Facebook, eBay Crack Down on Fake Reviews at UK Request

Britain's competition watchdog said Wednesday that Facebook and eBay pledged to crack down on the trade in fake reviews at its request, removing hundreds of accounts, pages and groups involved in the illicit business.

The Competition and Markets Authority said the two US tech companies agreed to step up efforts to detect, investigate and respond to fake and misleading reviews after it ordered them last year to address the problem.

Facebook removed 188 pages and groups and disabled 24 accounts that were involved in the fake review trade, some on its Instagram platform.

Some of the pages and groups were identified by the agency, others were found by Facebook.

Some of the groups offered in online posts to write fake reviews for payment or in exchange for products. Others recruited people to write them on shopping and review sites.

The regulator also said eBay permanently banned 53 users who were selling fake review services on the auction site and temporarily suspended another 176 users.

Facebook agreed to beef up its systems to detect and remove fake review material while eBay refined its existing filters to better identify and block listings for online review services, the CMA said.

"Fake reviews are really damaging to shoppers and businesses alike,” the regulator's chief executive, Andrea Coscelli, said in a statement.

"Millions of people base their shopping decisions on reviews, and if these are misleading or untrue, then shoppers could end up being misled into buying something that isn't right for them - leaving businesses who play by the rules missing out.”

EBay said it has “zero tolerance for fake or misleading reviews and will continue to take action against any seller that breaches our user polices."

Facebook said it has “invested heavily” to stop people offering or trading fake review services on its platforms, but “we know there is more work to do and are working with the CMA to address this issue.” (AP)

eBay in Talks to Invest $170 Mn in PayTM Mall

US-based online marketplace giant eBay has begun talks to lead a $160-$170 million strategic investment in Paytm Mall, as it looks to explore an offline-to-online commerce and payments strategy in India, reported several media outlets including Economic Times.

The report says that in December last year, Paytm founder Vijay Shekhar Sharma had already secured the board’s approval to bring in a new strategic investor as the firm did not expect a fresh capital infusion from existing investors Alibaba and SoftBank.

eBay is likely to announce about this investment next month which would be eBay's third investment in India post Flipkart and Snapdeal.

eBay will continue to run its independent online portal in India.

Last year in May, when US retail giant Walmart acquired Flipkaart for $16-billion eBay had then exited its investment in Flipkart for about $1.1 billion. Prior to which, in 2017 eBay had sold its India operations to Flipkart and took a minority stake in the Indian e-commerce firm.

At the time of exiting Flipkart, eBay reportedly held a 6.55% stake in Flipkart and holds about 5% stake in Snapdeal.

Ebay has been looking to invest in e-commerce ever since it sold its stake in Flipkart as the company believes India is a significant and growing market.

Last year, eBay also announced its plans to relaunch its India operations. Paytm Mall, which competes with Flipkart and Amazon in the e-commerce space in India, had raised about Rs 1,500 crore from Japan’s SoftBank Group and existing investor Alibaba Group Holding Ltd in June last year, as part of the Rs3,000 crore funding commitment that was initially announced in April. The investment had then reportedly valued Paytm Mall between $1.6 billion and $2 billion.

Later in same month, Flipkart announced that it will now launch a new platform to sell pre-owned goods by refurbishing them, in an attempt to tap into the market of pre-owned goods, which as of now, is largely unorganized.

Flipkart to Launch New Platform for Pre-Owned Goods As eBay Shuts India Operation Today

Flipkart is set to formally shut down the operations of eBay India today, i.e. 14 August, terminating the strategic partnership that began in August, last year. eBay India (ebay.in) has now stopped accepting new orders from today.

eBay merged with Flipkart back in April 2017 is no longer taking any orders from customers. The last date for raising eBay Guarantee claims is also set for August 30. This means buyers won't be able to raise any refunds or claims after August 30 for any transactions done so far.

Moreover, customers in India will not be able to use their pre-existing eBay account to make purchases on Flipkart and will have to register as a new user for the same.

Meanwhile, Flipkart will now launch a new platform to sell pre-owned goods by refurbishing them. The move is an attempt to tap into the market of pre-owned goods, which as of now, is largely unorganized.

Late last month, Flipkart CEO Kalyan Krishnamurthy in an email to his employees stated that the company will launch a new platform for refurbished goods, immediately succeeding the termination of all customer transactions on eBay.in.

"Based on our learning at eBay.in, we have built a brand new value platform launching with refurbished goods - a large market which is predominantly unorganised... As part of this launch, we will be stopping all customer transactions on eBay.in on 14th August 2018 and transitioning to the new platform," wrote Krishnamurthy in the mail.

The Flipkart-eBay India merger was announced in August last year when the Indian e-commerce giant had raised USD 1.4 billion from global technology majors such as eBay, Microsoft, and Tencent.

As part of the deal, eBay invested USD 500 million for an equity stake in Flipkart and handed over all operations of eBay India to Flipkart.

In May, eBay announced about its plans to relaunch its India business after notifying Walmart about its intention of selling its stake in Flipkart to Walmart for around US$1.1 billion. eBay announced the end of the strategic partnership stating that it will relaunch eBay India with a differentiated offering to focus on cross-border trade.

Refurbished Market & Players in India

Largely driven by unorganized local brick & mortar retailers, the refurbished products market is expected to reach $12-15 billion in the year 2020. The online refurbished products space id getting taken up by organised players slowly and steadily.

Starting from GreenDust, Reboot, Overcart, Togofogo, Surpluss (individual entrants) on one hand and eBay and Amazon (eCommerce portals) on the other, many organised players are tapping into the opportunity.

In August last year, it was reported that Flipkart as well as ShopClues are also entering the refurbished electronic gadgets category.

Flipkart's decided to start selling refurbished electronics in the Indian subcontinent after seeing the high rate of handset returns in the country accompanied by the absence of any pricing advantage with the introduction of the goods and services tax (GST).

Last month, Delhi based startup Yaantra has launched its mobile app enabling end users to sell their old mobile phones instantly.

In October last year, Benagluru-based Refurbished furniture and appliance marketplace Zefo raised $9.2 million in Series B funding round led by Sequoia India and Helion Venture Partners.

In 2015-16, technology giant Apple Inc too was contemplating selling used refurbished iPhones in India, however telecommunications ministry declined the company to do. It is interesting to note that Apple had made a similar proposal in year 2015 to, which was rejected by the environment ministry back then.

The global market for refurbished smartphones grew 13% year-on-year in 2017, reaching close to 140 million units, , according to research from Counterpoint’s Refurbished Smartphone tracker. The refurbished mobile phone segment of Amazon alone has grown by 400 per cent year-on-year, says a report published in The Economic Times.

Flipkart to Launch New Platform for Pre-Owned Goods As eBay Shuts India Operation Today

Flipkart is set to formally shut down the operations of eBay India today, i.e. 14 August, terminating the strategic partnership that began in August, last year. eBay India (ebay.in) has now stopped accepting new orders from today.

eBay merged with Flipkart back in April 2017 is no longer taking any orders from customers. The last date for raising eBay Guarantee claims is also set for August 30. This means buyers won't be able to raise any refunds or claims after August 30 for any transactions done so far.

Moreover, customers in India will not be able to use their pre-existing eBay account to make purchases on Flipkart and will have to register as a new user for the same.

Meanwhile, Flipkart will now launch a new platform to sell pre-owned goods by refurbishing them. The move is an attempt to tap into the market of pre-owned goods, which as of now, is largely unorganized.

Late last month, Flipkart CEO Kalyan Krishnamurthy in an email to his employees stated that the company will launch a new platform for refurbished goods, immediately succeeding the termination of all customer transactions on eBay.in.

"Based on our learning at eBay.in, we have built a brand new value platform launching with refurbished goods - a large market which is predominantly unorganised... As part of this launch, we will be stopping all customer transactions on eBay.in on 14th August 2018 and transitioning to the new platform," wrote Krishnamurthy in the mail.

The Flipkart-eBay India merger was announced in August last year when the Indian e-commerce giant had raised USD 1.4 billion from global technology majors such as eBay, Microsoft, and Tencent.

As part of the deal, eBay invested USD 500 million for an equity stake in Flipkart and handed over all operations of eBay India to Flipkart.

In May, eBay announced about its plans to relaunch its India business after notifying Walmart about its intention of selling its stake in Flipkart to Walmart for around US$1.1 billion. eBay announced the end of the strategic partnership stating that it will relaunch eBay India with a differentiated offering to focus on cross-border trade.

Refurbished Market & Players in India

Largely driven by unorganized local brick & mortar retailers, the refurbished products market is expected to reach $12-15 billion in the year 2020. The online refurbished products space id getting taken up by organised players slowly and steadily.

Starting from GreenDust, Reboot, Overcart, Togofogo, Surpluss (individual entrants) on one hand and eBay and Amazon (eCommerce portals) on the other, many organised players are tapping into the opportunity.

In August last year, it was reported that Flipkart as well as ShopClues are also entering the refurbished electronic gadgets category.

Flipkart's decided to start selling refurbished electronics in the Indian subcontinent after seeing the high rate of handset returns in the country accompanied by the absence of any pricing advantage with the introduction of the goods and services tax (GST).

Last month, Delhi based startup Yaantra has launched its mobile app enabling end users to sell their old mobile phones instantly.

In October last year, Benagluru-based Refurbished furniture and appliance marketplace Zefo raised $9.2 million in Series B funding round led by Sequoia India and Helion Venture Partners.

In 2015-16, technology giant Apple Inc too was contemplating selling used refurbished iPhones in India, however telecommunications ministry declined the company to do. It is interesting to note that Apple had made a similar proposal in year 2015 to, which was rejected by the environment ministry back then.

The global market for refurbished smartphones grew 13% year-on-year in 2017, reaching close to 140 million units, , according to research from Counterpoint’s Refurbished Smartphone tracker. The refurbished mobile phone segment of Amazon alone has grown by 400 per cent year-on-year, says a report published in The Economic Times.

Post Selling Its Flipkart Share for $1.1 Bn, eBay To Relaunch Its India business

After the World's biggest e-commerce deal of Flipkart-Walmart, eBay plans to relaunch its India business after notifying Walmart about its intention of selling its stake in Flipkart to Walmart for around US$1.1 billion.

eBay has decided to end its strategic partnership with Flipkart and relaunch "eBay India" with a differentiated offer to focus on cross-border trade.

Last year, along with eBay invested around $500 million for a 5% stake in Flipkart and also sold its eBay India business to Indian e-commerce giant now sold to Walmart. At that time, both eBay and Flipkart, also entered into commercial agreements intended to boost cross-border trade for both companies.

Now, however, Walmart has purchased 77% stake in Flipkart, eBay will no longer own a piece Flipkartp and will end its strategic relationship with the e-commerce firm. If eBay managed to sell its 5% stake in Flipkart to Walmart, then Walmart's total stake in Indian e-commerce firm will be over 80%.

"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart’s license to use the eBay.in brand", said eBay in a statement to a business daily.

Notably, when Flipkart acquired eBay's India business last year, Flipkart had launched a global programme that aimed to give the sellers on its platform an opportunity to sell their products globally -- as many as 200 countries -- in collaboration with eBay. Moreover, Flipkart had an email too to 'select sellers' offering them an opportunity to sell on eBay.in platform, but nothing significant took off.

Now, post Flipkart-Walmart deal, eBay India is going on soliarry path of cross-border selling without Flipkart. “We believe there is huge growth potential for ecommerce in India and significant opportunity for multiple players to succeed in India’s diverse, domestic market,” said thee eBay's official statement.

Via - Economic Times

Post Selling Its Flipkart Share for $1.1 Bn, eBay To Relaunch Its India business

After the World's biggest e-commerce deal of Flipkart-Walmart, eBay plans to relaunch its India business after notifying Walmart about its intention of selling its stake in Flipkart to Walmart for around US$1.1 billion.

eBay has decided to end its strategic partnership with Flipkart and relaunch "eBay India" with a differentiated offer to focus on cross-border trade.

Last year, along with eBay invested around $500 million for a 5% stake in Flipkart and also sold its eBay India business to Indian e-commerce giant now sold to Walmart. At that time, both eBay and Flipkart, also entered into commercial agreements intended to boost cross-border trade for both companies.

Now, however, Walmart has purchased 77% stake in Flipkart, eBay will no longer own a piece Flipkartp and will end its strategic relationship with the e-commerce firm. If eBay managed to sell its 5% stake in Flipkart to Walmart, then Walmart's total stake in Indian e-commerce firm will be over 80%.

"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart’s license to use the eBay.in brand", said eBay in a statement to a business daily.

Notably, when Flipkart acquired eBay's India business last year, Flipkart had launched a global programme that aimed to give the sellers on its platform an opportunity to sell their products globally -- as many as 200 countries -- in collaboration with eBay. Moreover, Flipkart had an email too to 'select sellers' offering them an opportunity to sell on eBay.in platform, but nothing significant took off.

Now, post Flipkart-Walmart deal, eBay India is going on soliarry path of cross-border selling without Flipkart. “We believe there is huge growth potential for ecommerce in India and significant opportunity for multiple players to succeed in India’s diverse, domestic market,” said thee eBay's official statement.

Via - Economic Times

In India's Biggest Fund Raise, Flipkart Raises $1.4 Billion at Valuation of $11.6 Billion

India's largest homegrown e-commerce marketplace Flipkart on Monday announced that it has raised a total of USD 1.4 billion from Tencent, eBay and Microsoft, confirming the speculation floating around the biggest ever fund raise in the Indian startup ecosystem. Athough, it was speculated that Flipkart would raise USD 1.5 billion a little more than the reality.

This was a down round for the company as post the latest funding round, Flipkart will be valued at over USD 11.6 billion.

It was valued at USD 15.2 billion in May 2015, at its last funding round. The company has lost 23.6 percent in value since its last big funding round of USD 700 million in July of 2015.

"This is a landmark deal for Flipkart and for India as it endorses our tech prowess, our innovative mindset and the potential we have to disrupt traditional markets. It is a resounding acknowledgement that the homegrown tech ecosystem is indeed thriving and succeeding in solving genuine problems in people’s daily lives across all of India," said Sachin Bansal and Binny Bansal, Founders of Flipkart.

"We are delighted that Tencent, eBay and Microsoft -- all innovation powerhouses -- have chosen to partner with us on their India journey. We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology", said the founders.

"This strategic partnership enables Tencent to participate in the exciting opportunities in e-commerce and payments in India. We look forward to helping Flipkart to deliver compelling experiences,” said Martin Lau, Tencent President.

One of the key turnaround after this deal is that the investment by eBay is accompanied by a strategic commercial agreement with Flipkart. In exchange for an equity stake in Flipkart, eBay is making a cash investment in and selling its India business to the company. eBay India will continue to operate as an independent entity as a part of Flipkart.

As an encouragement from the capital that the company has got from this huge funding, it had already announced to come back in online grocery market as well.

Flipkart is also reportedly in talks with Softbank, the largest stake holder of Snapdeal, to merge the Gurgaon-based e-commerce firm in itself. And, as the Snapdeal's shareholders meetings are going in advanced stage the merger could happen anytime soon in this month.

RSS Wants PM To Ban Amazon, Flipkart & eBay

The economic wing of Rashtriya Swyamasevak Sangh (RSS) has requested the Indian government to ban foreign ecommerce companies such as eBay, Amazon and Indian ecommerce giant Flipkart. According to them, these foreign firms are killing the domestic players in the Indian market.

The RSS is not only seeking the banning of foreign ecommerce firms, but also of the Indian e-tailers such as Flipkart which have a high percentage of foreign fund infusion in their companies. They think such ventures pose a great threat to Prime Minister Narendra Modi's much ambitious 'Make in India' scheme.

The leaders of the Swadeshi Jagran Manch (SJM) are extremely unhappy with the current government's overall foreign direct investment (FDI) policy. They even met Arun Jaitely, the Union Finance Minister, earlier this month regarding the same. The SJM leaders had a long discussion with the Finance Minster regarding the budget and even sought a white paper on FDI.

“We are of the opinion that FDI in e-commerce should be prohibited by law. Though we do not allow FDI in e-commerce sites, they circumvent the law to sell their product in the country. Even Indian e-commerce firms like Flipkart have turned to be foreign now with funding from outside. There is a lacuna in the law and this cannot be allowed. We have asked the Finance Minister to plug loopholes in the law,” said, SJM national convener in a statement to The Indian Express.

According to the data received from Venture Intelligence, a research service focused on venture capital and private equity in India, $273 million were invested in the Indian e-commerce ventures in 2012, $540 million in the year 2013 and $240 million through April 2014.

According to Motilal Oswal Securities, November 2014 report on ecommerce in India, the $11 billion ecommerce market in the country is expected to grow by 37 percent and reach $20 billion by the end of this year.

The Indian laws do not allow FDI in ecommerce sites that sells products directly to the customers, but it does allow FDI in market places that link buyers and sellers.

RSS Wants PM To Ban Amazon, Flipkart & eBay

The economic wing of Rashtriya Swyamasevak Sangh (RSS) has requested the Indian government to ban foreign ecommerce companies such as eBay, Amazon and Indian ecommerce giant Flipkart. According to them, these foreign firms are killing the domestic players in the Indian market.

The RSS is not only seeking the banning of foreign ecommerce firms, but also of the Indian e-tailers such as Flipkart which have a high percentage of foreign fund infusion in their companies. They think such ventures pose a great threat to Prime Minister Narendra Modi's much ambitious 'Make in India' scheme.

The leaders of the Swadeshi Jagran Manch (SJM) are extremely unhappy with the current government's overall foreign direct investment (FDI) policy. They even met Arun Jaitely, the Union Finance Minister, earlier this month regarding the same. The SJM leaders had a long discussion with the Finance Minster regarding the budget and even sought a white paper on FDI.

“We are of the opinion that FDI in e-commerce should be prohibited by law. Though we do not allow FDI in e-commerce sites, they circumvent the law to sell their product in the country. Even Indian e-commerce firms like Flipkart have turned to be foreign now with funding from outside. There is a lacuna in the law and this cannot be allowed. We have asked the Finance Minister to plug loopholes in the law,” said, SJM national convener in a statement to The Indian Express.

According to the data received from Venture Intelligence, a research service focused on venture capital and private equity in India, $273 million were invested in the Indian e-commerce ventures in 2012, $540 million in the year 2013 and $240 million through April 2014.

According to Motilal Oswal Securities, November 2014 report on ecommerce in India, the $11 billion ecommerce market in the country is expected to grow by 37 percent and reach $20 billion by the end of this year.

The Indian laws do not allow FDI in ecommerce sites that sells products directly to the customers, but it does allow FDI in market places that link buyers and sellers.

Snapdeal expecting to raise $200m funding

Snapdeal, one of a leading e-commerce company in India is expecting to raise fresh $200 million which is around Rs.123 crores INR. As per reports eBay, SoftBank and few private equity investors are willing to invest $150-200 million in fresh round of Snapdeal's funding.

Meanwhile there is no official confirmation from Snapdeal or eBay but the reliable sources says that this round of funding is anywhere close to $150-200.

Earlier this year eBay had taken around 10% stake in Snapdeal and as per speculation keen to increasing that stake in the Indian e-commerce company. Other expected investors looking to invest in Snapdeal is SoftBank.

This year Snapdeal has received 3 rounds of funding totaling to $102 million. In January 2011, round 2 of funding Snapdeal received a funding of $12 million from Nexus Venture Partners and Indo-US Venture Partners. In July 2011, the company raised a further $45 million from Bessemer Venture Partners, along with existing investors Nexus Venture Partners and Indo-US Venture Partners. In a 3rd round of funding Snapdeal raised $50 million from eBay and received participation from existing investors - Bessemer Venture Partners, Nexus Venture and IndoUS Venture Partners.

Just a week before leading most e-commerce company Flipkart raised $160 million which made its total funding this year of around $360 million i.e. whopping Rs. 22219 crores and thus this investment made Flipkart a largest investment raised by any e-commerce company in India ever.

The news of Snapdeal raising a fresh round of funding just after week of Flipkart's $160 million funding is clear sign that a stiff competition has started in Indian E-Commerce arena.

This year Snapdeal is vigorously doing acquisitions and funding rounds as well so as to compete with other portals in its niche especially Flipkart. In June 2010, Snapdeal acquired Bangalore-based group buying site - Grabbon.com and in April 2012, Snapdeal acquired esportsbuy.com, an online sports goods retailer based out of Delhi and this year in May 2013, Snapdeal acquired Shopo.in, an online marketplace for Indian handicraft products.

Snapdeal.com expects the total sale of products traded on its platform to cross Rs 2,000 crore in the fiscal 2013-14 helped by its robust growth in the past two years and the growing popularity of e-commerce in India.