Tata Group enters e-commerce market with apparel, electronics website
India’s biggest conglomerate Tata Group launched an e-commerce venture on Friday, as it seeks to cash in on rising purchasing power in a market dominated by deep-pocketed international retailers and startups backed by global tech investors. The group said it developed its Tata Cliq website over a year-and-a-half at a cost of “several hundred million dollars” to be a marketplace for in-house and partner companies to sell apparel and electronics. The move is in line with a second phase in Indian e-commerce development, with the some of the country’s oldest and largest corporations entering an industry established in the last five years by startups Snapdeal and Flipkart Online Services Pvt Ltd . The market also welcomed global e-commerce firm Amazon.com Inc in 2013, which has invested over $2 billion for growth. Local conglomerates only lately entered the fray. Reliance Industries Ltd started an online apparel shop last month, while Aditya Birla Group and Mahindra and Mahindra Ltd recently launched online retail platforms. For big business houses, e-commerce is an opportunity to capitalise on middle class growth and rapid internet adoption. By 2025, online merchandise sales will hit $220 billion in India from $11 billion last year, Bank of America Merrill Lynch estimated. But the market has fostered cut-price competition, with the top three players incurring millions of dollars in losses due to heavy discounts. Tata said its focus was profit margins and unit economics, and not just growing sales via discounts. “We don’t want to get into the discount wars, we want to serve customers with great products and build a sustainable business,” said Chief Executive Ashutosh Pandey of Tata Unistore, parent of the operator of Tata Cliq. To keep costs in check, Pandey said Tata would use its money establishing a large number of warehouses like other e-commerce players have done, and would instead build inventory networks around existing store locations owned by group partners. The group, whose businesses include steel production, tea packaging, information technology services and automobiles, has bet on new businesses in recent years with mixed success. Its retail businesses including sellers of gold ornaments, sunglasses, apparel and electronics have successfully expanded, but its mobile phone venture Tata Docomo is a marginal player. Sammie Coates Womens Jersey
Trying to take railways out of ICU: Suresh Prabhu
Railway Minister Suresh Prabhu today said efforts are on to take the public transporter ‘out of the ICU’ and create a situation where it can breathe well. “The railways was in deep trouble not now but in the last 20-30 years. That is what the Rakesh Mohan committee report had said. So now we are trying to create a situation where the railways will be able to breathe well,” he told PTI. Asked whether the national transporter is still in the ICU, he said, “We are trying to take it out of the ICU.” On measures to make it robust, Prabhu said, “In order to survive, the railways needs to revamp its operation. We are working on it. We are making it sure that the railways will be an engine of growth in the next few years. We are putting all our efforts into it.” To a question about the railways’ strategy since loadings are falling, the minister said a capacity to handle 1.2 billion tons of cargo will be created in the coming years. “Freight (traffic) falling is not in our hands, it depends on the growth of the core sector. When core sector grows freight will also grow. But we are ready to handle 1.2 billion tons of cargo. In the railways’ history for the first time, we have created such a handling capacity ahead of its demand. So now cargo has to come,” he said. Asked whether the railways is considering hiking passenger fare since the freight is not picking up and passengers growth rate is also not high, Prabhu said the regulatory authority will decide on it. “We are setting up a regulatory framework for fare decision. The regulator will decide what should be the fare,” he said. On certain trains being introduced recently with increased fare, he hinted at a possible separate fare structure for the new services. “We are starting four new products — Humsafar, Tejas, Antodaya and Uday. All these products will look at how to increase market share of the railways,” the minister said. While the fare of recently launched Gatimaan Express is 25 per cent higher than Shatabdi, Mahamana Express was started with 15 per cent more than the regular train fare. According to Rail Budget proposals, Humsafar would be fully air-conditioned third AC service with an optional service for meals. Tejas, on the other hand, will showcase the future of train travel in India with operating speeds of 130 kmph and have on-board services such as entertainment, local cuisine, Wi-Fi. The railways also propose introduction of overnight Utkrisht Double-decker Air-conditioned Yatri (UDAY) Express on the busiest routes, which has the potential to increase carrying capacity by almost 40 per cent. There is also a proposal for the introduction of Antyodaya Express, a long-distance, fully unreserved, super-fast train service, for the common man to be operated on dense routes. The railways which has a huge amount of data as it operates around 11,000 trains and carries about more than 2 crore passengers per day, is planning to moneytize its data. “It is the first time in the world we are doing it… moneytising of the data. We are taking help of experts to do it,” Prabhu said. Asked whether sharing data will be construed as compromising the privacy of railway customers, he said, “This is called operations data, not passenger data. There will be no compromise on privacy in any way.” On if IRCTC data concerning passengers details will be moneytised, he said, “It will be operations data and not passenger data. Nobody is interested in IRCTC data. We will moneytise operations data. You will come to know when we will do it. This is nothing to do with IRCTC data.” To a question about raising funds with the World Bank, Prabhu said, “That is also in an advanced stage, a separate fund of the World Bank for the railways. The World Bank is creating a separate fund with Indian Railways and details are being worked out.” Asked about the progress regarding two locomotives plants in Bihar involving FDI, he said, “We reviewed the progress of Madhepura and Marhora projects and they are on track.” He, however, noted, “It is not only FDI but investment in the railways will come. We will keep doing that. Station development contract is already in process. We have already given the contract to one and 10 more will be given soon. We are also doing it on government-to-government basis.” About reforms, he said, “All of our reforms will be bearing fruits in the next two-three years time. Some are already happening, some are in the process.” To a question comparing the railways with the road sector in terms of laying tracks, he said, “There is no comparision between road sector or that sector with this sector. “We are on the right track. The railways will be on the path of progress in the years to come,” Prabhu added. Sebastian Janikowski Womens Jersey
Discovered Small Fields Bid Round-2016 launched
In a bid to boost domestic oil and gas production, Ministry of Petroleum and Natural Gas (MoPNG), Government of India today announced the commencement of the ‘Discovered Small Fields Bid Round-2016’ in New Delhi. Shri Dharmendra Pradhan, Minister of State (I/C) for Petroleum and Natural Gas launched the new bidding round. The technical information portal and e-bidding portal were also launched. Discovered Small Fields are oil and gas blocks which have so far remained commercially undeveloped, but are now in focus as the central government seeks to boost domestic hydrocarbon production. Under the announced ‘Discovered Small Fields Bid Round-2016’, 46 Contract Areas consisting of 67 different small fields are being offered to investors the world over, for exploration and production. Bids are being invited for developing and monetizing these contract areas having 625 Million Barrels of Oil and Oil Equivalent Gas (O+OEG) in-place volumes spread over 1500 square kilometers in Onland, Shallow water and Deepwater areas. Directorate General of Hydrocarbons (DGH), the technical arm of the Ministry, shall anchor the entire bidding process. Speaking on the occasion, Shri Pradhan highlighted that India is now moving towards a new era of hydrocarbon production, driven by a forward looking Hydrocarbon Exploration and Licensing Policy (HELP); and a new fiscal model based on Revenue Sharing Contract. This new phase is a move ahead from the earlier NELP; and Production Sharing Contract regime and addresses various industry concerns that led to slowdown in investment over the last few years. Single license for exploring all forms of hydrocarbons, graded system of royalty rates, pricing and marketing freedom for crude oil and natural gas, were some of the highlights of HELP mentioned by the Minister. He said that the Government is following principles of Enhancing Production, Attracting Investment, Generating Employment, Transparency, and Minimizing administrative discretion. Shri Pradhan said that a simpler and transparent administrative and fiscal system has been crated. Calling upon all industry stakeholders to participate in the bid rounds and be a part of new energy revolution in India, the Minister assured all support in endeavors. Some of the other prominent and industry friendly features of the bidding round are: · Single license to extract and exploit conventional and unconventional hydrocarbon fields · New fiscal regime based on revenue sharing model · Operational autonomy and flexibility for unit development in case of reservoirs extending beyond contract area or for joint development of common infrastructure · Exemption of Oil Cess and Custom duty · Full freedom for marketing and pricing for production from the awarded contract areas · Royalty in line with earlier New Exploration Licensing Policy (NELP) · Technical capability is not a pre-qualification criteria for bidding · Exploration allowed during entire contract period (20 years), which is mutually extendable for up to 10 years · No restriction on exploration activity during the contract period · Information Docket to be made available at e-bidding gateway · Physical Data Centers with Interpretation Facility would be set up in India and various others international locations where prospective bidders can access data · User-friendly e-bidding Portal and interactive video for easy navigation to be made available to bidders. · Discovered fields to be offered with no upfront signature bonus Roadshows would be held at different parts of the country and international venues to attract maximum interest of prospective bidders for the ‘Discovered Small Fields Bid Round-2016’, and to encourage industry players to participate in the bid process. Danton Heinen Authentic Jersey
Rs.5,534 cr investment in basic urban infra under Atal Mission approved in 6 States for 2016-17
Ministry of Urban Development will convene annual meetings of all States and Union Territories to discuss and review at the highest level progress of urban renaissance set in motion. A decision taken in this regard by the Minister of Urban Development Shri M.Venkaiah Naidu was today conveyed to the six States that attended the meeting of the Apex Committee convened for approving annual action plans of States under Atal Mission for Rejuvenation and Urban Transformation (AMRUT). Shri Rajiv Gauba, Secretary (UD), who is also the Chairman of the Inter-ministerial Apex Committee informed the participating States that Ministers of Urban Development and Housing of all States/UTs, Mayors and Municipal Chairpersons, Secretaries of Urban Development of States/UTs, Mission Directors and Municipal Commissioners of all 500 AMRUT cities will be attending the two day conference for taking stock of progress of urban sector reforms, implementation of new schemes etc., initiated during the last two years as a part of urban renaissance. The first such conference will be held in the next two months. Shri Gauba said that henceforth, the Ministry will approve States’ Annual Action Plans for the entire mission period based on which annual plans could be prepared and considered for approval before the commencement of a financial year to ensure timely execution. The six participating States informed the Committee that action is in progress for obtaining Credit Ratings for over 100 mission cities and the process would be completed before the end of this year. The Apex Committee chaired by Shri Rajiv Gauba approved a total investment of Rs.5,534 cr for providing household water taps, improving water supply, sewerage networks/septage management, storm water drains, urban transport and provision of open and green spaces in 111 Atal Mission cities in the States of Madhya Pradesh, Gujarat, Rajasthan, Odisha, Jharkhand and Meghalaya. A total Central Assistance of Rs.2,453 cr will be given to these States. Under first approvals under AMRUT during the current financial year, Rs.2,126 cr will be spent on providing water supply connections to unconnected households and augmenting water supply, Rs.2,848 cr on expanding sewerage networks, Rs.140 cr on storm water drains, Rs.190 cr on urban transport and Rs.101 cr for improving open and green spaces in 111 mission cities in the six States. For 2016-17, approved investment in 34 mission cities of Madha Pradesh has been Rs.2,074 cr with Central assistance of Rs.862.80 cr, for 31 cities of Gujarat-Rs.1,401 cr with Central assistance of Rs.599.18 cr, for 29 cities of Rajasthan-Rs.1,120 cr with Central assistance of Rs.536 cr, for 9 cities of Odisha-Rs.531 cr with Central assistance of 265 cr, for 7 cities of Jharkhand-Rs.381 cr with Central assistance of Rs.164 cr and for the lone Mission city of Shillong in Meghalaya-Rs.26.67 cr with Central assistance of Rs.24 cr. These six States proposed a total investment of Rs.43,569 cr by 2019-20 under AMRUT. The proposals include : Gujarat- Rs.15,375 cr, Odisha-Rs.10,226 cr, MP-Rs.8,279 cr, Rajasthan-Rs.5,498 cr, Jharkhand-Rs.3,919 cr and Meghalaya-Rs.172 cr. With today’s approvals, the total investment approved for improvement of basic urban infrastructure under Atal Mission has gone up to Rs.26,416 cr with a total Central assistance of Rs.12,347 cr. The Apex Committee also approved release of Central assistance of Rs.520 cr for the JNNURM schemes under implementation. The Committee also approved release of Central assistance of Rs.20.19 cr to Meghalaya as second installment for procurement of 240 buses and Rs.4.00 cr to Maharashtra for Bus depot at Ghansoli and development of Intelligent Traffic Management System. Dion Phaneuf Jersey
Uber signs pact with Kempegowda International Airport
Taxi aggregator Uber has signed a pact with Kempegowda International Airport to provide people rides who land in the city from the airport. Through this pact, Uber will be given a dedicated parking area and pick-up zone called ‘U Zone’ located within the airport premises, the company said in a release. Stating that the U-Zone has been created to streamline traffic and reduce congestion at the pick up lanes, it said Uber executives will also be at the airport to help passengers find their cars easily and give them access to wi—fi in case they face network issues. Nate Solder Womens Jersey
The World’s Largest Oil And Gas Companies 2016: Exxon Is Still King
The past year hasn’t been kind to oil and gas companies, as sliding oil prices have eaten sharply into bottom lines and caused layoffs and bankruptcies across the industry. However, the titans of energy are still standing tall, even as their businesses are pressured. ExxonMobil remains the world’s largest oil company and No. 9 on Forbes’ Global 2000 list of the world’s biggest and most powerful public companies, as measured by a composite score of revenues, profits, assets and market value. While Exxon has managed to maintain its massive dividend program, it has slid two spots on our list and recently lost its perfect credit rating for the first time since the Great Depression. China’s state-controlled oil company PetroChina is the second-largest on our list and Chevron takes third place. Both companies have dropped considerably, though, falling nine spots and 12 spots on the Global 2000, respectively. The abundance of cheap oil is the culprit. While a barrel of crude has gone up and down in price this year, recently breaking $50 per barrel, it’s still a far cry from the $100-plus that it fetched in 2014. Earlier this year, oil bottomed in the low $30s. This has been particularly bad news for countries that depend on oil. State-owned oil companies are getting squeezed and in Russia, for instance, Gazprom (No. 53) has dropped a staggering 26 spots and Rosneft (No. 75) has fallen 16 spots. Albert Pujols Womens Jersey
Flipkart not the only firm to delay joining dates of recruits
E-tailer Flipkart’s move to defer joining dates of recruits picked during the last campus placement season from the Indian Institutes of Management (IIMs) and Indian Institutes of Technology (IITs) may have drawn flak, but it is not the only recruiter resorting to this ploy. InMobi, a leader in mobile advertising, has also deferred the joining date from July to November 2016. “We requested the company to reduce the delay by two months because we will be idle during the deferred period. But the officials said it was not possible,” an InMobi recruit from an IIT told The Hindu. “I didn’t request for any compensation, though. The company has guaranteed the job and so I am not worried,” the student added. IIM Ahmedabad responded to Flipkart’s decision to defer joining dates of placed students from June 2016 to December 2016 with a strongly worded communiqué tagging other major institutes like IIM Bangalore and IIM Lucknow. On its part, Flipkart has offered an additional joining bonus of Rs 1.5 lakh to all recruits for the delay. ‘Worried about delay’ “This is the first time in the last five years that a company is deferring the joining date. The students are worried about the delay by the company,” said Sapna Agarwal, head, career development services at IIM Bangalore. However, the scenario is different at IITs. “Every year, there are one or two companies that end up doing this. But even that shouldn’t happen. Some companies do it due to factors out of their control. For instance, if the company is shutting down, you can’t do anything. But otherwise, if companies have made a certain commitment, they have to abide by it,” said Anishya Madan, Industrial Liaison Officer from Training and Placement Cell, IIT Delhi. Aditya Gupta, who graduated from IIT Kanpur in 2013 with a job from Schlumberger, one of the world’s largest Oil Field Services company, recalled that his appointment was cancelled by the firm after several delays. A Flipkart recruit said some students have already started looking for other jobs while some are searching for internships for the break period. Wes Schweitzer Womens Jersey
How Alibaba won and lost a friend in Washington
In 2011, a respected anti-counterfeiting coalition in Washington escalated its fight against the Chinese e-commerce giant Alibaba, saying its websites served as a 24-hour market “for counterfeiters and pirates” and should be blacklisted. Fast forward to 2016. The same lobbying group, the International Anti-Counterfeiting Coalition, reversed its position. Alibaba had become “one of our strongest partners.” The group welcomed Alibaba as a member and invited its celebrated founder, Jack Ma, to be the keynote speaker at its spring conference in Orlando, Florida. This is the tale of how one of China’s corporate giants won and ultimately lost a friend in Washington, using legal methods long deployed by corporate America: money and influence. But those time-honored tools weren’t enough to defuse the deep loathing that has greeted one of communist China’s greatest capitalist success stories. Alibaba is at the forefront of China’s rise on the global stage, and the anxiety and suspicion that have greeted the company abroad are, to some extent, anxiety and suspicion about China itself. A month after it became the first e-commerce company to join the anti-counterfeiting coalition, Alibaba got kicked out. An Associated Press analysis of public filings shows that the coalition’s public comments shifted from criticism to praise as the personal and financial ties between Alibaba and the group deepened, even as other industry associations and the US and Chinese governments continued to take a harder line. A probe by the US Securities and Exchange Commission into Alibaba’s accounting practices and sales data, disclosed this week, has raised further questions about how the company does business. How Alibaba fares in Washington could help shape the global fight against counterfeiting and impact the expansion of one of China’s most prominent companies. Those who believe Alibaba intentionally profits from the sale of fakes fear the company could lobby its way out of having to make meaningful changes in the way it polices its platforms. That, critics say, would be a boon for the multibillion-dollar counterfeiting industry, which costs US companies money, can imperil consumers’ safety, and feeds an underground money-laundering industry for criminal syndicates. Alibaba was one of the first Chinese companies to play politics seriously inside the beltway, and may not have realized how even the smallest misstep can backfire, said Sean Miner, China program manager for the Peterson Institute for International Economics. “Chinese firms are going to have a bigger spotlight on them,” he said. Miner said that as Alibaba tries to expand its global reach, “their reputation has preceded them. … Some Americans might think, `Why don’t you go home and fix the problems first?”‘ ALIBABA’S RICHES Alibaba began 17 years ago in the modest living room of a gutsy man with a history of failure. Jack Ma struggled in school, and even Kentucky Fried Chicken refused to hire him. Today, Alibaba is a $15.7 billion e-commerce ecosystem that supports the livelihoods of tens of millions of merchants. Some 423 million shoppers last fiscal year picked through the billion listings that Alibaba’s platforms host on any given day. Alibaba doesn’t sell any merchandise. It merely facilitates transactions, deriving much of its revenue from advertising. Alibaba’s core is Taobao, a Chinese consumer-to-consumer platform much like eBay, only bigger. The company also operates Tmall, which offers merchants, including Nike and Macy’s, official storefronts to consumers in China. Two export platforms, Alibaba and AliExpress, connect businesses in China with buyers around the world. Critics, among them some top brands and intellectual property lawyers, say Alibaba’s ecosystem has proven remarkably conducive to counterfeiting. They feared Alibaba’s inclusion in the anti-counterfeiting coalition would lend it undeserved credibility. In US court filings, Gucci America and other brands belonging to France’s Kering Group have accused Alibaba of knowingly profiting from the sale of fakes a charge Alibaba has dismissed as “wasteful litigation.” Alibaba and its advocates argue that the only way to fight counterfeiting is to fight together. The company says it works diligently to improve its systems, and that it proactively took down 120 million listings of suspicious products on Taobao last year. Still, it remains relatively easy to find knock-offs. Chat with a vendor on Taobao and the price of a Louis Vuitton Rivoli handbag listed at 15,200 yuan ($2,318) may magically drop to 980 yuan ($150). And despite the company’s repeated admonitions that it stands with brands in the global fight against fakes, skepticism reigns. MR MA GOES TO WASHINGTON After Robert Barchiesi, a gruff-talking former New York cop, took over the anti-counterfeiting coalition in 2008, the group took a hard line, singling out Alibaba and Taobao for facilitating the large-scale sale of fakes. The US Trade Representative listened, and placed Taobao on a blacklist of markets notorious for sales of fakes in 2008. Alibaba responded by ramping up its game in Washington. In 2012, Alibaba’s spending on lobbying shot up from $100,000 a year to $461,000, and has remained fairly steady ever since, according to Opensecrets.org. Among its lobbyists was James Mendenhall, former general counsel for the US Trade Representative. Mendenhall was part of a string of high-profile hires Alibaba would make, including a former chief of staff for the US Treasury and a former White House staffer who went on to GE Capital. In April, Alibaba announced a further expansion of its government affairs office in Washington, with three new hires with experience in the White House, the Commerce Department, Congress and several blue-chip US companies. The anti-counterfeiting coalition told the trade representative in 2012 that Taobao topped its list of concerns. “Advertisements for fakes of IACC member brands are often in the thousands and even millions,” the coalition wrote. By the end of 2012, Alibaba was off the notorious markets list anyway. The US Trade Representative commended Taobao for its “notable efforts” to work with rights-holders. The next year, the coalition signed an agreement with Taobao to expedite the removal of counterfeit goods through a pilot program it called MarketSafe. The coalition charged its members $12,500 last year to participate, on top of annual
Snapdeal to lay-off employees soon, confirms company sources
A performance improvement plan for 200 employees in February this year followed by a string of resignations by top executives recently – the sudden unrest brewing inside Snapdeal certainly shows not all is well within the company. Further validating this, credible sources from within Snapdeal have now confirmed to Business Insider that it is likely to show the door to several of its employees soon. The news has spread within the nooks and corners inside the company, and several employees who we got in touch with, say they are not happy with the way things have been unfolding in the past few months. Sources tell us that a layoff plan is certain, but it’s still not clear as to how many employees could be asked to leave and by when. However, unlike February when Snapdeal put 200 employees on a performance improvement plan which forced several to quit, but the company washed its hands off saying they didn’t sack anyone, sources say, this time around there will be no cover for them to take shield under because Snapdeal is looking at undertaking massive layoffs any time this year. Even as several reasons are being speculated for mulling to take this extreme step, as per sources, the Gurgaon-based company reportedly is wanting to cut costs, and therefore cracking the whip on its poor performers. It’s also being said that it is finding itself under tremendous pressure to keep its lead in the online marketplace segment where it’s facing stiff competition from its rivals Amazon and Flipkart India. Meanwhile, reacting to a story published by Economic Times earlier today regarding the company’s restructuring plans, Snapdeal denied reducing operations in any of its regional offices. A company spokesperson said: “Snapdeal strongly denies the ET report (dated 27 May, 2016) about Snapdeal reducing operations in any regional office, the report is baseless and misleading. We are witnessing strong growth across all our markets in the country. Our campus in Gurgaon and regional offices in 8 cities are staffed by highly experienced teams, who continue to drive excellence and growth in our business. We have recently added more members to our Mumbai and Bengaluru offices and we are in the process of doing the same at Chennai.” Matt Beleskey Jersey
Flipkart stake marked down 15.5% further by Morgan Stanley
This is the second consecutive markdown by Morgan Stanley, after it had marked it down by 27% in the previous quarter A Morgan Stanley managed mutual fund has further marked down the value of its shares in Flipkart by 15.5%, the fund has disclosed. Morgan Stanley has marked the value of their Flipkart shares at $87.9 per share as of March 2016, down from $103.97 per share as of December 2015 and down 38.2% from $142.24 per share as of June 2015. This is the second consecutive markdown by Morgan Stanley, after it had marked it down by 27% in the previous quarter. The markdown pegs Flipkart’s valuation at $9.39 billion, as compared to the $15.2 billion when it last raised capital in July 2015. This follows a series of markdowns by other mutual funds that own Flipkart shares. Two of Flipkart’s mutual fund investors Fidelity and Valic had further marked down the value of their holdings in the company by 20% earlier this month while a T Rowe Price-managed mutual fund had marked down their holdings by 15% last month. Morgan Stanley had picked up shares in Flipkart as a part of its series D round of funding in 2013, when the Bengaluru-based e-tailer had raised $360 million in two tranches. It had also picked up additional shares when Flipkart raised a massive $1 billion investment in August 2014. Flipkart’s other key shareholders include New York-based investment firm Tiger Global, South African media giant Naspers, Singapore sovereign wealth GIC, Russian billionaire Yuri Milner’s DST Global and early stage investment firm Accel. Last week, Flipkart co-founder and CEO Binny Bansal had told ET in an interview that these markdowns are “mostly a theoretical exercise by small investors”. “From our perspective, valuation is when we raise money. When we raise money, our value will be clear in the market” Bansal added. These markdowns however comes at a time when Indian Internet companies are facing a funding slowdown, after an exhuberant funding levels last year. Flipkart has been looking to raise a new round of funding since late 2015 to maintain its leadership position in India against rival Amazon’s onslaught that has infused at least Rs 6,700 crore since January 2015 into its India unit, with over half of that amount being invested since December. Flipkart co-founder and executive chairman Sachin Bansal had also hinted at a tougher financial climate earlier this month, but also attributed it to regular financial cycles. “The way I think about it is we need to keep our business interests ahead of everything else. We need to make sure the business is well capitalized and it is growing at a healthy pace. In long term, all these things wouldn’t matter. I would therefore keep my head down and keep executing. If the business needs funds, raise the minimum possible at the available terms and move on” Bansal said. In an interview with ET earlier this week, Binny Bansal said they have also now shifted focus towards customer loyalty, instead of obsessing about gross merchandise value, an industry metric usually associated as a proxy for sales. Last month, Snapdeal CEO Kunal Bahl said Snapdeal will also no longer rely on gross merchandise value and instead focus on adding and retaining high-quality users, who are essentially frequent shoppers purchasing high-margin products. Dominique Easley Authentic Jersey