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Exclusive: Amazon shuts down refurbished platform Renewed

EntrackrEntrackr · 4m ago
Exclusive: Amazon shuts down refurbished platform Renewed
Medial

Exclusive: Amazon shuts down refurbished platform Renewed Amazon has decided to shut down its refurbished platform, Renewed, citing increasing challenges. The e-commerce giant has informed sellers of the immediate discontinuation of the service via email. Entrackr has reviewed the copy of the email. “We have made the decision to discontinue selling external refurbished products on Renewed due to high returns/rejects and the Contacts per unit impacting customer experience. Please stop inbounding any inventory to FCs and scheduling pickups from your SF location starting 7th March 2025. We understand this may be disappointing and would like to thank you for your partnership,” Amazon said in a note to sellers. Launched in 2017, Amazon Renewed is a platform where customers can buy refurbished, pre-owned, and open-box products that have been thoroughly inspected and tested to ensure they function and look like new. It offers a variety of items, including smartphones, laptops, tablets, cameras, and home appliances. Meanwhile, Newjaisa, a publicly listed company that used to sell on Amazon, has written to the NSE stating that the shutdown will impact them in the short term. However, Newjaisa is actively collaborating with other retailers to mitigate the effects. According to sources, over 50% of Newjaisa’s revenue came from Amazon Renewed. Entrackr has reached out to Amazon for comments. Amazon Renewed was a direct competitor to Yaantra, which was acquired by its arch-rival Flipkart for an undisclosed sum in January 2022. It’s worth noting that Amazon has also tied up and invested in Cashify, a prominent Indian re-commerce platform specializing in the buying and selling of used electronic devices. With the shutdown of Amazon Renewed, the refurbished space is left with these two prominent players.

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Exclusive: Flipkart shuts down ANS Commerce

EntrackrEntrackr · 4m ago
Exclusive: Flipkart shuts down ANS Commerce
Medial

url: https://entrackr.com/exclusive/exclusive-flipkart-shuts-down-ans-commerce-8765612 Content: Flipkart has decided to shut down ANS Commerce, its full-stack e-commerce enabler, three years after acquiring the Gurugram-based company, sources familiar with the matter told Entrackr. "Flipkart has decided to shut down ANS Commerce and has also laid off several employees associated with it," said a source familiar with the matter, requesting anonymity. Confirming the development to Entrackr, a Flipkart spokesperson said, “'After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers.” “To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,’ the spokesperson added. Founded by Amit Monga, Vibhor Sahare, Sushant Puri, and Nakul Singh, ANS Commerce is a full-stack e-commerce enabler offering services such as store tech, performance marketing, marketplace management, e-commerce warehousing, and fulfillment. It collaborates with over 100 brands, including Jack & Jones, Vero Moda, HUL, Piramal, Lakme, Nivea, Oziva, CEAT, and Bikanervala. The firm raised $2.2 million in its pre-Series A round, led by Gokul Rajaram and Venture Catalysts in October 2021. According to sources, ANS Commerce was acquired in a deal worth Rs 250-300 crore ($35-40 million) three years ago. During FY24, ANS Commerce recorded a 39.4% increase in operating revenue to Rs 54 crore, compared to Rs 39 crore in FY23. However, the company's net loss widened by 27.1% to Rs 73.8 crore in FY24 from Rs 57.8 crore in the previous year.

Amazon India’s e-comm and logistics arms set for merger

EntrackrEntrackr · 4m ago
Amazon India’s e-comm and logistics arms set for merger
Medial

Amazon Seller Services will be the transferee, while Amazon Transport Services will be the transferor. The firm will also determine the share exchange ratio between the two firms, as assessed by PwC, the appointed registered valuer. New Update Amazon Seller Services and Amazon Transport Service are set to merge, according to two sources familiar with the matter, as reported by Entrackr. The e-commerce division has scheduled a meeting with its unsecured creditors on April 14. Amazon Seller Services was launched in India in 2013 as part of Amazon's expansion into the country’s e-commerce market. It operates as the marketplace arm of Amazon India, enabling third-party sellers to list and sell their products on Amazon.in. On the other hand, Amazon Transport Services (ATS) was launched in 2015 in India as Amazon’s logistics arm. It focuses on transportation, delivery, and supply chain management to support Amazon’s e-comm operations. Until now, both entities have operated independently to support Amazon's e-commerce operations in India. Amazon Corporate Holdings Pvt. Ltd. serves as their immediate parent company, while Amazon.com, Inc. (USA) remains the ultimate holding company. Amazon did not respond to queries sent on March 11 until the story was published. Last week, Amazon decided to shut down its refurbished platform Renewed for external sellers, citing increasing challenges. Entrackr was the first to report the development.

Exclusive: Apollo Tyres shuts down car service platform Trumigo within 6 months

EntrackrEntrackr · 11m ago
Exclusive: Apollo Tyres shuts down car service platform Trumigo within 6 months
Medial

Multinational tyre manufacturing company Apollo Tyres has shut down its doorstep car service initiative, Trumigo, sources told Entrackr. Significantly, the platform has discontinued its services within six months of its launch. As per sources, the company failed to find traction and compete with other alternatives available in the market. “Trumigo has laid off nearly 100 employees (including 75 ground staff) in the process. It did not provide severance pay to the entire ground staff and several full time employees,” said a source on the condition of anonymity. Launched in February, Trumigo used to provide car maintenance services directly to a customer’s doorstep. Initially, it was launched for Gurugram with plans to expand to cover the entire Delhi (NCR) region. Trumigo’s website isn’t working for a while, point out sources. It has also been throwing error messages for the past three days. Several former employees also hinted at financial irregularities in the company which are currently being audited. Entrackr couldn’t verify these claims independently. Queries sent to Trumigo’s chief executive, head of product, CHRO and Apollo Tyres’ group head did not elicit any response until the publication of the story. We’ll update the post as and when they respond. Trumigo is the second company from the car servicing space to go down after GoMechanic which also had gone through a forensic audit. After establishment of financial irregularities and inflated revenue, several investors including Peak XV wrote off their investment in the firm. GoMechanic was eventually acquired by Lifelong Group’s Servizzy in a distress sale. GoMechanic, which was once seeking a billion dollar valuation, recently raised $6 million from a group of investors at a valuation of $20 million.

Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 9m ago
Tiger Global-backed Toplyne shuts down operations
Medial

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.

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