E-commerce to reach $60-bn GMV by 2020: With a strong consumer base of around 175 million, Indian e-commerce could reach $60 billion in gross merchandise value (GMV) by 2020, Google and AT Kearney said in a report titled Digital Retail 2020. The estimates are less than that projected by US investment bank Goldman Sachs last October, which pegged the e-tail segment to be valued at $69 billion. For more details, click here.
Amazon launches used-goods platform, takes on Quikr, Olx: Amazon has entered in the online classified sector and will now allow consumers to sell their used things online. Online retailer Amazon plans to formally launch the service to sell used goods on its subsidiary, Junglee.com. Currently available in Bangalore, the service is expected to expand to other metros depending on the success of the initiative. For more details, click here.
Indian Post to become Largest Bank in the world with 5000+ ATMs: Indian government has cleared the proposal to set up India Post payments bank with a corpus of Rs 800 crore and has plans to have 650 branches operational by September 2017. India Post Payments Bank (IPPB) will start operations in March 2017 in about 50 districts and will cover the entire country by the end of FY 2018-19. For more details, click here.
Jugnoo acquires online grocery platform SabKuchFresh: On-demand auto-rickshaw aggregator, Jugnoo has acquired SabKuchFresh, an online store for fresh quality fruits and vegetables in a bid to enhance its recently launched grocery delivery service ‘Fatafat’. This acquisition enables Jugnoo to offer a more comprehensive grocery delivery service of products. Inspired by this achievement, Jugnoo will soon expand the delivery service to Gurgaon by next month and eventually tap 30 more cities by the end of this year. For more details, click here.
Paytm to launch payment bank by November this year: Paytm has been aggressively working towards the launch of its payments bank through hiring new executives and striking partnerships to strengthen the platform. The launch, which was supposed to first take place in the beginning of this financial year, will now take place before November this year. Paytm has been one among eleven recipients to get a payment bank license. For more details, click here.
GangaJal delivery through e-commerce: After receiving mobiles, laptops and other things through e-commerce, now it’s the turn of Holy GangaJal. Indian Govt has announced that India Post will start delivering GangaJal from Haridwar and Rishikesh to the people ordering online. For more details, click here.
