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World famous incubator <keyword id="834871" type="UNKNOWN" weightage="100" keywordseo="Rocket-Internet">Rocket Internet</keyword>, based in Berlin, Germany, runs a string of consumer internet companies in India. However, in a first of its kind sale of property, it is likely to sell the online furniture retailer FabFurnish to the <keyword id="44949" type="CITY" weightage="100" keywordseo="Future-group">Future Group</keyword>, led by <keyword id="44950" type="PERSON" weightage="100" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>. 
 
Not only this, it also wants its fashion online retailer Jabong to be offloaded to the Future Group in a bid to reduce losses; however, Biyani has not shown much interest in the business. 
 
"The two are in definite talks to close the FabFurnish deal. Sale of Jabong is still at the proposal stage and no talks have started on it yet," said one of the persons cited above. Jabong, however, has denied the news of being up for sale. 
 
The company has "seen strong operating performance in recent months and has strengthened its management team with a number of hires," a Jabong spokesperson told ET. "Jabong is not in discussions, at any stage, with anyone, regarding a sale of the company. The company's largest see-through investor reiterated earlier this month its commitment to the business and the Indian market." 
 
The sources also cited that Fab-Furnish could be sold for $5-10 million, however the figure was not independently verified. 
 
If things go as per Rocket Internet’s plans, it will be the first time that Biyani would acquire an online retail business. He has, in the past, been a strongly outspoken critic of the country's ecommerce industry. 
 
<a href="http://businessbrokersaustin.com/wp-content/uploads/2015/06/business-for-sale.jpg">Image source</a>

Rocket Internet’s selling 2 really big online brands to the Future Group

<keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>, which used to lead India’s online fashion portal, has been on the block for over a year, trying hard find a buyer even as its investors have drastically dropped the asking price. 
 
The firm, which was backed by Rocket Internet, saw a major drop in sales and cut losses in 2015. The investors have now settled for an estimated price of $100 million, which is unbelievably low from around $1 billion, the amount that it had sought during talks with Amazon India in 2014, a deal that didn’t see the light of the day. 
 
Even though Jabong was founded under Rocket Internet in 2012, it’s the Swedish investor Kinnevik that is asking for a sale. Kinnevik owns a big stake in Jabong's parent company Global Fashion Group. 
 
"They (Rocket Internet and Kinnevik) just want to park the company somewhere, find a home for it," said one person aware of the matter. "But there are no buyers yet." 
 It was earlier this month that Rocket Internet sold another of its India portfolio companies, the furniture portal Fabfurnish, to <keyword id="44950" type="PERSON" weightage="100" keywordseo="Kishore-Biyani">Kishore Biyani</keyword>'s Future Retail for around Rs 11 crore. 
 
Jabong was not only in with Amazon India for a possible buyout, but also with several other Indian online marketplaces. In fact, in 2015, an offer to buy Jabong at around $200 million in 2015 was rejected, a source told ET. 
 
 
<a href="http://www.suitsbysuits.com/assets/htmlimages/iStock_No_Hand_Shake_000020725761Small.jpg">Image source</a>

Jabong has no buyers, not even at the unbelievably low price of Rs 663 crore

<keyword id="1489410" type="UNKNOWN" weightage="100" keywordseo="e-commerce-in-India">E-commerce in India</keyword> is once again grabbing the headlines and this time, for all the right reasons. Bangalore-based <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>, arguably India’s largest standalone <keyword id="1127700" type="UNKNOWN" weightage="100" keywordseo="fashion-e-tailer">fashion e-tailer</keyword>, has recently closed a <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword> round worth $50 million from an investor consortium led by <keyword id="1430452" type="ORGANIZATION" weightage="100" keywordseo="PremjiInvest">PremjiInvest</keyword>, the family office of the <keyword id="10862" type="CITY" weightage="60" keywordseo="Wipro">Wipro</keyword> chairman <keyword id="6419840" type="PERSON" weightage="80" keywordseo="Azim-Premji">Azim Premji</keyword>. Myntra is also in talks with a clutch of investors to raise an additional $40 million at a higher <keyword id="51393" type="UNKNOWN" weightage="100" keywordseo="valuation">valuation</keyword>, according to an Economic Times report. So far, the <keyword id="2049121" type="UNKNOWN" weightage="100" keywordseo="E-commerce-firm">e-commerce firm</keyword> has raised $125 million in risk capital funding. Another fashion e-tailer that is also raising <keyword id="57924" type="ENTERTAINMENT" weightage="100" keywordseo="big-money">big money</keyword> is Gurgaon-based <keyword id="6388367" type="COMPANY" weightage="100" keywordseo="Jabong">Jabong</keyword>.com, which is backed by Berlin-based <keyword id="1965711" type="COMPANY" weightage="80" keywordseo="Rocket-Internet-GmbH">Rocket Internet GmbH</keyword> – a venture arm of the Samwer brothers. The e-commerce firm is reportedly raising a fresh round of equity funding worth $100 million, of which it has already received $27.5 million from the British <keyword id="2049123" type="ORGANIZATION" weightage="100" keywordseo="Development-finance-institution">development finance institution</keyword> <keyword id="1613067" type="UNKNOWN" weightage="100" keywordseo="CDC-Group-Plc">CDC Group Plc</keyword>. 
 All this is good news for the cash-strapped Indian e-commerce segment. So we have taken a close look at the recent fundraising by the <keyword id="2049116" type="UNKNOWN" weightage="100" keywordseo="Indian-e-commerce-players">Indian e-commerce players</keyword> and identified five key trends that seem to be prevailing. Will they rule the <keyword id="2049126" type="UNKNOWN" weightage="100" keywordseo="Fundraising-scenario">fundraising scenario</keyword> and determine the parameters of growth throughout 2014? Let us have a quick look. 
 
Growing big is the key priority E-commerce start-ups in India are finally coming of age and looking beyond the quickest possible exits. When Myntra closed $50 million in funding a couple of days ago, the company was immediately approached by its bigger rival <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword> who had reportedly come up with an acquisition offer worth $200 million. According to a TechCrunch report, e-commerce giant <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword> had also approached Myntra but the details of the proposed deal are not yet available. 
 Although rumours were rife that Myntra could be considering either of the deals as part of a bigger strategy, the e-tailer has decided to stay off the <keyword id="1949341" type="UNKNOWN" weightage="100" keywordseo="Exit-route">exit route</keyword>. In fact, its ongoing talks for an additional round of funding worth $40 million clearly indicate that the company has in place some well-thought-out <keyword id="414633" type="UNKNOWN" weightage="100" keywordseo="growth-plans">growth plans</keyword> and big ones at that. The only other reason for back-to-back funding is to raise the valuation but at this point, Myntra doesn’t look like it is on the block. Neither has it decided to quit in a hurry like <keyword id="6359128" type="COMPANY" weightage="100" keywordseo="Redbus">redBus</keyword>.in did last year. <keyword id="2049136" type="UNKNOWN" weightage="100" keywordseo="Indias-largest-bus-ticketing-firm">India’s largest bus ticketing firm</keyword> was acquired by the <keyword id="1643008" type="UNKNOWN" weightage="100" keywordseo="Ibibo-Group">ibibo Group</keyword> for around $125 million but the sale cut short a successful <keyword id="530125" type="UNKNOWN" weightage="100" keywordseo="entrepreneurial-journey">entrepreneurial journey</keyword> that could have become a $500 million business in terms of revenue and could have achieved a $1 billion valuation. 
 As for Jabong, the very fact that it is backed by Rocket Internet may tell the industry insiders a different story. Rocket is known in the market for its fast and furious build-and-sell business module, and the start-ups are essentially replicas of successful US businesses. But the kind of funding Jabong is raising right now shows that the company is in no hurry to down the shutters in India even though two of its four co-founders have recently left the company. Jabong started its India operations in 2012 and competes with key e-com players such as Flipkart, Myntra, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> and <keyword id="6354743" type="COMPANY" weightage="40" keywordseo="Amazon-India">Amazon India</keyword>, among others. 
 
Only <keyword id="2049143" type="UNKNOWN" weightage="100" keywordseo="Core-expertise">core expertise</keyword> matters Internet giant <keyword id="6355629" type="CITY" weightage="80" keywordseo="Google">Google</keyword> has already given us a case in point when it sold <keyword id="487941" type="ORGANIZATION" weightage="60" keywordseo="Motorola-Mobility">Motorola Mobility</keyword> to Lenovo for $2.91 billion, less than two years after paying $12.5 billion to acquire it. The deal is not a total financial loss as Google has managed to keep patents worth billions of dollars and expects to turn Lenovo into a manufacturing unit for its <keyword id="6355645" type="COMPANY" weightage="40" keywordseo="android">Android</keyword> OS. But selling <keyword id="11148" type="CITY" weightage="40" keywordseo="Motorola">Motorola</keyword> is a sure indication that Google should have focused more on its <keyword id="1430489" type="UNKNOWN" weightage="100" keywordseo="Core-Competencies">core competencies</keyword> – search, software and selling ads – instead of developing hardware. 
 You will find a similar case here as Jabong has reportedly sold its <keyword id="2049146" type="UNKNOWN" weightage="100" keywordseo="logistics-arm">logistics arm</keyword> <keyword id="2049145" type="UNKNOWN" weightage="100" keywordseo="JaVAS">JaVAS</keyword> (Jabong Value Added Services) to Gurgaon-based QuickDel Logistics as part of its business restructuring and funding exercise. Jabong <keyword id="170488" type="POSITION" weightage="40" keywordseo="co-founder">co-founder</keyword> <keyword id="536011" type="PERSON" weightage="40" keywordseo="Praveen-Sinha">Praveen Sinha</keyword> has also confirmed to the media that JaVAS is now an independent entity. 
 However, that brings us back to the basic question. Should companies try and provide end-to-end solutions to ensure a complete customer experience or should they focus on core competencies and leave the rest to the experts in those fields? We particularly raise this question as many Indian e-commerce firms are currently focusing on <keyword id="2049154" type="UNKNOWN" weightage="100" keywordseo="Proprietary-payment-gateways">proprietary payment gateways</keyword> and customised logistics services in a bid to propel their services to the next level. However, such services can actually make you lose money unless a company is catering to a customer base as vast as <keyword id="6357395" type="CITY" weightage="40" keywordseo="eBay">eBay</keyword> or Amazon. 
 After JaVAS, the writing is definitely on the wall. The bells and whistles can always come in later, but the key focus must be core competencies. Of late, even <keyword id="6354427" type="CITY" weightage="80" keywordseo="Apple">Apple</keyword> seems to be falling in this trap – its newest hardware products have ‘n’ number of <keyword id="2049161" type="UNKNOWN" weightage="100" keywordseo="Incremental-features">incremental features</keyword> but real innovations seem to be eluding the iconic company. 
 
Investors showing better <keyword id="170907" type="UNKNOWN" weightage="100" keywordseo="risk-appetite">risk appetite</keyword> India’s e-commerce market is projected to grow sevenfold to $22 billion in the next five years, and investors, both national and global, want to have a piece of the pie. According to <keyword id="1981" type="PERSON" weightage="80" keywordseo="Rahul-Khanna">Rahul Khanna</keyword>, managing director of the <keyword id="6357097" type="COMPANY" weightage="100" keywordseo="venture-capital">venture capital</keyword> firm <keyword id="218905" type="COMPANY" weightage="80" keywordseo="Canaan-Partners">Canaan Partners</keyword> (India), e-commerce players in India (and everywhere else for that matter) require very deep pockets to scale up to the level of breaking even and hitting profitability. In this space, sales margins are typically low; volume is high, and logistics &amp; back office <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword> only become viable when companies are catering to a very <keyword id="2049169" type="UNKNOWN" weightage="100" keywordseo="Large-customer-base">large customer base</keyword>. Consequently, <keyword id="2049171" type="UNKNOWN" weightage="100" keywordseo="Follow-on-rounds">follow-on rounds</keyword> are extremely crucial for sustainable growth. Now that big institutional investors like PremjiInvest and UK-based development <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> institution CDC Group are entering the arena, the much-needed <keyword id="2000080" type="UNKNOWN" weightage="100" keywordseo="Cash-burning">cash burning</keyword> is sure to propel growth to the desired level. 
 “E-commerce is fast maturing in India and that’s the main reason <keyword id="363248" type="ORGANIZATION" weightage="100" keywordseo="Global-Investments">global investments</keyword> are flowing in,” says another analyst. “When big players like Amazon show interest (the e-commerce giant has reportedly approached Myntra), investors are quick to sense the tremendous <keyword id="452394" type="UNKNOWN" weightage="100" keywordseo="growth-potential">growth potential</keyword> lying here,” she adds. 
 
Forget the buzz you are creating; it’s result time now Analysts, who have followed the course of events over the past few weeks, also point out another interesting trend. Be it Myntra or Jabong or other up-and-coming e-commerce businesses, it’s their <keyword id="2049173" type="UNKNOWN" weightage="100" keywordseo="Growth-quotient">growth quotient</keyword> that has attracted <keyword id="2049174" type="UNKNOWN" weightage="100" keywordseo="Big-funding">big funding</keyword>. In other words, start-ups who are delivering in a big way will get the valuable <keyword id="2049175" type="UNKNOWN" weightage="100" keywordseo="Growth-dollars">growth dollars</keyword> as investors are now looking beyond the buzz and focusing on <keyword id="1730239" type="UNKNOWN" weightage="100" keywordseo="business-fundamentals">business fundamentals</keyword> and results. 
 Companies must have the numbers – in terms of customer base, <keyword id="169826" type="UNKNOWN" weightage="100" keywordseo="growth-figures">growth figures</keyword> and brand leadership – to justify the big money they are raising. For instance, Myntra expects to more than double its <keyword id="657194" type="UNKNOWN" weightage="100" keywordseo="gross-sales">gross sales</keyword> to over $250 million by March 2015 and the fashion e-tailer’s <keyword id="2049176" type="UNKNOWN" weightage="100" keywordseo="Monthly-gross-sales">monthly gross sales</keyword> could touch $20-25 million by April this year. Myntra is expected to end the current fiscal with more than $100 million in gross sales and it is targeting $1 billion in <keyword id="6399113" type="ORGANIZATION" weightage="100" keywordseo="GMV">GMV</keyword> by 2016-2017. Flipkart, which raised $360 million last year at a valuation of about $1.6 billion, is also projecting a GMV of $1 billion by 2015. 
 Jabong, too, has aggressive growth plans and the latest round will be used to strengthen its <keyword id="2049177" type="UNKNOWN" weightage="100" keywordseo="Supply-chain-infrastructure">supply chain infrastructure</keyword> and enhance its <keyword id="2049178" type="UNKNOWN" weightage="100" keywordseo="Technology-platform">technology platform</keyword>. According to industry sources, Jabong might have generated <keyword id="2049180" type="UNKNOWN" weightage="100" keywordseo="Gross-merchandise-sales">gross merchandise sales</keyword> of $100-150 million for the fiscal 2012-13. Other key investments in the Indian e-commerce space since 2013 included online marketplace Snapdeal raising about Rs 300 crore and baby care portal <keyword id="1615917" type="COMPANY" weightage="80" keywordseo="FirstCry">Firstcry</keyword> bagging Rs 92 crore. 
 
Inventory, <keyword id="6630005" type="UNKNOWN" weightage="100" keywordseo="private-labels">private labels</keyword> are adding value 
With the lone exception of Snapdeal that runs a 100% marketplace, most of the big e-commerce entities in India are flourishing on a hybrid model – a strategic mix of inventory, private label and marketplace. In fact, Jabong has been doing all three for some time now, although a bit discreetly, and it could be now pushing hard to extract every penny from each of these categories. 
 
Myntra, on the other hand, focuses on both inventory and private label, with the share of private labels rising rapidly. A couple of years ago, the e-tailer acquired Exclusively.in Inc., the company behind the private label brand Shersingh.com and the fashion site Exclusively.in, in a cash-cum-equity deal. Myntra is reportedly eyeing more private labels to add to its portfolio as the margins are pretty high in this segment and add substantially to the profits. 
 
Bottom line: Is it a <keyword id="2049185" type="UNKNOWN" weightage="100" keywordseo="Volatile-situation">volatile situation</keyword>? In one of her latest blogs in <keyword id="6359301" type="POSITION" weightage="100" keywordseo="Entrepreneur">Entrepreneur</keyword>.com, entrepreneur-writer Erika Trautman has nicely summed it up. “No matter how great the idea, if your start-up doesn’t create hard and fast results with analytics, targeted business solutions and mobile integration, it won’t survive in 2014. Launching a start-up can’t just be about how cool your product is. No business can subsist off just buzz and Press. This year, start-ups must focus on business fundamentals and start emphasising partnerships that generate results.” 
 
Can the Indian e-commerce players innovate, scale up and deliver (as the takeaways so amply illustrate) to justify the trust investors are now putting in them? Will there be new ventures to take up the gauntlet? Let us wait and watch. 
 
Image: Thinkstock Photos/Getty Images

Indian E-com Players
Are Raising Big Money; These 5 Takeaways Can Help You Understand What’s
Changing

The <keyword id="139820" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission">Competition Commission</keyword> has rejected allegations of unfair business practices against five online retail majors -- Flipkart, Snapdeal, Amazon, Jabong and Myntra -- as it did not find any prima facie evidence of violations. 
 The complaints were filed against <keyword id="1990166" type="UNKNOWN" weightage="80" keywordseo="Flipkart-India-Pvt-Ltd">Flipkart India Pvt Ltd</keyword>, <keyword id="2810347" type="COMPANY" weightage="80" keywordseo="Jasper-Infotech-Pvt-Ltd">Jasper Infotech Pvt Ltd</keyword>, <keyword id="2837603" type="UNKNOWN" weightage="80" keywordseo="Xerion-Retail-Pvt-Ltd">Xerion Retail Pvt Ltd</keyword>, <keyword id="2837662" type="UNKNOWN" weightage="80" keywordseo="Amazon-Seller-Services-Pvt-Ltd">Amazon Seller Services Pvt Ltd</keyword> and Vector E-commerce Pvt Ltd. 
After looking into the matter for the past few months, the fair trade watchdog has ruled that these entities did not violate competition norms by indulging in cartelisation or by abusing their dominant position. 
 
Jasper runs Snapdeal.com, Xerion owns Jabong.com, while Vector is the company behind Myntra.com. 
"... the Commission is of the prima facie view that no case of contravention of the provisions of either section 3 or section 4 of the Act is made out against the opposite parties," it said in a 10-page order. 
 
It was alleged that e-commerce websites and product sellers entered into exclusive agreements to sell products exclusively on select portals. 
 
In recent months, there have been rising concerns that discount sales launched by various e-commerce websites, including Flipkart were anti-competitive in nature. With regard to exclusive agreements, the <keyword id="97393" type="ORGANIZATION" weightage="80" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (CCI) said that such pacts need not result in appreciable adverse effect on competition. 
 
"It does not seem that such arrangements create any entry barrier for new entrants. It seems very unlikely that an exclusive arrangement between a manufacturer and an e-portal will create any entry barrier as most of the products which are illustrated in the information to be sold through exclusive e-partners (OPs) face competitive constraints," the order, dated April 23, said. 
Agreeing with the contention of the opposite parties, the Commission said that every product cannot be taken as a relevant market in itself. 
 
"Irrespective of whether we consider e-portal market as a separate relevant product market or as a sub-segment of the market for distribution, none of the opposite parties seems to be individually dominant. 
"There are several players in the online retail market which have been arrayed as opposite parties in the present case, offering similar facilities to their customers," the order said. 
 
The regulator noted that it does not consider it necessary to go into the question of abuse of dominance by the opposite parties.

A huge relief for Flipkart, Snapdeal, Amazon, Jabong and Myntra. Know more

Be it <keyword id="6388367" type="COMPANY" weightage="20" keywordseo="Jabong">Jabong</keyword> or <keyword id="541988" type="COMPANY" weightage="20" keywordseo="SnapDeal">Snapdeal</keyword>, whenever a company is getting acquired, employees of the company getting sold are the worst hit. They undergo a trauma of getting fired and replaced by the company acquiring them, after all, in the wheel of cost cutting, employees get axed first. “When businesses get into the wars of winning and success, the focus is market share, power and control. Boards and bankers put on their thinking caps and focus all their energies onto how they can get the best of both worlds. The fact that nobody is indispensible sets in an environment that leads most employees to believe that the change is a serious situation and many get shaken to the extent of leaving the organization in search of stability and peace,” said Pramod Parkar, Principal Consultant &amp; Director, Edify Consultants. Most of the employees feel too much pressure, which leads to too much disruption in their careers and work-life. “The fact that should be most importantly understood is that the team coming into power needs to form a winning team. Sitting on a fence won’t help, you need to be firm, planted and patient. Your contribution and open mindedness can be a winning trump card to actually make hay while the sun is shining,” he said. In case your company is also getting acquired, keep these 4 points in mind for success during turbulent times

4 ways how employees can prepare themselves when their company is getting acquired

<ul><li>Myntra is looking at acquiring 7 lakh new customers this edition and is expecting a 50% increase in traffic on the platform than last year. </li><li>The fashion platform has added 50 new brands to its catalogue, partnered with 15,000 kirana stores to manage 70% EORS deliveries, and on-boarded 50 influencers to expand its reach. </li><li>Its communication will reach out to 300 million customers on different platforms as the number of creatives designed have been increased by 10X. </li><li>Harish Narayanan, Head – Marketing, Myntra Jabong shares how the platform ramped up its marketing game to grow the customer base, increase brand salience and engagement on the platform. </li></ul>
 <div type="Video" msid="72955907" hostid="261" title="What went behind marketing Myntra's biggest sale ever" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72955907"></div>



 Myntra’s End of Reason Sale (EORS) started with a bang as it sold 1.77 lakh items, with over 2.2 lakh new customers signing up, in the first 10 minutes of the sale. The fashion platform is looking at acquiring 7 lakh new customers this edition and is expecting a 50% increase in traffic on its platform than last year. The current edition has also brought in gamification, with four games - Brand Hunter, Logo Mania, Crossword and Santa Delivery, that customers played to earn points before the sale went live. The games were played by 6.5 lakh users. Myntra also on-boarded 50 influencers, the highest so far, to expand its marketing reach. Harish Narayanan, Head – Marketing, Myntra Jabong further shared how the platform ramped up its marketing game to grow the user base, increase brand salience and engagement on the platform. “We have increased the number of creatives we made by 10X. We will be reaching 300 million users with our combined marketing plan this time,” says Narayanan. In a first, 50 new brands were launched on Myntra, ahead of the mega sale event, offering shoppers the widest selection till date on the platform. Myntra has also scaled up the selection of its private brands with 1.5 lakh styles across apparel, accessories and footwear. Key categories with expected high demand include winter wear, women’s ethnic and western wear, denims, street wear, sports and beauty. The 11th edition will end on December 25. Myntra has also partnered with over 35 brands to enable deliveries directly from their stores resulting in a wider selection and faster deliveries for customers during EORS. To increase the consumer's convenience, Myntra partnered with 200 tailors to offer alteration services in Bangalore, Delhi, Mumbai and Kolkata and opened 20 experience centres across the country to provide value-added services such as pick up, returns, trial rooms and alterations. The highly successful Kirana model, under MENSA (Myntra Extended Network for Service Augmentation) will cater to 70% of the overall deliveries, through 15,000 stores across the country. In addition to this, there are 9 forward deployment centres around high-demand clusters, to enhance logistical capabilities. Myntra has also expanded the number of pin codes served to 23,000, providing access to customers across all corners of the country.

How Myntra is scaling up its sales during EORS on the back of a strong marketing game

<ul><li>Fashion retail startup <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword>’s <keyword id="3197885" type="PERSON" weightage="20" keywordseo="End-of-Reason-Sale">End of Reason Sale</keyword> started on June 21 and concluded on June 25. </li><li>During the sale, Myntra saw a 3X rise in the traffic to its platform.</li><li>It also acquired 4.8 lakh new customers.</li></ul>Indian fashion retail startup Myntra just concluded its annual End of Reason Sale and it has many reasons to gloat. Over 2 million customers bought 9 million items on the site, across the five-day sale. Myntra’s traffic went up by three times on its platform during the sale period. It also registered a whopping 7,100 orders per minute at its peak. “So far, we have acquired 4.8 lakh new customers and a significant portion of the sales came from tier 2 and 3 cities. With 12,500 kirana stores under the MENSA ((Myntra Extended Network Through Store Activation) network supporting last mile deliveries, we have been delivering over 6 lakh shipments per day,” said Amar Nagaram, head of Myntra Jabong. The company also said that members of its loyalty program – Myntra Insiders – contributed to about 42% of the overall sales. Interestingly, Myntra’s in-house brand Roadster sold 1.35 million products. In May 2019, Myntra also launched an offline store <a href="https://inc42.com/buzz/myntra-self-checkout-roadster-go-store-bengaluru/">Roadster Go </a>in Bengaluru, and plans to launch 100 such offline stores in the next two years. Myntra is a part of one of India’s biggest e-commerce startup <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>, after the latter acquired it in 2014.

Myntra's biggest annual sale had 2 million shoppers and the fashion e-tailer sold over 7,100 items every minute

Beijing, Chinese tech giant <keyword id="6357456" type="COMPANY" weightage="20" keywordseo="huawei">Huawei</keyword> has reportedly told <keyword id="6526802" type="UNKNOWN" weightage="20" keywordseo="suppliers">suppliers</keyword> that smartphone production will drop by about 60 per cent in 2021. According to Nikkei Asia, citing people familiar with the matter, Huawei has notified its suppliers that it plans to order enough components for 70-80 million smartphones this year. The company is reported to have shipped 189 million handsets in 2020 which was already a sizable decrease from the 240 million phones sold in 2019. The report did not mention if any specific Huawei smartphones will be affected by the cut. In regards to its upcoming 2021 releases, the company is set to launch its foldable smartphone successor with the new Mate X2 on 22 February. Meanwhile, Huawei is planning to step into the gaming segment with a set of gaming notebooks and a gaming <keyword id="18769" type="PERSON" weightage="20" keywordseo="Console">console</keyword> of its own. Its first-ever console tentatively named the 'MateStation' could be launched alongside the PlayStation 5 and <keyword id="8444413" type="UNKNOWN" weightage="20" keywordseo="Xbox-Series-X">Xbox Series X</keyword> in <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> sometime in the second quarter (Q2) of 2021. It would probably rely on some of its in-house silicon to do the heavy lifting. Ahead of the release of the gaming console, the Chinese tech giant may be launching a new line of laptops that are designed for gaming. Earlier this month President Biden's nominee for <keyword id="84" type="COMPANY" weightage="20" keywordseo="Commerce">Commerce</keyword> secretary, Gina Raimondo, said she has seen "no reason" to lift the trade restrictions off Huawei. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a> <a href="https://www.businessinsider.in/tech/news/india-may-require-twitter-facebook-and-others-to-remove-unlawful-content-within-36-hours/articleshow/81104740.cms">India may require Twitter, Facebook and others to remove unlawful content within 36 hours</a>

Huawei to cut phone production by about 60% in 2021, says report

<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>

You Searched For "jabong sold" and got 9 results

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Myntra's biggest annual sale had 2 million shoppers and the fashion e-tailer sold over 7,100 items every minute

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Huawei to cut phone production by about 60% in 2021, says report

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Unknown facts about flipkart founder Sachin Bansal

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