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ShopClues lays off 200 people to cut costs
Posted On : Friday, July 19, 2019, 6:25 PM
E-commerce platform ShopClues has laid off about 200 employees as it struggles to rein in costs in the hyper-competitive online shopping segment in India. According to sources, ShopClues has sacked about 200 people as its efforts to find a buyer failed. When contacted, a ShopClues spokesperson said the company has been steadily reducing its workforce mostly in operating functions as it leverages gains from technology. "We have always been an employee-first company and have ensured that impacted employees, if any, are outplaced proactively," it added.
Snapdeal cuts losses by 71% to Rs 186 cr in FY18-19
Posted On : Wednesday, July 17, 2019, 11:04 AM
Homegrown e-commerce marketplace, Snapdeal, has significantly cut its losses by 71 percent to Rs 186 crores in the financial year 2018-19, as compared to losses of Rs 611 crore it posted in the previous fiscal, the company said in a regulatory filing. As per regulatory documents filed by Snapdeal, its consolidated revenues grew to Rs 925.3 cr in 2018-19 as compared to Rs 535.9 cr in 2017-18, marking a sharp increase of nearly 73% in a 12-month period, the company said. The revenue from operations saw a year-on-year jump of 87% to Rs 813.8 cr from Rs 436.1 cr.
KFC outlet fined Rs 5,000 for ‘lack of cleanliness in kitchen’
Posted On : Tuesday, July 16, 2019, 6:21 PM
Dehradun Municipal Corporation (DMC) and the state food safety department, in a joint operation, conducted a raid on an outlet of fast-food chain Kentucky Fried Chicken (KFC) situated at Rajpur Road (Dehradun) and imposed a fine of Rs 5,000 for “poor cleanliness in the kitchen and premises.” The food safety department has also collected food samples from the outlet which have been sent to a drug-testing laboratory in Rudrapur. Speaking to TOI, municipal health officer Dr. RK Singh said that the raid was undertaken under the leadership of Ramesh Singh, food safety inspector, Dehradun. “The outlet was picked up on a random basis for inspection as part of a routine drive to ensure that cleanliness standards are being followed by eateries in the city. However, we found that the outlet wasn’t disposing food waste properly for which we imposed a fine of Rs 5,000 on them,” he said.
Consumer confidence plunges 2.9 percentage points in June: Report
Posted On : Monday, July 15, 2019, 7:09 PM
The consumer confidence index was down by 2.9 percentage points for the month of June, owing to the dismal performance of the economy and as consumers continued to reel under high cost of living and shortage of funds for daily spends and investments. India Primary Consumer Sentiment Index, as measured by Thomson Reuters in partnership with Ipsos, which is driven by the aggregation of the four weighted sub-indices, showed a dip in three of the sub-indices.
Zomato acquires food donation startup Feeding India
Posted On : Tuesday, July 9, 2019, 6:26 PM
Food delivery platform Zomato has acquired Feeding India, a not-for-profit organisation with an aim to serve at least 100 million underprivileged people every month. With this acquisition, Zomato will fund the entire salaries of the team and some core initiatives, the company said on Monday. For example, Zomato will fund the development of the 'Feedi.ng' app which will connect donors and volunteers. Zomato said it will revamp the Feeding India website and start publishing quarterly financials on the website. "Zomato is aiming to get the first Feeding Global - Financial Transparency Report, out by October 2019," Zomato Founder and CEO Deepinder Goyal wrote in a blog post. The Feeding India team has been working with Zomato for about six months now.
Paytm to expand offerings in education services
Posted On : Tuesday, July 9, 2019, 6:22 PM
Digital payments major Paytm is set to expand its offerings in education services by building an ecosystem to attend to the requirements of students and government job aspirants. The Softbank and Alibaba backed company is partnering with multiple institutions to offer a full range of services across payments, commerce, academic services and financial transactions. "We want to enable the student and parent community to know in advance what they should do to build their career. Right from providing details on 25,000 colleges, courses and exams, our bouquet of services will include - payments (in-app and in educational centres), commerce (coaching, scholarships, test preparation, admission forms etc.) and financial services (student insurance, educational loans, banking)," said Vineet Kaul, senior vice president - Paytm.
Zomato, Pune eatery fined Rs 55,000 for serving chicken instead of paneer
Posted On : Monday, July 8, 2019, 3:17 PM
A consumer court of Pune slapped a Rs 55,000 fine on food delivery platform Zomato along with a hotel for delivering non-vegetarian food to a lawyer who had ordered a vegetarian dish. According to media reports, the consumer court directed Zomato to pay the fine within 45 days to city-based lawyer Shanmukh Deshmukh who was delivered non-veg food not just once, but twice. He had ordered paneer butter masala but was delivered butter chicken instead. "Since the curries of both dishes look alike, he didn't realise it was a chicken dish and ate it," said the reports.
Hrithik Roshan, Cult.Fit booked for cheating
Posted On : Saturday, July 6, 2019, 6:45 PM
Actor Hrithik Roshan has been booked on the charge of cheating along with three officials of a health and wellness start-up, for which he was a brand ambassador, following a complaint by its client alleging that 'false promises' were made in the company advertisement regarding services of its fitness centre. The complainant alleged that he was not given daily workout sessions at Cult.Fit fitness centre though he had paid the fee for "unlimited" classes, but, the company claimed he had behaved "inappropriately and violently" with its staff and has "wrongly" dragged Roshan into the issue.
Man creates a fake website to tap Amazon's internet traffic, held
Posted On : Tuesday, July 2, 2019, 10:39 AM
A fraudster was held on Sunday for allegedly creating a fake website in the name of e-commerce website Amazon to tap internet traffic generated during its "Big Billion Days" sales period. Cyber Prevention Awareness and Detection (CyPAD) has arrested the man who created a fake website "Amazon Big Billion Day Sales". The man has a record of being involved in such crimes. "Same accused was arrested earlier for creating a fake government website in the name of free laptop and free solar panel," CyPAD said in a press release
Payments & food delivery apps use games to increase subscribers
Posted On : Saturday, June 29, 2019, 9:52 AM
Payment apps and food delivery platforms are launching games to increase user base and stickiness, with the ongoing cricket World Cup one such event where many Indian startups are utilizing to ratchet up the number of subscribers. In-app games, such as Zomato Cricket Cup, Swiggy Match Day Mania, Paytm Games and Tez Shots by Google Pay, are just a few examples. These games increase the time customers spend on such apps and is relevant for sectors that are transactional in nature, like payment apps and food delivery apps, industry experts told ET.
TRAI looking to lower tariffs for DTH and Cable subscribers
Posted On : Monday, June 24, 2019, 3:16 PM
TRAI's new DTH rules, which allow users to individually select and pay for channels, is effective across India. However, the new framework has increased monthly TV bills for users, leaving them disgruntled. Hence, with more and more DTH customers looking to phase out their connections, TRAI is planning to lower tariffs to safeguard user interests, reports Telecom Talk. According to the new regulations, all DTH providers have to provide a base pack with at least 100 free-to-air channels. The maximum price of this pack aka network capacity fee (NCF) is fixed at Rs. 130 plus 18% GST (i.e. Rs. 154). Notably, given all 25 Doordarshan channels are mandatory, you essentially have 75 channels to pick from the bouquet of Free-to-Air channels.
Flipkart ties up with banks, NBFCs to offer quick loans
Posted On : Friday, June 21, 2019, 5:18 PM
Walmart-owned e-commerce major Flipkart has roped in a few banks and NBFCs to offer its seller-partners working capital loans within two days at pricing of 9.5%. It has revamped its seller financing programme called 'Growth Capital' which allows over 1 lakh sellers to avail of credit from 10 banks and NBFCs with one-day approval and disbursal in the next two days, the company said in a statement Thursday. The company has tied up with financial partners, namely State Bank of India, Bank of Baroda, Axis Bank, Aditya Birla Finance, Tata Capital, Flexiloans, Small Industries Development Bank of India, LendingKart, Indifi and Happy Loans.
Grofers launches its own milk brand
Posted On : Thursday, June 20, 2019, 10:25 AM
Online grocery company, Grofers, has forayed into the milk business with the launch of its milk brand- G-Fresh Milk. With this launch, the company said, it has joined the efforts of FFRC set up by FSSAI to fight micronutrient deficiency in India by making fortified milk accessible to millions of its consumers. The new G-Fresh Milk is fortified with Vitamin A and Vitamin D as per the standards laid out by FFRC set up by FSSAI, the company said in a statement.
Myntra to set up 30 experience centres
Posted On : Thursday, June 20, 2019, 10:06 AM
Fashion e-tailer Myntra Wednesday said it is setting up 30 experience centres across major cities where customers can receive orders and try items as part of its efforts to enhance customer experience. Started as a pilot a few months ago in Bengaluru, the Flipkart-owned company has now set up five of these experience centres in Delhi-NCR, Bengaluru and Hyderabad ahead of its End of Reason Sale (EORS) later this month. "We started the pilot a few months ago with an experience centre in a Bengaluru tech-park where we receive a large number of orders. At these centres, we will offer value-added services like order pickup, instant returns, trial room and alterations of products," Myntra Jabong Head Amar Nagaram told. This not only results in better customer experience but also brings down cost of returns as customers can receive faster replacements, he added.
RBI fines HDFC Bank Rs 1 crore for not reporting bank frauds
Posted On : Wednesday, June 19, 2019, 10:50 AM
Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank Rs 1 crore for not reporting frauds and non-compliance with other directions. The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said. "Examination in this regard revealed violations of RBI directions on 'KYC/AML norms' (know your customer/anti-money laundering)and on reporting of frauds," RBI said on its website. A notice was issued to HDFC Bank on why monetary penalty should not be imposed for non-compliance with the directions, the apex bank said. The fine was imposed through an order last Thursday after considering HDFC Bank's reply, oral submissions made during the personal hearing and additional submission made, the apex bank said.