Starting my first blog on collection of important Indian e-commerce industry news.
E-commerce industry in India is coming out of its nascent stage, but still more than 90% of the websites are in loss. This news clearly states that industry is still reeling blood and will have to take measures to start having healthy bottomline.
New Delhi: Internet firm InfoEdge, which owns job portal Naukri.com, today said it will be writing off its entire Rs 29.3 crore investment in online retailing firm Ninety Nine Labels.
In a communication to the BSE, InfoEdge said: “The company will be providing for/writing off its entire investment of about Rs 293 million in Ninety Nine Labels during the current quarter.” Ninety Nine Labels, which owns the online private sales portal 99labels.com, is run by Ishita Swarup, Anchal Jain and Ankur Prakash, veterans of apparel and communication industries, according to information on its website.
