern over business practices being followed by American companies like Amazon and Walmart-owned Flipkart in India. "We will apprise him of the practices being adopted by US companies in India, especially Amazon India and Walmart-controlled Flipkart to control and dominate retail trade which no country in the world can accept," CAIT Secretary General Praveen Khandelwal told . The Confederation of All India Traders (CAIT) has been alleging violation of FDI policy rules by American e-commerce majors to the detriment of domestic retailers. Khandelwal said that besides sending a communication to Trump, CAIT has also requested Commerce Minister Piyush Goyal and Foreign Minister S Jaishankar to facilitate a meeting of CAIT delegation with the US President. At the invitation of Prime Minister Narendra Modi, Trump is slated to travel to India on February 24 and 25. In addition to New Delhi, he will stop at Ahmedabad in Gujarat to address a joint public meeting with Modi at a stadium. RSN CS MRMR

CAIT seeks audience with Trump to raise concern over biz practices of Amazon, Flipkart

New Delhi, Jan 14 () Walmart-owned Flipkart on Tuesday said it is strengthening its supply chain infrastructure by setting up two warehouses (fulfilment centres or FCs) in Haryana, a move that will create about 5,000 jobs locally.
 "Spread across 9 lakh square feet, the FCs will help Flipkart significantly scale up its supply chain infrastructure in North India. The FCs will enhance the company's ability to support the delivery and supply chain logistics of a wide selection of large and non-large products (including furniture and large appliances)...," a statement said.
 The facilities will also amplify Flipkart's capabilities to cater to more consumers in the country, it added.
 Unlike traditional warehouses, fulfilment centres are equipped with highly automated pick, pack and shipping processes to facilitate safe and timely processing of orders.
 With these two FCs, Flipkart now has 12 assets in Haryana, including supply chain infrastructure for large appliances, non-large (including mobiles, apparel), grocery and furniture, taking the total asset capacity in the state to over 20 lakh sq ft.
 These assets are spread across various regions in the state including Binola, Bilaspur, Luhari and Ballabgarh.
 During the last festive season, Flipkart's FCs in Haryana served up to 40 per cent of the total number of orders from across India, the statement noted.
 "Flipkart's new investment in the state will create over 5,000 jobs, which will also include employment opportunities for women and people with different abilities. The company currently employs more than 10,000 people in Haryana across its supply chain and has created thousands of indirect jobs in the state," it added.
 It has also partnered with the National Skill Development Corporation's Logistics Skill Sector Council to provide training on nuances of supply chain and delivery to ensure skill development, career progression and growth for its employees.
 "Today we have one of the strongest supply chain networks in the country, making over 40 million deliveries every month and employ more than 120,000 people across the country," Flipkart Senior Vice President Amitesh Jha said.
 He added that the the addition of these two facilities will further strengthen Flipkart's supply chain and building capabilities to enable a strong ecosystem for MSMEs, local manufacturers and in the process create quality local jobs. SR RVK

Flipkart opens two warehouses in Haryana, to create over 5,000 local jobs

BANGALORE|NEW DELHI: Even a decade ago, the name "Bansal" would have brought in images of coaching classes in Rajasthan's Kota, but today it is the common factor binding the who's who of India's fledgling e-commerce sector. 
 Five young men who answer to that name have emerged as trailblazers of Indian e-commerce, taking on global biggies like <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> and eBay for top honours in the country's exploding market for online retail. 
 Online marketplaces <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, apparel retailer <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> and eyewear retailer <keyword id="1518229" type="PERSON" weightage="80" keywordseo="Lenskart">LensKart</keyword> all have Bansals at the helm. Such is their clout that they account for nearly Rs 10,000 crore of the total online retail pie of about $2 billion. 
 
But their adeptness at trade and commerce is not a state secret. As a sub-sect of the Aggarwal community, the Bansals are known for running a tight ship when it comes to business and entrepreneurship. 
 "We (Bansals) have the math, <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> and data skills that are extremely important for e-commerce," said Rohit Bansal who teamed up with schoolmate and Wharton alumnus Kunal Bahl to set up online marketplace Snapdeal in 2010. 
 
 
 
The Bansals of the new economy also sport degrees from IIT and IIMs. The five Bansals with their four companies - Flipkart, Myntra, Snapdeal and LensKart - set up shop within the last seven years and control about 85% of India's entire e-tailing industry. 
 
But they have to contend with the might of $75-billion (Rs 4.5 lakh crore) Amazon, which entered India last year and is investing heavily. Heading the fightback are <keyword id="225032" type="PERSON" weightage="40" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, 32, and Binny Bansal, 31- founders of Bangalore-based Flipkart - who met each other while studying at IIT-Delhi. Their company today generates about Rs 6,100 crore in sales, half the industry total.Flipkart is also the biggest challenge for Amazon, a company where both the Bansals honed their skills before setting up on their own in 2007. Coming second is Snapdeal, whose Rohit Bansal, 31, graduated ahead of Sachin and Binny from IIT Delhi. <div style="page-break-after: always;">
	&#xa0;</div>
 
 "My ancestors from my paternal and maternal sides have all been <keyword id="80597" type="POSITION" weightage="40" keywordseo="Businessmen">businessmen</keyword>," said Rohit Bansal, who is from Malout, a small town in Punjab, just four hours from Chandigarh where the Bansals from Flipkart grew up. 
 
Snapdeal’s turnover is now half of Flipkart, and it is expected to cross the $1 billion mark next year. The Bansals are making a mark not just in horizontal marketplaces, but also single-category retail. Bangalore-based Myntra Designs, founded by another IITian Mukesh Bansal, is giving stiff competition to Flipkart in apparel, one of the highest-margin categories, where profits range from 30% to 50%. 
 “It has come full circle with me getting in fashion retail online,” said Mukesh Bansal, <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> at Myntra, who hails from Haridwar. His father had opted for a public sector job over joining the family business — ironically, clothes trading. “No family influence made me think of entrepreneurship. But the startup bug bit me in Silicon Valley,” said Myntra’s Bansal, 38, who moved to India to start Myntra in 2007. His venture is targeting sales of Rs 1,500 crore next fiscal from apparel sales, the largest in its category. 
 
LensKart, founded by another Peyush Bansal, 30, is considering selling his other portals such as WatchKart, BagsKart and JewelKart to a horizontal player at the ‘right price’ to focus on the eyewear market. “My parents didn’t understand while I was starting up. But they came around later. You have to understand that they are products of their generation,” said Bansal, who is targeting revenue of Rs 100 crore from LensKart next fiscal. 
 
RBI Chair Professor for Economics &amp; Social Sciences at IIM Bangalore Charan Singh says that a community’s dominance over a certain trade is a factor of its social interactions. “It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry.” Ashish Jhalani, head of retail advisory firm eTailing India, agrees. “Certain communities in India do encourage entrepreneurship. The Bansals and Aggarwals have definitely dominated businesses in India, particularly retail trading, for centuries.”

You Searched For "flipkart new delhi" and got 13 results

Supreme Court asks Amazon, Flipkart to volunteer for CCI probe

IANS

Flipkart witnesses 125% increase in new sellers as it resumes operations

IANS

Flipkart partners Gujarat State Handloom, Handicrafts Development Corporation Ltd

PTI

Flipkart is opening its stores soon! Here are the details

BI India Bureau

Shadowfax raises Rs 430 cr in funding round led by Flipkart

PTI

CAIT condemns Gujarat handloom cooperation body's MoU with Flipkart

PTI

JioMart now delivers in nearly 200 locations across India

IANS

Flipkart Group invests Rs 260 cr to pick minority stake in Arvind Fashions arm

PTI

CAIT seeks action against Flipkart, Amazon for FDI norms violation, calls them 'economic terrorists'

PTI

Traders' body holds nation-wide protests; demands ban on Amazon, Flipkart

PTI

CAIT seeks audience with Trump to raise concern over biz practices of Amazon, Flipkart

PTI

Flipkart opens two warehouses in Haryana, to create over 5,000 local jobs

PTI

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

Economic Times

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