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.
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.
Continuing with his investments in startups, top industrialist Ratan Tata has invested an undisclosed sum in home rental startup NestAway Technologies. This is Tata’s eighth personal investment in a startup in 2016 so far.
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.
Incredible scenes were witnessed at Snapdeal’s New Delhi office after the company put 200 of its employees on a Performance Improvement Plan.
Flipkart Shuts Down Its Groceries Arm Nearby. Last year there was a spurt of players in the online grocery delivery business with new players like Peppertap and Grofers and biggies like Flipkart with Nearby, Ola with Ola store and Amazon with Amazon groceries entering the fray. Though recent events point out to the potential lack of feasibility of a grocery delivery business. Recently, Peppertap had scaled down operations by shutting down in 6 major cities and Grofers had shut down in 9 cities.