“We didn’t see a healthy, sustainable future ahead of Crucible,” the company said in a blog post on Friday. The team working on the project will be moved to other upcoming games and customers will get refunds, it added. Crucible was seen as a key test for Amazon’s games division, which was formed in 2012. … Read more
E-commerce major Amazon India on Sunday said it has enabled over one lakh local shops, kiranas and neighbourhood stores across the country through its various initiatives to facilitate delivery of packages this festive season. More than 20,000 offline retailers, kiranas and local shops from ‘Local Shops on Amazon’ programme will participate in ‘Great Indian Festival’ … Read more
Choosing Singapore as its regional headquarter for the market, this news comes just months after the venture capital firm announced raising over $4 billion across four different global funds to support early and growth stage startups. Lightspeed said that it is deploying capital in the Southeast Asian market, from these global funds. In India, Lightspeed … Read more
Walmart Inc-controlled Indian e-commerce firm Flipkart is preparing for an initial public offering overseas as early as 2021, which could value the firm up to $50 billion, sources familiar with the company’s plans told Reuters. Bengaluru-based Flipkart, which vies with players such as Amazon.com’s local unit in India and India’s Reliance Industries, will be aiming … Read more
Indian conglomerate Reliance denied a report Thursday that it was planning to sell a $20-billion stake in its retail business to US rival Amazon in a deal that could upend the country’s hugely lucrative e-commerce sector. The report published by Bloomberg on Thursday said that Reliance, owned by Asia’s richest man Mukesh Ambani, had offered … Read more
Amazon CEO Jeff Bezos wrote in his statement to the antitrust House committee last week that Shopify is a new competitor. Shopify CEO Tobi Lutke, however, said Amazon is not a “direct competitor” during the company’s earnings call last week. E-commerce experts say they’re “indirect” competitors that effectively play in the same field. Visit Business … Read more
Softbank-backed Grofers has advanced its plan to launch an initial public offer by the end of next year after its profitability path zoomed during the lockdown period, a top official of the company said. Grofers co-founder and CEO Albinder Dhindsa told PTI that the company started making operational profit in January and expects to become … Read more
That could either have meant that Jio Platforms would raise about $5.7 billion more, or sell another 10% stake. But as it turns out, the company has ended up selling an additional 12.4% stake already to global investors, and has raised $8 billion more. At the rate Jio Platforms is signing up investments—$1.3 billion per … Read more
“Monopolies are wrong,” Musk tweeted while tagging Bezos, the world’s wealthiest man. Musk’s post came in response to a tweet from a writer who said his book titled “Unreported Truths About COVID-19 and The Lockdown” was being removed from Amazon’s Kindle publishing division for violating unspecified guidelines. Time to break up Amazon. Monopolies are wrong! … Read more