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Showing posts with label ecommerce marketplace. Show all posts
Showing posts with label ecommerce marketplace. Show all posts

Wednesday, 26 August 2020

Flipkart forges academic collaboration with

Flipkart forges academic collaboration with IIT Patna

● Signs MoU for Joint Research in the field of Artificial Intelligence, Natural Language Processing and Machine Learning

Flipkart, India’s homegrown ecommerce marketplace has announced an MoU with IIT Patna, India’s leading science, engineering and technology institute. The MoU is a step to strengthen Flipkart’s academic collaboration which it has been inculcating for past 5 years now. The MoU with IIT Patna will help create industry focused applied research in the areas of Artificial Intelligence (AI), Natural Language Processing (NLP) and Machine Learning (ML).
  
As a part of this MoU, IIT Patna will undertake a number of programs such as joint research activities, writing research papers, organizing seminars, internship / mentorship opportunities to name a few. The academic collaboration is expected to bring real world industry exposure to students and scholars of IIT Patna, and to provide an opportunity to the faculty member(s) to work closely with Flipkart on research projects. Flipkart expects to foster an environment of collaboration in the areas of automation, AI, NLP and ML and help build critical national capabilities. 

Said Mayur Datar, Chief Data Scientist Flipkart, “Academic collaborations are a great way to forge long term relationships between industry and academia, to help accelerate the translation of research into new projects and help drive ecosystem benefits which could lead to economic growth. The aim behind this collaboration is to create industry-focused applied research which could help reach ecommerce to more consumers and sellers alike. With this MoU, we aim to establish deeper academia collaborations which could help students and the academia to leverage our data and platform knowledge to work on India specific e-commerce challenges, in addition to publishing research papers.”   

Asif Ekbal, Associate Professor, Department of Computer Science and Engineering, said, “We are very pleased to have this MoU with Flipkart, which has churned out many India specific and India first innovations to solve for adoption of ecommerce in India. The research is particularly aimed at developing robust machine translation techniques for translating the large amount of user reviews written in English to the Indian vernacular languages, and at the same time will ensure that the translation process should preserve the domain knowledge (e.g. sentiment, emotion, gender traits etc), which is extremely crucial for the translation service providers (TSPs) that make use of machine translation (MT) in production. Through this initial collaboration, we expect to come up with at least two high-quality publications in the relevant foras, and create a baseline translation workflow in the product review domains. This academic collaboration is expected to bring real world industry exposure to the students and scholars of IIT Patna, and at the same time will provide an opportunity to the faculty member(s) to work closely with Flipkart on research projects.”  
Flipkart is vested in long-term advancement of universities in India through impactful academic research aligned to industry needs. Flipkart works closely with academia through some of the leading institutes including Indian Institute of Science (IISC), IIT (Kharagpur, Bombay and Kanpur), IIM (Ahmedabad and Kolkata)  and a few foreign universities like Carnegie Mellon University and University of California, San Diego to develop technologies such as fashion recommendation, query understanding, attribute extraction, demand planning, product categorization, review helpfulness, supply chain management (e.g., warehouse storage allocation), fraud detection and next basket prediction. It has resulted in several research papers in world-class conferences in areas like information retrieval and knowledge discovery.  

Tuesday, 21 July 2020

Flipkart Group raises new equity round with

Flipkart Group raises new equity round with Walmart-led investor group, valuing company at $24.9 billion post-money
$1.2 billion investment will support Flipkart's ongoing efforts to develop India's homegrown eCommerce marketplace as country emerges from pandemic

Flipkart Group today closed an additional $1.2 billion equity round to support continued development of its eCommerce marketplace as India emerges from the Covid-19 crisis. The investment is led by Walmart, Flipkart Group's majority owner, along with a group of existing shareholders and values the company at $24.9 billion post-money. It will be funded in two tranches over the remainder of the fiscal year.

"We're grateful for the strong backing of our shareholders as we continue to build our platform and serve the growing needs of Indian consumers during these challenging times," Flipkart CEO Kalyan Krishnamurthy said. "Since Walmart's initial investment in Flipkart, we have greatly expanded our offer through technology, partnerships and new services. Today, we lead in electronics and fashion, and are rapidly accelerating share in other general merchandise categories and grocery, all while providing increasingly seamless payment and delivery options for our customers. We will continue innovating to bring the next 200 million Indian shoppers online."

Founded in 2007, the Flipkart Group includes Flipkart, digital payments platform PhonePe, fashion specialty site Myntra and eKart, a logistics and delivery service focused on solving the last mile in India's Tier II and Tier III cities. In 2018, Walmart Inc. invested $16 billion for a majority stake in the group.

Flipkart recently surpassed 1.5 billion visits per month and reported 45-percent growth in monthly active customers and 30-percent growth in transactions per customer for FY20. The company is democratizing commerce by providing sellers and MSMEs access to a national market and by investing in technology such as voice assistants and local language interfaces to help make shopping easier for non-English speaking customers. Today, Flipkart offers 150 million products across more than 80 categories, and has pioneered customer-centric services such as Cash-on-Delivery, No-Cost EMI and easy returns. PhonePe recently reported annualized total payments value (TPV) of $180 billion on more than 500 million monthly transactions.

"Flipkart continues to leverage its culture of innovation to accelerate growth and enable millions of customers, sellers, merchants and small businesses to prosper and be a part of India's digital transformation," said Judith McKenna, President and CEO of Walmart International. "Kalyan and team have a clear vision and are relentlessly focused on giving Indians frictionless choice in how they shop and sell online. We're excited to see what the future holds as they continue their journey to become India's most trusted eCommerce marketplace."