Purvita Chatterjee/M. Somasekhar, The Hindu Businessline Mumbai/Hyderabad, 21 September 2014 At a time when Swedish retailer Ikea is making big plans to enter India, the country’s largest retailer Reliance Retail is winding up its furniture format under Reliance Living. All the stores under Reliance Living are now being shut down across cities such as Bangalore, Delhi and Hyderabad. “We had 12 Reliance Living outlets across the country and most of them have shut down as furniture is no longer a focus area for the company,” said an official from Reliance Retail. Reliance Living stores occupied large space across these metros…
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Nikita Garia, MINT Bangalore, 17 September 2014 Cab booking service TaxForSure, which recently raised $35 million in funding, has cut rates sharply, joining a fare battle with rivals Olacabs and Uber to grab a bigger share of a rapidly growing market. Although TaxiForSure had earlier said it would resist price cuts, the company, controlled by Serendipity Infolabs Pvt. Ltd, announced a 25% price cut for booking through its app; a week earlier, it cut prices by half for rides booked between 10am and 4pm via its app. TaxiForSure was under pressure to cut prices, as rivals OlaCabs and Uber have…
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Reghu Balakrishnan, Business Standard Mumbai, 11 September 2014 Indian private equity (PE) investors are gearing up to participate in the e-commerce growth story. In recent past, back-end logistic players have been on radar of PE players. India's e-commerce market, which is expected to reach $20 billion by 2020, has seen the presence of five-six large organised specialised logistics players. Devangshu Dutta, CEO of Third Eyesight, a retail consultancy, said: "While building a retail and consumer brand carries a potentially high reward, they are also high risk as shown by the attrition among e-commerce companies. On the other hand, no matter…
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Ekta Sharma Verma, Franchise India/Retailer New Delhi, 30 August 2014 Commencing a new restaurant biz or an outlet in India usually comes with a lot of challenges for entrepreneurs. But the challenges and dares are more when you replicate a foreign brand’s model in India. So, what are the challenges that the far-off food brands see while foraying in India. Let’s talk to experts from the F&B sector and know more on this. As per Third Eyesight, a consulting firm - The number of international brands continued to grow each year at a steady pace until the early 2000s and…
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Nikita Garia, MINT Bangalore, 26 August 2014 San Francisco-based Uber Technologies Inc. may be forced to change its business model, which relies on cashless transactions, after India’s central bank on Friday issued a notification that will reduce the convenience associated with the taxi booking app. The Reserve Bank of India (RBI) on Friday said Uber and other companies that offer app-based purchases cannot allow customers to pay with their credit cards without a two-step authentication process. Customers have hitherto simply had to enter their credit card details at the time of signing up with Uber. Every ride was automatically charged…
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