The grocery delivery model in India is tottering. Days after Flipkart had announced that it’s shutting down Nearby, its grocery delivery arm, it is now being reported that Ola is on the verge of shutting down its own grocery delivery service, Ola store. Ola Store operated in Bangalore, Hyderabad and Gurgaon.
There’s another weird 4 letter word in the Indian fashion retail space. After Aditya Birla had launched Abof (short for Aditya Birla House of Fashion) as its fashion e-retail arm, Reliance Industry has announced that it’s making an entry into the space with AJIO.com.
If you’re a corporate employee that’s been counting on withdrawing your Employee Provident Fund account prematurely, you might need to think again. The Ministry of Labour and Employment, Government of India, has recently made amendments in the Employees’ Provident Fund Scheme, 1952, that make it harder for employees to prematurely withdraw from their EPF accounts.
The Snapdeal protests, which broke out at Snapdeal’s Sarita Vihar office 2 days ago, have just gotten messier. After the agitating employees had approached the CM Arvind Kejriwal’s office, the Delhi government has directed the Labour Department to look into the matter. Snapdeal has requested for a 2 day period to explain its stand to the Labour department.
Protests at Snapdeal’s office have intensified as management and the fired employees have been unable to reach a compromise.
Snapdeal’s former employees are not holding back while criticizing their former bosses.
Flipkart’s valuation has been devalued. According to Morgan Stanley, Flipkart is now worth only $11.1 billion – a full 27% below its valuation of $15.2 billion at which it had raised money last year.
Jabong’s Chief Marketing Officer Saurabh Srivastava has quit less than 5 months after joining the company. Srivastava had joined Jabong in October last year, and had replaced Praveen Sinha, one of Jabong’s co-founders, who had quit to start his own venture.
Vijay Mallaya has announced that he’s resigned as Chairman of United Spirits. The company, which is now controlled byBritish multinational Diageo, has agreed to drop all charges of irregularities under his watch. Mallaya will also receive Rs. 515 crore over 5 years in return for stepping aside.