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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.

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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.

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.

Exclusive: Flipkart to take on Zepto, Blinkit with quick commerce foray

EntrackrEntrackr · 1y ago
Exclusive: Flipkart to take on Zepto, Blinkit with quick commerce foray
Medial

The quick commerce sector is all set to heat up once again as India’s e-commerce giant is now eyeing the segment. Flipkart has started ramping up infrastructure for its quick commerce play, three sources aware of the details of the plan told Entrackr. “Flipkart will launch 10-15 minutes delivery in at least a dozen cities in the next six to eight weeks,” said one of the sources requesting anonymity. “It’s building up a chain of dark stores across several cities including Bengaluru, Delhi (NCR) and Hyderabad among others.” Flipkart’s foray into quick commerce comes at a time when experts anticipate that quick commerce would end up eating into the e-commerce pie sooner than later in India. The total addressable market for quick commerce in India is nearly worth $45 billion, according to a 2022 Redseer report. More importantly, quick commerce has proven to be surprisingly resilient in the last couple of years, with both Zepto and Zomato’s Blinkit doing more than enough to convince investors that the concept has a future in India. While Zepto was rewarded with a unicorn round, Blinkit’s (formerly Grofers) turnaround and Swiggy Instamart’s growth have been bright spots in terms of scaling up with improving margins for their owners. “If you look at Flipkart’s recent launches, it hints at the firm’s foray into quick commerce. It launched same-day delivery in 20 cities a couple of weeks ago… the company began delivering flowers and cakes around the Valentine season (February 2024),” an analyst covering the e-commerce and quick commerce segments, requesting anonymity, told Entrackr. Sources indicate that Flipkart will have a wider catalog than incumbents such as Zepto and Blinkit. “The company will have a sharp focus on FMCG, grocery and daily essentials but it would also push categories such as electronics, fashion,” added the person quoted above. It’s worth mentioning that the current quick commerce players have also been steadily expanding and diversifying their offerings. Responding to queries sent by Entrackr, a Flipkart spokesperson said they are working towards delivering a wide range of products with speed. “Over the past few months, we have made several investments to enhance our delivery capabilities, including adding same-day delivery in 20 cities. This covers mobiles, essential items, electronics, home appliances, fashion, books and lifestyle products,” said the spokesperson. “We are committed to meeting evolving customer expectations and delivering excellence in value, selection and speed, with more initiatives expected on this front in the coming months.” Over the past three years, quick commerce gained quick ground in top 15 Indian cities and top three players in the segment—Blinkit, Swiggy Instamart and Zepto—managed to gain sizable scale. Sources outlined that BlinkIt does around 6 lakh orders a day while Swiggy InstaMart and Zepto’s daily volume hover around 5 lakh and 3 lakh, respectively. According to Entrackr sources and data available in the public domain, Blinkit has an average revenue run rate of Rs 12,000 crore in the ongoing fiscal year whereas Swiggy Instamart ARR (read as GMV) stands at around Rs 8,000-8,500 crore. Zepto’s gross merchandise value has neared Rs 7,000 crore. Fresh from its last funding round, Zepto has been noticeably feistier — with a larger catalog and stronger marketing push. Meanwhile, Reliance and Google-backed Dunzo lost its mojo. The firm failed to raise a new round in the past two years and reported only Rs 226 crore in revenue in FY23 with losses of Rs 1,801 crore. As per reports, Flipkart engaged in discussion regarding a potential acquisition of the Kabeer Biswas-led firm. While all that might sound good, the fact that no one disagrees is that the market is not big enough for so many players, making this a matter of staying in power for most. Or perhaps, even newer operating models that might ensure sustainable growth. The broad direction so far, of an ever widening catalog and higher value transactions like electronics items etc, indicates the bleeding will not stop anytime soon.

Exclusive: Flipkart may foray into astrology with InstaAstro takeover

EntrackrEntrackr · 5m ago
Exclusive: Flipkart may foray into astrology with InstaAstro takeover
Medial

Exclusive: Flipkart may foray into astrology with InstaAstro takeover E-commerce giant Flipkart is exploring an entry into the astrology and devotion sector through a potential acquisition of astrotech startup InstaAstro. While startups in this niche have attracted substantial funding over the past year, this move would represent a significant step toward consolidation in the emerging space. "InstaAstro has been seeking buyers for the past few months, with Flipkart emerging as one of the leading contenders for the acquisition," said a source on condition of anonymity. "The Walmart-owned company may spend anywhere between $18 to $25 million, including cash and stocks, for the acquisition." Backed by the likes of Artha Venture Fund, LogX Ventures, Singularity Ventures, Blume Founders Fund, and Ramakant Sharma’s LogX Ventures, InstaAstro has raised around Rs 21.7 crore ($2.6 million) across two funding rounds since its inception in 2021. Flipkart may rebrand InstaAstro to “Sukh” post acquisition, said sources. Founded by Nitin Verma, InstaAstro offers horoscopes, tarot readings, and numerology in English, Hindi, and various regional languages. After the latest funding, the startup also launched new spiritual e-commerce, daily pooja, and reiki healing services. “Flipkart had engaged in talks with a couple of startups in the astrology and devotion space. However, those talks didn’t work out,” said another source who also wished not to be named as the talks are yet to be public. Queries sent to Flipkart and InstaAstro on Wednesday evening remained unanswered at the time of publication. InstaAstro’s revenue from operations surged nearly 2X to Rs 25 crore in FY24 from Rs 12.96 crore in FY23. As per TheKredible, its losses also jumped at a similar pace to Rs 8.11 crore from Rs 4.26 crore in FY23. Sources assert that InstaAstro has an average revenue run rate (ARR) of Rs 50-60 crore. InstaAstro competes with GaneshaSpeaks, AstroTalk, Click Astro, Astroyogi, and Bodhi. Among them, AstroTalk leads in both funding and profitability. The Puneet Gupta-led company reported a revenue of Rs 651.12 crore in FY24, with a profit of nearly Rs 100 crore, and aims to reach Rs 1,250 crore in revenue for FY25. Data from TheKredible reveals that startups in the astro and spiritual tech sector, including AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha, have collectively raised more than $65 million over the past 18 months. The sector also saw consolidation as BrahmVeda acquired Vedvaani and Melooha took over Munitalks.

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