Indian e-commerce provider Flipkart receives $1 billion funding
Bangalore, India – Indian e-commerce platform Flipkart has received about $1 billion in funding from investors including existing backer Tiger Global Management, as well as new stakeholders Morgan Stanley and Singapore-based sovereign wealth fund GIC. Flipkart operates as an online marketplace for 3,000 individual merchants, similar to China’s Alibaba.com.
Flipkart, founded in 2007 by two former Amazon.com executives, is not yet profitable. The company says it has 22 million registered users. Flipkart says it wants to become a $100 billion company in five years, and estimates of its post-funding value range from $5 billion to $7 billion. Flipkart is receiving the cash infusion as U.S.-based competitors including Amazon.com, EBay, and Wal-Mart are all stepping up their e-commerce efforts in India.
Survey: J. Crew tops in June online customer service
New York – J. Crew was ranked number one for overall online customer service in June 2014. According to monthly benchmark analysis from customer service analysis provider StellaService, J. Crew ranked first in phone support, 10th in email support and 12th in returns.
J. Crew last topped the rankings in January, but is one of only six companies to remain within the top 25 since that beginning of the year.
Nine companies not included in the previous month’s rankings earned a spot in the Top 25 Overall in June – Apple, Gap, Kate Spade, Room and Board, Barneys, Casual Male, Nordstrom, King Size Direct and Aeropostale.
Companies that have ranked in the Overall Top 25 since January include:
• Ralph Lauren
Looking at all companies included in Stella Benchmarks in June, the following companies were best overall performers within the five service areas measured:
Returns/Refunds: J&P Cycles
Bill Me Later becomes PayPal Credit; goes global
San Jose, Calif. – PayPal is rebranding its Bill Me Later online credit service as PayPal Credit. PayPal says it is making the name change as it moves credit more towards the center of our business, aligning it more closely with the overall brand.
In addition, PayPal plans to introduce PayPal Credit to the U.K. and Germany, based on requests from customers and retailers. The company also plans to expand PayPal Credit to other markets in the future.
Furthermore, since the PayPal Working Capital pilot program launched in September 2013, more than 20,000 businesses have collectively borrowed more than $150 million in PayPal Working Capital business loans through lending partner WebBank. The program is also expanding to the U.K. and Australia to fuel business growth.