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Niyogin Fintech obtains 50% stake in Moneyfront for Rs 12 crore

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Niyogin Fintech obtains 50% stake in Moneyfront for Rs 12 crore

Niyogin Fintech, a well-known platform which offers collateral free credit to MSME’s, Saturday stated that it has obtained 50.1 percent stake in Moneyfront for Rs 12 crore.

The firm said in a statement that, “Niyogin Fintech Ltd has announced that it had entered into an agreement to acquire 50.1 percent share in Moneyfront for Rs 12 crore”.

Moneyfront is basically a subsidiary of InvestDirect Capital Services and offers a platform to help clients to invest in various mutual funds and in fixed-income instruments.

The statement stated, the contract will be a non-cash equity swap transaction, along with investments from Niyogin as a part of the contract, this will be utilized in order to enhance growth as well as business needs.

Amit Rajpal, who is the Chairman and Co-Founder of Niyogin stated, “We are excited to partner with Moneyfront where I believe that the combination of wealth solutions and talent, which Moneyfront brings to the table will enable deepening of our existing client relationships while being value accretive to our shareholders.”

The collaboration will benefit Moneyfront to enhance the growth by taking advantage of Niyogin’s distribution channel and state of art technology platform. However, enabling Niyogin to take an important step ahead in developing its knowledge and capabilities inside the wealth solutions domain, the statement said.

Also read: GST Council searches ways to ensure MSMEs pay taxes every month

About Niyogin Fintech

Niyogin was stated in order to empower all the small business in the country. It understands all the real-world issues faced by the small-scale industries and offers collateral free access to credit. They are helping SMEs by taking help of technology, data, analytics, and human understanding.

Their main mission is to provide small businesses access to the integrated support system, via coast efficient, innovative technology and a committed network of partners.

About Moneyfront

Moneyfront is a platform mainly provides financial advisory services to its clients through detailed portfolio approach via a fully automated and paperless platform. Moneyfront utilizes a smart algorithm to make a portfolio for a client and reveals the best direct plan based on the investors’ point of view.

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SME

L&T Technology Services wins $40M deal in Europe

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L&T Technology Services wins $40M deal in Europe

One of the most popular engineering services company L&T Technology Services Limited (LTTS) on Monday said that it had won a multi-year deal to provide digital content management services to a leading European technology company’s industrial products segment.

The contract is anticipated to operate for a period of 5 years with a total revenue potential of $40M, covering engineering content management (ECM) programs in the US and European regions.

Vadodara, Gujarat-headquartered LTTS said that it will utilize its centers in Europe, US, and India and would take complete responsibility and talent to organize content for all the existing and future product suites for the customer. This mainly consists of technical design specifications, diagnostic solutions for service engineers and product training for customers & engineers, in this way constantly supporting the whole ECM cycle for product conceptualization to develop digital content platforms.

Also Read: HP plans entry of refurbished computers market in India

Keshab Panda, who is the CEO & Managing Director of LTTS said, “With engineering content becoming one of the cornerstones of digital transformation, this deal win highlights LTTS’ consulting capabilities to key customers in the US and European markets.”

He further added, “LTTS will provide expertise and support in building content management capabilities with the help of new technologies such as AI & Virtual Reality, thereby enhancing the overall customer experience.”

About LTTS

L&T Technology Services (LTTS) is basically a subsidiary of Larson & Toubro (L&T). It is a research and development engineering firm whose offices are located in Edison, New Jersey, and Munich. Apart from this, it also consists of a subsidiary Esencia which is located in San Jose California. From 2016, it is being traded in minimum two stock exchanges, mainly National Stock Exchange and Bombay Stock Exchange. LTTS currently consists of 13,000 employees who are spread across 16 design centers and 42 innovation labs globally.

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SME

Amazon drops fees and storage charges before festive season

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Amazon drops fees and storage charges before festive season

E-Commerce giant Amazon India has dropped the sells fees in five categories and also reduced storage charges to support vendors to stock more products before the arrival of the festive season sales in October 2018.

The firm has decreased the commission sellers have to pay by upto 2% in categories like apparel, and home and electronic accessories, which Amazon thinks to be widely popular during the festive season.

Amazon India has also dropped the closing fee for sellers who utilize its fulfillment centres to store products. Moreover, to allow more sellers to place their inventory close to their customers, Amazon India has dropped the rates of its ‘Go Local’ Scheme by minimum 20%.

Also Read: UberEats partners with TATA AIG to provide insurance to delivery fleet

All the latest changes are focused to support sellers to store their inventory close to the customers, which helps in faster deliveries. Also, a decrease in the seller fees in categories like apparel clearly means that vendors can stock more products and provide a huge collection.

Gopal Pillai, who is the general manager of seller series at Amazon India, said, “These fee changes should reduce the cost of operation for the sellers so that they can offer a wide range of products at competitive prices to the customers.” He further said, “Across the board, we are looking at everything from the seller’s perspective and passing on our benefits of scale and leverage to the seller.”

Presently, there are more than 3,80,000 sellers on Amazon providing more than 170 million products on the E-Commerce website. Amazon India is adding 3,000 sellers every week as the company reaches closer to the most awaited sale in October 2018.

Read More: Swedish Group Atlas Copco completed 60 years at India

About Amazon India

Amazon is one of the biggest E-Commerce giant giving a tough competition to Flipkart. The company conducts flagship sale 2 times a year. Amazon’s flagship sale is known as “Amazon Great Indian Festival.” In this sale, Amazon India provides huge discounts in the wide range of products such as clothing, technology, books, beauty products, kitchen appliances, etc.

Until now, the official dates about the flagship sale are not declared by Amazon India.

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SME

Small Vendors request CCI to keep Flipkart’s preferred vendors away on Big Billion Day

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Small Vendors request CCI to keep Flipkart's preferred vendors away on Big Billion Day

In the last few years, small online vendors all the country are facing troubles due to the e-commerce giants like Flipkart and Amazon. A large group of online sellers has reached to the regulatory body which handles fair trade of items. All the sellers are requesting the body to restrict some large sellers on e-commerce platform Flipkart during the Big Billion Day, asserting that Flipkart has great influence on pricing due to these vendors.

All India Online Vendors Association (AIOVA) which consists of 3,500+ vendors selling on the e-commerce platforms has written to the Competition Commission of Indiaam (CCI), asserting that the country’s giant e-commerce platforms tampers with pricing and engages in heavy discounts via its preferred sellers like Retail Net and Omnitech Retail.

E-commerce platforms in India don’t have permission to control pricing of products sold on their platform.

Also Read: NetApp chooses 6-Startups for its ‘NetApp Excellerator’ programme

Flipkart has raised heavy funds just after its collaboration with the US retail firm Walmart. Hence, it is expected that Flipkart will engage in heavy discounting war with its close rival Amazon this festive season. As per details, Flipkart’s Big Billion Day (BBD) is scheduled for next month. Small vendors in their petition to CCI stated that Flipkart offers a special treatment to its preferred sellers by reducing their cost of sales like advertising and logistics expenses.

AIOVA petition stated, “In the case of a normal seller, to feature on top of the search results, they have to pay sponsor fees or earn better reviews and ratings. This involves some time, effort and capital from the manufacturer/seller… (while these) are doled out for free in a discriminatory manner to the preferred brands such as MarQ, Smartbuy.”

Read More: Amazon India plans to expand Prime with Offline Benefits

Small vendors have earlier also complaint about the Flipkart for providing preferential treatment to some large vendors, which in turn results in unfair competition for third-party vendors on these platforms. They have written petition to some of the other government bodies along with CCI.

Flipkart is very much furious with its in-house brand business just before the Big Billion Day Sale. It anticipates 80% year-on-year increase in the gross merchandise value (GMV) and total units sold during the event.

Flipkart is criticized by various small vendors and online sellers for its acquisition by Walmart. Confederation of All India Traders (CAIT), which consists of 70 million traders, has petitioned the National Company Law Appellate Tribunal (NCLAT) against CCI’s approval for the Walmart-Flipkart deal.

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