Chennai

Alibaba, Paytm talk for big pie in Bigbasket

Online grocery retailer Bigbasket.com has entered into a preliminary agreement with Alibaba and the e-commerce company backed by it, Paytm Mall, to conduct due diligence for a probable stake sale. Sources said both the entities wish to invest $200 million in Bigbasket for a significant stake.

According to the sources, Alibaba and Paytm are in a 60-day exclusive pact with Bigbasket and are conducting due diligence. The two could invest as a team or separately.

Salaries in BFSI up 40% in 2016

After remaining stagnant for 2 years, salaries in the ba­nking, financial services and insurance (BFSI) sector we­nt up 40 per cent in 2016 as the drive towards digitisati­on, emergence of small fina­nce banks and FDI in insu­rance opened up the sector.

In 2016, BFSI was the highest paid sector with a median gross hourly wage of Rs 433. In 2014 and 2015, the median gross hourly wa­ge was stagnant at Rs 307.9, finds a Monster.com study.

Snapdeal founders, investors divided over offers

The founders of Snapdeal and investors are divided over the choices available before them. Though, Flipkart has sent a revised offer, Snapdeal is worried about the terms and clauses in the proposal.

“All have their own preferences. Now they will have to sit down and arrive at a decision,” sources privy to the development said. The investors and the founders have been meeting and discussing the options before them. Softbank has been pushing the Flipkart merger deal and it had brought the founders and minority investors on the same page after much efforts.

GST fears augment rough diamonds import

Fears about the implementation of GST saw gem and jewellery exporters importing as much rough diamonds as possible before July. This led to imports moving up by over 50 per cent in volume terms between April and June, while exports of cut and polished diamonds were marginally down in rupee terms.

Contrary to the sector’s efforts towards increasing value addition, exports of gold medallions and coins stood higher than that of gold jewellery in June.

Flipkart revises offer to $950m for Snapdeal; Infibeam $1b

Snapdeal is having cake and eating it too. While Flipkart has revised its buyout offer to $900-$950 million, the beleaguered e-commerce company has a bigger $1 billion offer in hands from Infibeam. Snapdeal will meet and decide on the offers in the coming days. Sources said Snapdeal board will meet and the opinion of minority investors such as Ratan Tata and Azim Premji will be taken into account.

Snapdeal has plan B up its sleeve

As its proposed merger with bigger rival Flipkark is heading nowhere as of now, Snapdeal is in the process of preparing a plan B.