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<ul><li>Thousands lost their jobs amid a deepening funding winter in 2022 amid massive layoffs by the tech companies.</li><li>According to a PwC <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> report, startup funding in India hit a two-year low at $2.7 billion in the third quarter of 2022.</li><li>Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year.</li></ul> Indian startups, which saw a massive 35 per cent drop in funding in 2022 -- from $37.2 billion in 2021 to $24.7 billion (till November) -- are bracing themselves for a deepening funding winter in 2023 as recession fears loom. Although some startups, like fintech platform <keyword id="6557529" type="General" weightage="50" keywordseo="kreditbee" source="Orion">KreditBee</keyword> ($200 million), Foodtech platform HealthKart ($135 million) and HRtech software-as-a-service (SaaS) platform BetterPlace ($40 million), raised decent funds in December last year and in the beginning of January, the scene overall is grim as VC money has squeezed. Thousands lost their jobs amid a deepening funding winter in 2022 amid massive layoffs by the tech companies, which still continues. According to a PwC India report, startup funding in India hit a two-year low at $2.7 billion in the third quarter of 2022. In 2022, the significant drop in funding was attributed to a decline in late-stage investments, which fell by 45 per cent from $29.3 billion in January-November 2021 to $16.1 billion for the same period this year, according to data provided by <keyword id="2779670" type="General" weightage="80" keywordseo="tracxn" source="Orion">Tracxn</keyword>, a leading global market intelligence platform. Seed stage rounds also experienced a contraction and dropped by 38 per cent as compared to the previous year. The report said that 22 startups entered the unicorn club in 2022, as compared to 46 in the previous year.The number of big ticket ($100 million and above) funding rounds dropped by 35 per cent to 55 as compared to 85 in the reported period. The number of funding rounds saw a drop of 30 per cent, from 2,647 last year to 1,841 this year, the report said. "The funding winter, which began in Q4 of 2021, will persist in 2023 as well. In order to survive the drought, startups are taking unit economics more seriously, which has been illustrated through the series of mass layoffs that have occurred this year," said <keyword id="520013" type="General" weightage="80" keywordseo="neha-singh" source="Orion">Neha Singh</keyword>, Co-Founder, Tracxn. "Although we are currently experiencing a slump, the situation is prompting startups to establish clearer and more sustainable paths to growth, as investors' evaluation metrics begin to emphasise good profitability over growth at all costs," Singh had said in a statement. The startup ecosystem's funding winter could last another 12 to 18 months and the industry may face "a lot of turmoil and volatility", Flipkart CEO <keyword id="6379357" type="General" weightage="80" keywordseo="kalyan-krishnamurthy" source="Orion">Kalyan Krishnamurthy</keyword> warned recently. According to <keyword id="12046361" type="General" weightage="80" keywordseo="shrijay-sheth" source="Orion">Shrijay Sheth</keyword>, Founder, Legalwiz.in, 2023 will continue to be the year of sustenance for most, and funders will continue to remain more cautious. "Both valuation multipliers and funding opportunities will go more conservative. Startups must build better units economics as opposed to expensive acquisitions driven growth channels. Geo-political issues, Global supply chain crisis and other macro issues are expected to prevail," he said. However, this also needs to be seen as a year where resilient, innovative and problem-solving entrepreneurs shall get an opportunity to stand out from the crowd. "As the macro environment gets tougher, we can expect some excellent business models to outshine the rest with high levels of innovation and frugality. Also, mostly the serious funding houses will prevail while we will see visitors in the VC world take a break," <keyword id="262579" type="General" weightage="80" keywordseo="sheth" source="Orion">Sheth</keyword> noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/there-is-a-link-between-drinking-sugary-sodas-and-hair-loss-says-beijing-based-study/slidelist/96796018.cms">There is a link between drinking sugary sodas and hair loss, says Beijing-based study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/chaman-metallics-first-sme-ipo-of-2023-subscribed-197x/articleshow/96795916.cms">Chaman Metallics, first SME IPO of 2023, subscribed 197x</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/60-of-blue-and-grey-collar-jobs-go-to-freshers-with-tech-skills-billion-careers-report/articleshow/96795198.cms">60% of blue and grey collar jobs go to freshers with tech skills: Billion Careers report</a>

India's startup economy stares at deepening funding winter in 2023

Walmart-owned Flipkart will undertake a buyback employee <keyword id="6368159" type="UNKNOWN" weightage="20" keywordseo="stock">stock</keyword> options worth about Rs 600 crore, according to sources. Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword> lauded the critical role played by the staff in reaching this milestone. "It has always been our endeavour to provide our employees with an opportunity to liquidate their vested options regularly. This year, we are pleased to announce a buyback of 5 per cent of the past three years' vested options. With this landmark event for us, I am happy to share that we are offering our employees an additional buyback of 5 per cent of all vested options as we stay committed to wealth creation for you," he said. While the e-mail did not provide additional details, sources said the employee stock options buyback would entail a spending of about Rs 600 crore, and employees will be able to liquidate up to 10 per cent of their vested shares depending on the individual's holding pattern. They added that about 6,000 people are expected to benefit from the buyback. The company confirmed the development but did not disclose any details. Employees are granted options based on their tenure, performance, and contributions to the company. In his e-mail, Krishnamurthy said the fund infusion received by Flipkart is "one of the most significant investments in the digital commerce ecosystem in India, reflecting the opportunity for digital commerce in India and the confidence of investors in our ability to address this potential". "As we continue to focus on meeting the needs of our customers, we will make several investments across people, technology, supply chain, and infrastructure, and continue to strengthen and build on key categories and business opportunities," he added. Krishnamurthy emphasised that the company must sustain its commitment to its existing customers and introduce the value proposition of digital commerce to the next 200 million Indians, ensuring that it innovates to create value and experiences for them. "Through our partnerships with ecosystem players, not only do we need to accelerate growth for them, but we must also direct our efforts to enable inclusive growth for lakhs small and medium businesses who have an opportunity to benefit from the potential of digital commerce in India," he added. Flipkart Group has raised $3.6 billion in funding led by Singapore's sovereign wealth fund GIC, Canada Pension Plan Investment Board (CPP Investments), <keyword id="9240440" type="UNKNOWN" weightage="20" keywordseo="softbank-vision-fund-2">SoftBank Vision Fund 2</keyword> and Walmart, valuing the e-commerce giant at $37.6 billion. The current funding round has also seen participation from sovereign funds DisruptAD, <keyword id="6437412" type="UNKNOWN" weightage="20" keywordseo="Qatar-Investment-Authority">Qatar Investment Authority</keyword>, Khazanah Nasional Berhad as well as marquee investors Tencent, <keyword id="11620199" type="UNKNOWN" weightage="20" keywordseo="willoughby-capital">Willoughby Capital</keyword>, Antara Capital, Franklin Templeton, and Tiger Global. With this deal, <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> is re-entering Flipkart's cap table. SoftBank had sold its approximately 20 per cent share when Walmart bought a 77 per cent stake in Flipkart for $16 billion in 2018. Founded in 2007, the Flipkart Group includes Flipkart, fashion specialty site Myntra, and Ekart (logistics and supply chain arm). The Group is also a majority shareholder in the digital payments platform PhonePe. SEE ALSO - <a href="https://www.businessinsider.in/tech/news/google-calendars-new-rsvp-option-will-let-you-specify-how-you-want-to-attend-a-meeting/articleshow/84237490.cms">Google Calendar’s new RSVP option will let you specify how you want to attend a meeting</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a>

E-commerce platform Flipkart to buyback employee stock options worth ₹600 crore, say sources

New Delhi, Vehicle price hikes coupled with <keyword id="10796736" type="UNKNOWN" weightage="20" keywordseo="cost-rationalisation-measures">cost rationalisation measures</keyword> taken by OEMs will limit the impact of rising input cost but these might not be adequate enough to sustain margins at the 3QFY21 levels, said India Ratings and Research. Accordingly, the Q4FY21-Q1FY22 standalone EBITDA margins of OEMs could be 100-200 basis points lower than Q3FY21's margins, on account of the recent spike in <keyword id="148676" type="PERSON" weightage="20" keywordseo="input-prices">input prices</keyword>. "The vehicle price hikes coupled with the cost rationalisation measures taken by OEMs to counter the sharp rise in the prices of commodities might not be adequate to sustain margins at the 3QFY21 levels," "While operating leverage is likely to remain favourable due to the demand rebound witnessed in most of the industry sub-segments, 4Q being a seasonally lower quarter, operating leverage could remain lower on a quarterly basis." Besides, the shortage of components such as semi-conductors and other electronic components could impact the overall vehicle production and hence limit the potential demand upside. Overall, for FY21, the report said Ind-Ra does not expect significant deviation in the industry EBITDA margins from its earlier expectations. "Ind-Ra believes that although the increasing input prices would impinge on the near-term profitability of auto OEMs, they are likely to benefit from these corrective measures including cost rationalisation over the medium term, as the input prices normalise." At present, cost of raw materials account for 65-70 per cent of the total revenues, depending on industry segments. "The proportion of metal components is over 95 per cent in commercial vehicles (CVs) and tractors (by weight), while it is 65-70 per cent in passenger vehicles (PVs) and two-wheelers (2Ws)." "In terms of value, metals cost directly account for 8-16 per cent of revenues on parts such as body or chassis, powertrain or engine components, wheel rims." Additionally, metals are used in certain other components, child parts, sub-assemblies which is difficult to quantify. "The prices of these commodities have been on an increasing trend." In YTDFY21, the average cost of steel increased 12.6 per cent compared to the FY20 average, while the prices of aluminum and copper increased 8 per cent and 5 per cent, respectively. "In 3QFY21 alone, the prices for steel, aluminum and copper had increased by 29 per cent, 19 per cent and 9 per cent yoy, respectively. In January 2021, the prices of steel were hovering at historically high levels of INR 73,843 per tonne." 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>

Vehicle price hikes to limit impact of rising input cost on OEMs, says India Ratings and Research

<ul><li>Introduces Tamil, Telugu and Kannada interfaces to offer native-language e-commerce experience to consumers.</li><li>The made for India tech stack has been developed in house by <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s team of engineers.</li><li>Over 5.4 million words translated to help reduce the language barrier for users.</li></ul>Flipkart has enabled three new languages on its platform - Tamil, Telugu and Kannada as part of its vision to make online commerce more inclusive and accessible for Indian language users. This launch will help reduce the access barriers to e-commerce for native language speakers. Following the launch of Hindi interface last year, the new regional languages interface have been built on Flipkart’s ‘Localization and Translation Platform’ that will empower customers to comfortably undertake an end-to-end ecommerce journey in their local language, with ease. The introduction of 3 vernacular interfaces, is in line with Flipkart’s aim of developing state-of-the-art innovations to solve for the various pain points of consumers transitioning to e-commerce. According to industry reports*, Indian language internet users are expected to account for nearly 75% of India’s internet user base by 2021. This growing base of language users, primarily from smaller towns, makes it extremely important to enable e-commerce in regional languages to offer a more personalised experience. This will also enable millions of consumers across the country to have an engaging online shopping experience in their native languages. As Southern states account for a significant proportion of Flipkart’s growing user base coupled with a higher adoption rate of native language script, regional language interfaces will help make e-commerce more inclusive. User Research The new language interfaces use a judicious mix of translated and transliteration of words to make shopping more engaging for consumers. This follows an ethnographic study that was conducted over several months to get relevant insights that helped the team develop a platform that enables consumers to interact with the platform in their own language and encourage independence in purchase decisions. The ethnography study involving meetings with participants across cities including Salem, Visakhapatnam and Mysore helped gather insights about consumers’ distinctive language behaviour across these regions and brought forward interesting insights to be implemented. This included a large scale translation of over 5.4 million words across product specifications, banners and payment pages etc., in the three languages. Kalyan Krishnamurthy, Chief Executive Officer of Flipkart Group, said, “In the past year, we have introduced multiple solutions under Voice, Video and Vernacular to increase ecommerce adoption for millions of consumers. We truly believe that language, if solved well, can be an opportunity rather than a barrier to reach millions of consumers who have been underserved. As a homegrown e-commerce marketplace, we understand India and its diversity in a more nuanced way and are building products that have the potential to bring a long-term change. The introduction of Tamil, Telugu and Kannada interfaces, in addition to Hindi &amp; English, is a meaningful step in that direction in line with our mission to democratize ecommerce in India.” Jeyandran Venugopal, Chief Product and Technology Officer at Flipkart said, “As a homegrown e-commerce marketplace, Flipkart understands the importance of having an expanded universe of vernacular interfaces to empower our Bharat users and ensure easy transition of new online users to e-commerce. Today, almost 58% of our user base comes from tier-II cities and beyond and with new language interfaces of Tamil, Telugu and Kannada along with Hindi (introduced last year) will further improve users’ ecommerce journeys by making it simpler and more personal.” The three new language interfaces on Flipkart, are developed post the introduction of Hindi interface 9 months ago which has witnessed impressive adoption. Flipkart’s team of engineers worked on multiple tech challenges in terms of UI and platform architecture, as each language has its own nuanced characteristics.

Flipkart enables three new languages on its platform - Tamil, Telugu and Kannada

<ul><li>As Walmart-owned <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> moves towards a possibly $10 billion initial public offering (IPO), it seems to be shedding flab with a nearly $300 million write off in Jabong.</li><li>Flipkart India CEO Kalyan Krishnamurthy described 2020 as the year when the company turned ‘financially prudent’, without adding any details.</li><li>Judith McKenna, president and chief executive of Walmart International, said that even after Flipkart being shut for 53 days in 2020 due to the COVID-19 pandemic, the e-commerce business closed the year stronger than it started.</li><li>For Flipkart, in 2021, the focus will be on grocery and fashion bringing loyal customers through its subscription programme and investing in technology and infrastructure.</li></ul>Digging inside Walmart's earnings has revealed a lot about what's happening at Flipkart. As the India-born e-commerce subsidiary moves towards a <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">possibly</a> $10 billion initial public offering (IPO), it seems to be shedding flab with a nearly $300 million write off in one of its units. As Walmart boss Doug Mcmillon wants to “step on the gas” in India, Flipkart chief executive officer (CEO) Kalyan Krishnamurthy has decided to focus on areas like grocery and fashion as well as investments in technology and infrastructure. <div type="Youtube" id="zUinE3RR_nU" title="Flipkart Gets Leaner With A $300 Million Jabong Write-Off" thumbUrl="https://i.ytimg.com/vi/zUinE3RR_nU/mqdefault.jpg"></div> Krishnamurthy described 2020 as the year when Flipkart turned ‘financially prudent’. While he didn’t add any details, inside Walmart’s earnings report, there were “business restructuring charges” including $293 million non-cash impairment for the <a href="http://jabong.com/">Jabong.com</a> trade name. Business Insider reached out to Flipkart for more inputs but the spokesperson said that they have nothing more to add. <keyword id="1484171" type="COMPANY" weightage="20" keywordseo="jabong-com">Jabong.com</keyword> was a fashion e-commerce entity that Flipkart had acquired through Myntra in 2016 and eventually absorbed it. <cmsannotation type="cmsannotation" annotationid="A step towards IPO?" comment="subhead" text="A step towards IPO?">A step towards IPO?</cmsannotation> Such restructurings are common when a company is planning to go public. It makes the IPO more attractive. Walmart is reportedly preparing Flipkart for a big market debut possibly in the US – a $10 billion initial public offering (IPO). The listing is expected to boost Flipkart’s valuation to $40 billion from the current $24.9 billion. While the company hasn’t given a timeline or details for the market offering, <a href="https://www.livemint.com/market/ipo/walmart-readies-for-10-bn-flipkart-ipo-11607300769974.html">reports</a> say that it could be in 2021 with Walmart divesting a 25% stake in the company. <div type="image" title="Flipkart valuation history - December 2020" msid="81105071" hostid="261" caption="&amp;lt;p&amp;gt;Flipkart valuation history until December 2020&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Shedding past baggage is one thing, focussing on the future is another" comment="subhead" text="Shedding past baggage is one thing, focussing on the future is another">Shedding past baggage is one thing, focussing on the future is another</cmsannotation> Walmart is clearly very bullish on Flipkart. Both Walmart CEO Mcmillion and Judith McKenna, president and chief executive officer (CEO) of Walmart International were all praises for the team in India during the earnings call. McKenna said that Flipkart has doubled its gross merchandising value (GMV) despite being shut for 53 days due to the COVID-19 pandemic. “The e-commerce business closed the year stronger than it started,” she added. GMV is the total value of merchandise sold on a platform. When asked about the focus for 2021, Krishnamurthy lined up grocery, fashion, and onboarding loyal customers through their subscription programme. In fashion, Flipkart has already made some moves, but the attractive grocery segment is going to be a challenge. Investments made by Flipkart in the apparel industry recently <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></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;">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;">Investment by Flipkart </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;">USPL (Universal Sportsbiz Pvt Ltd) </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;">Undisclosed </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;">Aditya Birla Fashion Retail Limited </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;">₹1,500 crore </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;">Arvind Fashions </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;">₹260 crore </td></tr></tbody></table> In grocery, Flipkart has betting big on itself through Flipkart SuperMart and an investment in <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-and-flipkart-invest-in-ninjacart-again-to-bump-up-its-grocery-offerings-ahead-of-the-festive-season/articleshow/78617012.cms">Ninjacart.</a> “We are going to partner with the roughly million kirana stores in our ecosystem,” he said. Kirana is the Hindi word for mom-n-pop stores in India and is the latest buzzword in the race for online grocery retail where some of the richest and mightiest business houses in the country are making big investments. JioMart, which is Reliance Retail’s e-commerce debut, owned by India’s richest man Mukesh Ambani, is targeting 30 million merchants and he is backed by Facebook and WhatsApp for this project. The $100 billion Tata Group, one of India’s oldest and largest conglomerates, has reportedly closed a deal to acquire BigBasket, one of the early birds in India’s online grocery market. Meanwhile, Flipkart is also betting big on adtech (Advertising technology). Krishnamurthy said that Flipkart’s advertising platform is currently one of the top five in India today. Flipkart is strengthening its advertising and monetisation portfolio and has announced the launch of a custom built demand-side platform (DSP). It recently partnered with <a href="https://www.businessinsider.in/advertising/ad-tech/news/flipkart-launches-commerce-focused-self-serve-demand-side-platform/articleshow/80919844.cms">MediaMath</a> to launch its demand-side platform. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-denies-dodging-indian-regulations-but-the-government-is-already-investigating-and-rivals-want-a-ban-on-jeff-bezos-company/articleshow/81088953.cms">Amazon denies dodging Indian regulations⁠ but the government is already investigating and rivals want a ban on Jeff Bezos’ company</a> <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>

Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021

<ul><li>The e-commerce giant’s annual sale which began on September 29 is currently going on. </li><li><keyword id="2546729" type="PERSON" weightage="20" keywordseo="Big-Billion-Day-sale">Big Billion Day sale</keyword> saw two times increase in sales for its opening day as compared to last year. </li><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s app got close to 10 million new app downloads in less than a month in the run-up to the sale.</li></ul>Flipkart’s flagship sale event – the Big Billion Day – began on September 29, bringing relief to early waiting consumers. According to Flipkart, its app got close to 10 million new app downloads in less than a month in the run-up to the sale. This year, Flipkart’s opening day sales were more than two times that it was last year. “We started this festive season by setting audacious targets for ourselves and our teams. By all indications this is going to be the biggest festive season that India has witnessed. There is no doubt that e-commerce has not only lifted consumer sentiment but has also driven the industry to set new benchmarks,” said <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword>, CEO, Flipkart in a statement. Big Billion Day sale which began as a one-day event is now running in its 6th edition as a six-day event. “Affordability and value driven themes clearly are the pulsating chords for India and Bharat. We are in the centre of it all and are able to serve the ecosystem for their unique needs,” said Krishnamurthy.

Flipkart app got 10 million downloads in the month before Big Billion Day Sale

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> has launched a new programme called <keyword id="7933169" type="UNKNOWN" weightage="20" keywordseo="flipkart-samarth">Flipkart Samarth</keyword> for Indian artisans, weavers and craftsmen. </li><li>Through this initiative, Flipkart will bring products made by Indian rural artisans on its platform. </li><li>Amazon already has a similar programme called Kala Haat.</li></ul>Walmart-owned Flipkart today announced a new initiative called ‘Samarth’ to help Indian artisans, weavers and craftsmen to bring their products on the e-commerce platform. In order to push forward Indian SMEs, e-commerce platforms have been signing up to promote artisans and weavers. Amazon has a similar programme called Kala Haat, where it promotes artisans in the textile industry who are helping revive age old crafts. Through this initiative, Flipkart hopes to open new market access for over 1.3 crore (millions pls) rural artisans. Flipkart Samarth will also work with NGOs and government bodies to reach out to entrepreneurs and will have a special focus on women-led enterprises, differently-abled entrepreneurs, artisans, and weavers. It will help the artisans who otherwise face multiple challenges from the lack of funding to lack of new markets. The initiative was launched by <keyword id="6379357" type="PERSON" weightage="20" keywordseo="kalyan-krishnamurthy">Kalyan Krishnamurthy</keyword>, <keyword id="2467680" type="PERSON" weightage="20" keywordseo="Flipkart-CEO">Flipkart CEO</keyword> and Anurag Singh Thakur, Minister of State, Finance &amp; Corporate Affairs, in the national capital. “As a homegrown company, we are constantly innovating to find new ways to use e-commerce to uplift and empower all sections of society, especially MSMEs. These small businesses are the backbone of Indian economy, going back centuries. Through ‘Flipkart Samarth,’ we are helping traditionally underserved communities access a pan-India market and engage with over 150 million customers,” said Krishnamurthy. Thakur meanwhile spoke about the opportunities Indian e-commerce brings to the country’s economy. He said that e-commerce is set to create a million jobs in India by 2025. The initiative Flipkart Samarth is aligned with Prime Minister Narendra Modi’s One District One Product vision in Uttar Pradesh - which gives information about handpicked products from each district in the state.

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India's startup economy stares at deepening funding winter in 2023

IANS

E-commerce platform Flipkart to buyback employee stock options worth ₹600 crore, say sources

PTI

Vehicle price hikes to limit impact of rising input cost on OEMs, says India Ratings and Research

IANS

Flipkart enables three new languages on its platform - Tamil, Telugu and Kannada

BI India Tech Bureau

Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021

Sanchita Dash

Flipkart app got 10 million downloads in the month before Big Billion Day Sale

Sanchita Dash

Indian crafts, weaves and others will now be on sale on Flipkart, as a part of its new initiative

Sanchita Dash

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