Infibeam’s much-awaited IPO was fully subscribed on the third day as the company successfully managed to raise the 450 crore that it had set out to do. Though interest in the IPO was muted, Infibeam created history by becoming the first Indian e-commerce company to go public.
Ola’s being chewn apart by its competition – but not on the roads. After Uber had approached the Delhi High Court accusing the company of making fake bookings on its app to sabotage its business, Jugnoo has followed suit with similar claims of its own.
Mukesh Bansal and Ankit Nagori have teamed up and put in $5 million of their own money and will launch a startup in the area of healthcare, sports and fitness.
There’s no love lost between Ola and Uber. Both companies are fiercely competing for a share of India’s lucrative cab hailing market, and have been engaging in price wars, advertising and the occasional jibe to get a leg up over the other. But if Uber is to be believed, things have just got a lot more serious.
An ugly controversy has put a dampener on Infibeam’s IPO on the very first day. Factor Daily has reported that a large section of twitter users were being paid to show their enthusiasm for the event.
Infibeam’s IPO, the first ever by an Indian e-commerce company, has got off to a sedate start. Day 1 of the IPO, which will run from 21st to 23rd March, saw 21% of shares on offer being snapped up by investors. Infibeam is trying to raise Rs. 450 crore and dilute 20% of its equity through this stock sale.
Google CEO Sundar Pichai is making a serious amount of money.
Uber has some great technology, world class engineers, and a truly disruptive business idea. But these are not the reasons why it’s the world’s most valued startup. What makes Uber so successful is its sheer brazen audacity.
India’s e-commerce market, which is currently dominated by homegrown companies like Flipkart and Snapdeal, and an American giant in Amazon, might soon see its biggest shake up yet. Chinese e-commerce behemoth Alibaba is planning to enter the Indian market in what could bring increased competition in an already competitive sector.