wordpress blog stats
Connect with us

Hi, what are you looking for?

Sanjeev Bikhchandani: Not Enough Indian Capital To Support E-Commerce In India

Info Edge India, among India's few listed Internet companies, today announced today that it will be writing off its entire investment, amounting to Rs 29.3 Crore, in e-commerce company 99Labels this quarter. This follows shortly after the company increasing its investment in Zomato and Meritnation, and it appears to now picking its winners, from its investment portfolio. MediaNama spoke with Info Edge Founder and Vice Chairman Sanjeev Bikhchandani about why they wrote off this investment, and his views on the e-commerce environment in India: MediaNama: Why have you written off the investment in 99Labels? Bikhchandani: We have taken into account the current e-commerce environment, especially the funding environment, and we have recognized that this asset has been impaired. We have said that we're going to write off this investment this quarter, and have informed our investors. MediaNama: Does 99Labels have cash to operate? Bikhchandani: They are figuring out what to do, but they're not shutting down. MediaNama: What happens to your shareholding in 99 Labels? Bikhchandani: We have no announcements to make on the shareholding. We continue to be shareholders. As and when there is an announcement to be made, we will make it. MediaNama: How is the e-commerce environment in India? Bikhchandani: In the last 12 months, the funding environment has suffered and the government announced that FDI in e-commerce is not permitted. 99labels had not raised any FDI, but it does need further funding. 80-90% of the (Venture Capital) money in the market is foreign money. MediaNama: What about Indian money?…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ