Commerce

African e-commerce company Jumia completes sale of secondary shares at $99.6M

Commerce /

Almost two weeks ago, TechCrunch reported that African e-commerce giant Jumia was planning to sell 20 million American depositary shares (ADSs) and raise over $100 million, given its share price of around $5.70 at the time. The e-tailer has now completed the at-the-market transaction offering of 20,227,736 ADSs. Jumia sold the shares at an average […]

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Zepto hits $5B valuation as quick commerce heats up in India

Commerce /

Indian grocery delivery startup Zepto has finalized a $340 million round that values it $5 billion, up from $3.6 billion in June and $1.4 billion last August, as the startup races to win market share in India’s contested quick-commerce market. sources familiar with the deal told TechCrunch. General Catalyst and Mars Growth Capital are co-leading

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Redfin CEO promises to ‘drink our own urine’ if mortgage rates don’t fall

Commerce /

He really said that: When asked about the company’s “Plan B” if mortgage rates don’t fall, Redfin CEO Glenn Kelman responded, “Plan B is to drink our own urine or our competitors’ blood, stay in the foxhole.” This wasn’t at some informal, off-the-record gathering. It was on Redfin’s second quarter earnings call, the kind of

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Indian conglomerate Reliance slashed over 42,000 jobs last financial year

Commerce /

Reliance, India’s largest conglomerate, reduced its workforce by 11%, or more than 42,000 people, in the financial year ended March 2024.  The conglomerate also slowed hiring, bringing on board about 171,000 people in the financial year, lower than the around 263,000 people it hired a year earlier, according to its annual report. The company said

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Jumia plans to raise more than $100 million in secondary shares to drive stalled user growth  

Commerce /

African e-commerce company Jumia is selling 20 million American depositary shares over the next couple of weeks, TechCrunch has learned. The at-the-market transaction is to take advantage of strong results despite a volatile market.  Given Jumia’s share price of around $5.70 when the stock market opened on Tuesday, the e-commerce company could potentially raise approximately

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PayPal makes quick guest-checkout solution Fastlane available to U.S. businesses

Commerce /

PayPal said on Tuesday that it is making its quick guest-checkout solution, Fastlane, available to all U.S. merchants after testing it with select businesses for a few months. Businesses will initially have to use the company’s payment processing services, such as PayPal Braintree or PayPal Complete Payments, to use Fastlane. The company first started testing

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Amazon’s India chief resigns amid intensifying competition

Commerce /

Manish Tiwary, the head of Amazon’s India operations, is leaving the firm as the U.S. e-commerce giant grapples with mounting pressure from competitors in one of its crucial international markets. Tiwary, who took over as country manager in late 2020, is departing as Amazon has noticeably shifted its focus on cloud business in India and

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