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Flexport unveils ecommerce tools as returned CEO aims to regain profitability

Economic Times

Economic Times · 1y ago

Flexport unveils ecommerce tools as returned CEO aims to regain profitability

Logistics startup Flexport is launching services to simplify the import and fulfillment process for small businesses selling on e-commerce marketplaces. The new services, called Revolution and Flexport+, aim to automate and streamline various tasks that small businesses typically perform across multiple spreadsheets and platforms. Flexport's offerings include freight services, supply chain financing, customs paperwork, and product storage, aiming to help sellers reduce costs and complexity. This move comes as Flexport seeks to regain profitability amid a challenging freight market. The company also recently acquired Shopify's logistics business, including e-commerce fulfillment provider Deliverr.

Related News

Flexport Founder Rescinds Job Offers and Aims to Streamline Operations

Robots · 1y ago

Flexport Founder Rescinds Job Offers and Aims to Streamline Operations

Flexport founder Ryan Petersen has canceled dozens of job offers and shifted the company's strategy following the abrupt departure of CEO Dave Clark. Petersen has reassumed the CEO role and is focusing on cost-cutting measures and profitability. The decision comes as a surprise after Clark's entrepreneurial vision for the logistics startup. Flexport also plans to sublease excess office space. The fate of the recently acquired Shopify logistics unit is uncertain.

X loses daily active users since Musk takeover: CEO Linda Yaccarino

Livemint

Livemint · 1y ago

X loses daily active users since Musk takeover: CEO Linda Yaccarino

According to LiveMint, X (formerly Twitter) has reported a loss of 11.6% of its daily active users since Elon Musk took over as CEO. The platform's user count has dropped from 254.5 million to 225 million. X's CEO, Linda Yaccarino, mentioned during an interview that the company aims to achieve profitability by 2024, and 90% of the top 100 advertisers have returned to the platform in the past 12 weeks. This decline in daily active users follows Musk's disclosure of the platform having 259.4 million daily active users during his tenure.

Zoho's Sridhar Vembu Unveils Power Tools Venture Karuvi

Inc42 · 1y ago

Zoho's Sridhar Vembu Unveils Power Tools Venture Karuvi

SaaS unicorn Zoho’s CEO Sridhar Vembu has announced the launch of Karuvi, a mechatronics startup that manufactures power tools. Karuvi, which means "instrument" or "tool" in Tamil, is building a factory in Tenkasi to produce consumer and industrial power tools. The company currently offers angle grinders, drills, saws, and other power tools, and aims to build a network of professionals and authorized dealers for distribution. Vembu mentioned that the prototype and tooling costs have been incurred so far, with additional expenses expected for factory space, machinery, marketing, and consumer support. Zoho reported a jump in operating revenue in FY23 to INR 8,703.6 Cr ($1 Bn).

Meesho unveils its largest ever ESOP buyback programme worth Rs 200 crore

IndianStartupNews

IndianStartupNews · 1y ago

Meesho unveils its largest ever ESOP buyback programme worth Rs 200 crore

Indian unicorn ecommerce startup Meesho has launched its largest Employee Stock Ownership Plan (ESOP) buyback programme worth $25m, benefiting around 1,700 past and present employees. This is Meesho's fourth ESOP buyback, indicating its commitment to rewarding its teams. Unlike other ecommerce marketplaces, Meesho achieved profitability in July 2021 and has maintained positive cash flow. The company reported a 48% reduction in losses and a 77% increase in revenue year-on-year, reaching INR 5,735 crore ($769m) in the last fiscal year. Meesho focuses on Tier 2 cities and ha s a current Gross Merchandise Value run rate exceeding $5bn.

Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha

Money Control

Money Control · 1y ago

Cashfree will double down on payment gateway business, 15,000 merchants to go live soon: CEO Akash Sinha

Cashfree, an Indian payment processing company, recently received the final authorization from the Reserve Bank of India to operate as a Payment Aggregator. The CEO of Cashfree, Akash Sinha, expressed excitement about the approval, stating that they have a significant number of merchants ready to go live on the platform. Sinha believes that this approval will help the company regain profitability, as they reported a loss in the previous fiscal year. Cashfree aims to focus on scaling their payment gateway business and expects to triple their transaction volumes in the next year. Additionally, they plan to expand their offerings in cross-border payments and forex.

Ousted Flexport CEO Dave Clark strikes back

TechCrunch · 1y ago

Ousted Flexport CEO Dave Clark strikes back

Dave Clark, the former CEO of Flexport, responds to recent reporting on the company, calling it "deeply concerning." In a social media post, Clark discusses the problems he found when he joined Flexport, including issues with revenue forecasting and a lack of process and financial discipline. Clark's departure from the company was followed by further turmoil, including the rescinding of employment offers and plans to lease out office space to cut costs. Founder Ryan Petersen has criticized Clark's leadership on the grounds of excessive hiring and expansion.

Bottomline: Will PE-backed Accumax can turn around after Covid slump?

VCCircle

VCCircle · 12m ago

Bottomline: Will PE-backed Accumax can turn around after Covid slump?

Accumax Lab Devices, a healthcare equipment manufacturer backed by private equity firms, is seeking to recover from a decline in revenue and profitability caused by the Covid-19 pandemic. The company, known for its production of tubes, pipettes, and pipette controllers, experienced a decrease in demand and excess inventory. With the support of investors such as Creador and InvAscent, Accumax Lab Devices aims to bounce back and regain its financial stability.

Sam Altman enters his power era

Business Insider

Business Insider · 1y ago

Sam Altman enters his power era

OpenAI CEO Sam Altman has returned stronger than ever after a failed coup attempt. Altman's charisma, communication skills, and dedication to the mission of creating artificial general intelligence have garnered him immense loyalty from OpenAI staff. Despite having no controlling shares in the company, Altman's influence and persuasive abilities have allowed him to regain his position. The support from employees and Microsoft's quick hire of Altman and co-founder Greg Brockman further reinforce his power. OpenAI's future seems tied to Altman, signaling a shift towards a more commercially-driven vision.

GoKwik clocks $20 million in FY24 sales, expects to double in current year

Economic Times

Economic Times · 1y ago

GoKwik clocks $20 million in FY24 sales, expects to double in current year

Indian ecommerce enabler, GoKwik, reported sales of $20 million in FY24 and expects to double its revenue in the current fiscal year. With over 4,000 ecommerce brands in its network, the company aims to onboard 15,000 brands by next year. GoKwik offers solutions to predict customer behavior and prevent return-to-origin (RTO) orders, which can be costly for ecommerce brands. The company believes that the direct-to-consumer (D2C) model will gain traction, AI will help solve ecommerce challenges, and influencer-led commerce will continue to grow. GoKwik aims to achieve profitability at the company level by FY26.

Adobe unveils new image generation tools in AI push

Economic Times

Economic Times · 1y ago

Adobe unveils new image generation tools in AI push

Adobe has announced new image generation tools as part of its AI-focused strategy. The company aims to enable users to easily create compelling visual content, utilizing AI to enhance and automate the image-editing process. With these new tools, Adobe hopes to empower creatives, marketers, and businesses to produce high-quality visuals efficiently and effectively. The move highlights Adobe's ongoing commitment to harnessing the power of AI in its software offerings.

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