Paytm is pulling out all stops to get ordinary Indians to transact digitally. After it was revealed that it had spent Rs. 588 crore in customer cashbacks last year, it has now scrapped transaction fees for offline merchants for its wallet transactions. This fees was applied to all transactions and ranged between 0.5% to 2.5% of the transaction value.
You’d think that a company whose flagship product is called “Qtiyapa” wouldn’t be an ideal candidate for investment from a big top-tier VC, but you’d be wrong. The Viral Fever, the comedy collective that has made hit online series including TVF Pitchers and Permanent Roomates, has just raised $10 million from Tiger Global. The investment values the six year old company at Rs. 270 crore.
It now appears that the final nail has been dug into the “app-only” coffin. Flipkart’s fashion brand Myntra, which had shut down its site and had been available solely on its app since May last year, is now back with its mobile website.
Paytm might have the biggest digital wallet in the country with over 120 million subscribers, but the users haven’t come cheap. Paytm revealed that it spent Rs. 588 crore in cashbacks to customers in 2015. The company had incurred a loss of Rs. 372 crore in FY 2014-2015.
Facebook India Managing Director Kirthiga Reddy has stepped down from her post after a 6 year stint with the company. She was Facebook’s first employee in India and had set up Facebook’s Hyderabad office.
Dipti Sarna, the Snapdeal employee who’d been missing since 10th February, has been found. She is currently in Panipat in Haryana and a UP UP police team has reached the city to bring her back.
Dipti Sarna, a Snapdeal employee who worked out of their Gurgaon office, has been missing since yesterday evening. She was returning home from work when she’s last contacted her family. It is believed that she might have been abducted by her auto driver.
Jabong’s largest warehouse, situated in Pataudi on the outskirts of Delhi, has been destroyed in a fire. Initial reports indicate that the fire was caused by a short circuit. There were no casualities.
There’s going to be one fewer Bansal at Flipkart’s helm. Mukesh Bansal, who heading the commerce and advertising business at Flipkart, has resigned from the company. The move comes weeks after Flipkart’s restructuring in which longtime CEO Sachin Bansal had stepped aside and co-founder Binny Bansal had stepped in his place.