As the retailers versus e-tailers fight gains momentum, industry body CAIT sought Competition Commission of India’s intervention against deep discounting by e-commerce platforms such as Amazon and Flipkart.
The fresh financing will be used to strengthen the footprint of the company in new cities, franchise model, technology and recently-announced consumer lending (NBFC) business, the company said. The firm has so far raised around $150 million-$200 million in funding, according to industry estimates.
India stood at a distant third position having 21 unicorns followed by 13 unicorns in the UK. These big four made up for a staggering 90 per cent of the world’s unicorn population. There are a total of 494 unicorns globally
Last week, DPIIT Additional Secretary Shailendra Singh had met CAIT along with Amazon and Flipkart against the alleged violation of the FDI policy by the two by controlling the inventory and influencing the prices of products sold on their marketplaces.
Indian e-commerce sector, which is dominated by large players including Amazon, Walmart-owned Flipkart, Snapdeal, etc., over the past few months has been facing heat from traditional players against alleged irregularities in the business model, regulatory violations, price control, deep discounting etc.
Credit and Finance for MSMEs: The number of applications filed by MSEs, against payments due by buyers beyond 45 days of the acceptance of goods or services rendered, as on October 16 was 27,380 while the number of applications being disposed of was 1,528.