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Amazon, Flipkart And Others Violate FDI Rules

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Ecommerce giants like Amazon, Flipkart and Snapdeal have allegedly violated the Foreign Direct Investment (FDI) rules, according to the Confederation of All India Traders (CAIT.) The traders body has written to the Commerce Minister Suresh Prabhu claiming that the portals’ festive season sales influence prices by creating an uneven playing field.

According to CAIT, the companies were indulging in “blatant violation” of the FDI policy guidelines issued by the Department of Industrial Policy & Promotion (DIPP.) CAIT urged the government to take urgent action against these ecommerce firms claiming, “”Under FDI policy these companies cannot undertake retail trading activities but these e-commerce portals being habitual offenders of (the) government policies (and) are circumventing the law and (are) engaged in B2C (business-to-commerce) activities which is (sic) prohibited for e-commerce marketplace portals.

The ecommerce firms launched their respective Diwali sales last week in anticipation of the festival, offering a multitude of discounts. But, under FDI guidelines, online retail companies which have opened their channels for foreign direct investment can involve only in business to business activities. Therefore, any company catering to business to customer activities will have violated a major FDI rule. All the ecommerce companies have invested in big advertisements across all mass media channels, thereby addressing the consumers directly, making these advertisements a direct contravention of the FDI guidelines.

Speaking about their complaint, CAIT Secretary General Praveen Khandelwal said, “They (ecommerce firms) do not have ownership of the inventory of the products purported to be sold on their technology platform, how can they offer discounts or discounted prices on the products for which they are not the owners.

Amazon conducted their Great Indian Festival Sale from 21 September to 24 September 2017, along with Flipkart’s Big Billion Day Sale. At the same time, Snapdeal held their Unbox Diwali Sale from 20 September to 25 September. Meanwhile, Jabong, Myntra and Shopclues also conducted their respective sales between 20 September to 28 September this year. CAIT, reportedly, charged these ecommerce players for violating the FDI policy on 29 March 2016.

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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Flipkart - StartupStories

Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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