Binny Bansal has spoken to Flipkart employees after he tendered in a shock resignation earlier this evening. Bansal has clarified that allegations of a serious nature were made against him, and his decision to step down was accelerated by certain “personal events”. “The allegations left me stunned and I strongly deny them,” he said. Bansal however added that the alleged event could not be corroborated by after an investigation by an independent law firm. He said that…

Sachin Bansal had left Flipkart heralded as a hero, having been credited for building India’s biggest startup. His cofounder Binny Bansal has left under decidedly different circumstances. Flipkart Group CEO Binny Bansal has announced his resignation from Flipkart effective immediately. The announcement came following an investigation into an allegation of “serious personal misconduct” by Walmart, which had acquired Flipkart earlier this year. Kalyan Krishnamurthy will take over as Flikart’s CEO, and Flipkart will now directly…

Thus far, Zomato had been looking to become the de-facto interface between restaurants and their customers — customers could look up restaurants on Zomato, and Zomato let them make reservations and even get discounts. Zomato had also bet big on the food delivery space, and its delivery fleet helped deliver meals to people who’d rather eat at home. But Zomato appears to have quietly built itself a new line of business — and instead of connecting…

China’s e-commerce market is widely known to be far bigger than India’s, but the magnitude of the gulf is truly breathtaking. Alibaba, China biggest e-commerce company, has just sold more goods in 76 minutes than Amazon and Flipkart together had sold in all of 2017. One hour and 16 minutes into Alibaba’s Singles Day sale, the company said that it had sold goods with GMV (Gross Merchandise Value) of 91.2 billion RMB, or $13.1 billion. Through all…

India’s e-commerce companies have tried to usher in a revolution in how India shops, but they seem to be lagging behind traditional retail in one critical aspect — fake products. One in five products sold by e-commerce companies is fake, a consumer survey has found. Citizen engagement platform LocalCircles asked 30,000 e-commerce shoppers if they’d received a counterfeit product over the last six months. A whole 20% said that they had, with the most common…

After spending a few months at number two, Paytm is once again top of the UPI pile. After being left in the lurch by PhonePe, which had become India’s largest UPI app in August, Paytm is once again India’s top UPI provider in October. Paytm said that it accounted for 179 million UPI transactions in October. Given how a total of 482 million transactions took place on UPI over the period, Paytm now has a 37%…

Uber and Ola drivers have been striking over the last two weeks to get the cab hailing companies to accept their demands, but now they might soon have negotiating power from an unlikely source — Meru Cabs. As many as 12,000 drivers have signed up with Meru Cabs over the last two weeks in Mumbai alone, CNBC TV18 reports. Meru confirmed that they were seeing as many as a thousand new sign ups per day…

Swiggy’s quickly expanding as it settles into its newfound status as a unicorn, but the growth is coming at a cost. Swiggy tripled its revenues to Rs. 468 crore for the year ended March 2018, filings from the company show. A year ago, Swiggy had managed revenues of Rs. 146 crore. But as revenues grew, so did the losses — Swiggy reported losses of Rs. 397 for FY18, nearly double those of the figure of…