M-commerce - The Next Generation Commerce - Grant Thornton Bharat

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M-commerce – The Next GenerationCommerce1 December 2016

Disclaimer:TABLE OF CONTENTSForeword3Key highlights4M-commerce, emergence of a new way of commerce6Technology and infrastructure are driving m-commerce growth7Evolving m-commerce offerings8M-payments, a key enabler for M-commerce9M-payments, a key enabler to m-commerce10Summary of key government initiatives11PE/VC funded digital commerce innovation12PE/VC investments by key segments13M&A deals in digital commerce14Potential frauds risks and measures15Regulatory framework – changing landscape17Potential impact of GST on digital businesses19Online business - evolution and challenges202 M-commerce – the next generation commerceThis report has been prepared from various public sources believed tobe reliable (set out at relevant places through out the report). GrantThornton in India is not responsible for any error or any decision bythe reader based on this information. This document should not berelied upon as authoritative or taken in substitution for the exercise ofjudgment by any recipient or a substitute for detailed advice and wedo not accept responsibility for any loss as a result of relying on thematerial contained herein. This document is for information purposesonly and not intended to be a substitute for professional, technicalor legal advice. It may also be noted that the deals covered in thisdocument have been tracked on the basis of announcements and notdeal closures.Whilst due care has been taken in the preparation of this document andinformation contained herein, Grant Thornton in India does not, acceptany liability whatsoever, for any direct or consequential loss arisingfrom any use of this document or its contents or otherwise arising inconnection herewith.

ForewordSudhir MehtaHarish HVChairman, CII Western Region MembershipPartnerSub-Committee & Chairman & Managing Director,Grant Thornton India LLPPinnacle Industries LtdIn the first week of November 2016, the Prime Minister NarendraModi announced demonetisation of INR 500 and INR 1000notes. While the objective has been curbing black money in thecontext of counterfeiting, tax evasion, corruption and terrorism,this development has brought to the forefront the need and theopportunity to become a “cashless” society in the near future.M-Commerce is right in the middle of this transformation and has apivotal role to play as a catalyst in the transformation to a “cashless”society. This period is the inflexion point for M-Commerce, which hasalready been making long strides on the back of increasing internetenabled and affordable smartphone base and improving telecominfrastructure. The business community has also been alert to seizethis opportunity by innovation and implementation of digital businessideas. We have seen quite a few successes in this space and India is justgetting started on this path.With the second largest consumer market and the stable economicindicators, India is expected to see a revolution in the way businessis conducted in the coming years. Introduction of 4G services(which would increase the mobile internet penetration) , plannedimplementation of the GST in 2017 (which is expected to simplifyindirect taxation), the recent demonetisation and the policy focus onfinancial inclusion and electronic payment systems are expected tofacilitate the next level of growth of M-Commerce in future.Government of India has proactively initiated several programs suchas Digital India, Start-Up India, Jan Dhan Yojana, Innovation India,etc recognising the emergence of digital commerce in the economy.This direction is taken forward by RBI which is focussed on havingan efficient electronic payment system in place on the back of UnifiedPayment Interface (UPI), payment banks and mobile wallets.I congratulate CII and Grant Thornton in India for organising the1st conference on m-commerce, ‘M-Commerce – Potential andChallenges’. I would like to thank Grant Thornton in India for beingthe ‘Technical Partner’ and for this discussion paper.We are pleased to present this report on M-Commerce with a focuson providing the reader an overview of the current space, the potentialfor growth, the challenges, the regulatory environment and the kind ofdeals that have been executed in the space.We look forward to your feedback.Smartphone usage has grown at an explosive pace in the recent past.We expect it to grow even faster with demonetisation and entry of newservice providers such as Reliance Jio. This in turn will fuel the growthof m-commerce and we envisage that most of the retail commerce willshift to m-commerce in the foreseeable future.In this context Grant Thornton in India is pleased to present thisreport is prepared in association with CII to highlight the emergence ofm-commerce as a way of conducting business and to discuss the matterspertaining to growth and bottlenecks, scaling up operations, paymentsand security, and share new ideas that will expand the m-commerceindustry.Technology, lifestyle, regulation and funding have been the key driversfor the emergence of m-commerce – both the telecom infrastructureand smartphones. But the rate at which India has caught up with thetechnological developments has been impressive. As per IAMAI, theinternet penetration is estimated at 462 mn users in 2016, whereas371 mn users were mobile internet (and growing at 50% y-o-y).While, urban India factors for 71 percent of the penetration, the ruralIndia are catching up on the back of the affordable smartphones andthe increasing 3G and 4G coverage. Similarly, due to availability ofsmartphones which are affordable and intuitive to use, India hasbecome the second largest market, displacing US, after the largestmarket - China. The telecom infrastructure and smartphones facilitatedthe transition of Indian consumer to mobile computing bypassing thedesktop/personal computing phase, which enabled E-Commerce.Lifestyle changes where people are not only more demanding ofproducts and services but also expect personalised preferences to be metcoupled with lesser leisure time for shopping, traffic related hassles forphysical commerce are the other driversThe third driver is regulation which is mainly the demonetisation, butinitiatives by the government to push e-governance, growth of telecominfrastructure, Jan Dhan Yojna, and other similar efforts.The fourth driver is Funding. The reach and scale of telecom and theaffordability of smartphones resulted in either creating innovativebusinesses disrupting the market or made traditional businessestransition to online/digital businesses. PE/VCs have played a key rolein funding and backing these businesses (US 4.21 bn in 2014 and US 6.16 bn in 2015). Hence, the Start-up ecosystem was vibrant (44 percentand 74 percent of the above investment values) and we witnessed severalunicorns emerging.I am thankful to all persons involved in preparing this report and I amhopeful that you will find the report insightful and useful. As always,we welcome your feedback/comments.M-commerce – the next generation commerce 3

Key highlightsThe current smartphone user base in India (in mn)India has become the second largest market forsmartphones by the end of 2015 by replacing FY1620%0%371Source: Internetlivestats.comFY142G3G & 4GSource: Publicly available dataThe growth prospects of the m-commerce industry lookspromising considering robust growth in infrastructuraltouch points i.e. smartphones and internet penetration.60%40%462Mobile Internetpenetration inIndia (in mn)(Estimated)IndiaSource: www.statista.com100%Internetpenetration inIndia (in mn)(Estimated)China207Driven by the demand in urban and rural India,mobile internet has been rapidly increasing.No. of 2G/3G mobile connections in India.2G still accounts for 70 percent of mobile users in India. Introductionof 4G expected to increase mobile internet usage further.However, the challenges interms of inconsistent internetconnectivity and cybersecurity needs to beaddressed.Source: www.iamwire.comdias in InershoppenilnOAs per publicly available sources thecurrent online shoppers are in therange of 80 to 100 mn and expectedto increase 175 to 220 mn by 2020.MobileINCLUSION/INITIATIVESShoppinDigital IndiaJan DhanYojanaImplementationof GSTOther initiativesStart up IndiaSkill IndiaInnovation fundGovernment of India has proactively initiated programmes towards financial inclusion.Unified PaymentInterfacePayment BanksMobile WalletsReserve Bank of India has been working towards providing an efficient electronic payment systemWhile cash handling and cyber security is a matter of concern, government initiatives and technologicaladvancement in securing electronic payment gateways will act as a key catalyst for transformationtowards a more secure, cashless and on-the-go m-commerce. The recent demonetisation event couldprovide the required fillip to the industry. It has the potential to take the industry to the next level of growth.4 M-commerce – the next generation commerceg preference

Disruptive business innovations alongwith ease of use technology would actas an enabler in transforming traditionalbusinesses to M-commerce."The Prime Minister Narendra Modi has placed emphasis on use ofmobiles for banking purposes, thereby giving a push to the country togo digital. During ‘Mann Ki Baat’ address on Sunday, 27 November2016, he appealed to the people of India, particularly the youths, toembrace e-banking and mobile banking for cashless transactions."OthersOn DemandServicewebsiteDesktop 19%39%Mobile app42%INNOVATIONMany m-commerce companies came up with innovative online businessmodels and changed the business landscape.RetailEvolving M-Commerceservice offeringsTravel, transportandlogisticsSource: tail2015 – 39%2016 – 18%TT&L2015 – 27%2016 – 18%Discovery platform2015 – 9%2016 – 13%FinTech2015 – 6%2016 – 7%FoodTech2015 – 6%2016 – 4%Others2015 – 9%2016 – 21%INVESTMENTSSegment wise % of total PE/ VC deal value in 2015 and 2016.The transition from traditional commerceto e-commerce and now to m-commercehas been driven by the retail segmentfollowed by travel transport and logisticssegment.The emergence of of FinTech, FoodTech,HealthTech, entertainment and ondemand services will fully explore thepotential of m-commerce businesscapabilities.M-commerce businesses may need tomake investments to develop lighterapplications/mobile websites that load upquickly on the current telecom networks– 2G and 3G.While online banking and even mobilebanking have been around for a longtime, mobile wallets – which hold yourmoney digitally – have made it easier forconsumers and have played their part asenablers to m-commerce growth.PE/VCs have shown steady interest inonline businesses due to the underlyingkey economic indicators. However,potential write down in investments,especially in digital commerce and highvaluation expectations has limited thefund raising activity in 2016.TT&L - Travel, transport and LogisticsM-commerce – the next generation commerce 5

M-commerce, emergence of a new way ofcommerceM-commerce is the next revolutionary way of doingbusiness after e-commerce, which is set to change thelandscape of businesses. The term m-commerce came intoexistence in 1997 when it was first used by Kevin Duffeyat the launch of the Global Mobile Commerce Forumorganised in the UK, to mean “the delivery of electroniccommerce capabilities directly into the consumer’s hand,anywhere, via wireless technology.”Online shopping preferences in IndiaM-commerce has come a long way from the first servicedelivered in 1997 (mobile-phone enabled Coca Colavending machines were installed in the Helsinki area inFinland where the machines accepted payment via SMStext messages) and is driven by a combination of thecurrent trend of electronic commerce (e-commerce) andthe emerging developments in personal computing, whichhas technologically leaped forward from desktops tosmartphones; dawning a new era of anytime, anywherecommerce through on-the-go internet/wireless connectivity.DesktopMobile websiteMobile app39%19%42%Source: www.dazeinfo.comCharacteristics of m-commerceM-commerce is expected to surpass e-commerce as thepreferred method for digital transactions as content deliveryover wireless devices becomes more scalable, faster and mostimportantly secure.As per publicly available sources the current online shoppersare in the range of 80 to 100 mn and expected to increase 175to 220 mn by 2020.Mobilityusers can carry their cell phones or other mobiledevices easilyReachusers can be contacted anywhere, any timeAccessibilityinformation can be accessed on real-time basisConveniencedevices facilitate storage of data and haswireless connectivityPersonalisationdevice owner has an exclusive access to thecontents/servicesWillingnesspeople seem willing to pay for mobile servicesVaried userskids to teenage to youth to middle aged tosenior peoplebusiness and personalTargetedmarketingknowing what the user prefers and where theuser is located at any given timeKey reasons for consumer preference for m-commerce73%69%55%69%63%Saves timeon the go activityno long queuesease of locating dealscan do multi-taskingSource: www.targetingmantra.com6 M-commerce – the next generation commerce

Technology and infrastructure are drivingm-commerce growthBusinesses big and small are placing m-commerce at thecentre of its strategy as they see immense growth potentialfrom their investments in this space. Right from userresearch to product/service anytime and anywhere theinvestments are made to focus and develop m-commercecapabilities.Mobile today is more than just a calling device as theinternet enabled smartphones are an emerging point ofcommerce – it has become a host of retail outlets in thecustomer hands. As 9 out of 10 consumers research aproduct or service on their mobile, m-commerce accountsfor nearly 60 percent of online sales in India; on the back of30 percent to 50 percent growth in online transactions in thetier II and III cities.M-commerce is fuelled by the availability of affordablesmartphones along with affordable mobile data plans backedby the improving telecom infrastructure. Smartphoneshave caught the Indian market by storm with more than 45percent of all mobile phones shipped being smartphones inQ1 2016.Number of smartphones (in mn) and averagecost (US ) over the last five 014Smartphones Shipments (in million)10027640020020150Avg cost of smartphones (USD)Source: Publicly available dataMoreover, during November 2015, India beat the USto become the second largest market after China, forsmartphones. Currently India has 292 mn smartphone users.Mobile internet spend has steadily increased despite thedecline in the average monthly bill as the mobile internetpenetration has been growing at a rapid pace making theenvironment competitive for the telecom operators.Mobile internet user base (in mn) over the lastfour mber of 3G subscribers* Estimated20152016*Number of mobile internet usersSource: Publicly available dataMobile internet user base in India has increased to 371 mn in2016. The user base is expected to annually grow by 50 mntill 2019 on the back of increasing 3G subscriber base.While the telecom sector is technologically evolving inIndia, lack of stable telecom infrastructure (currently, 70percent of the mobile users are on 2G) may limit the paceof growth due to connectivity issues. This would requirem-commerce businesses to make investments to developlighter apps/mobile websites that load up quickly on thecurrent telecom networks.With the key telecom players such as Airtel, Vodafone,Reliance Jio and Idea, introducing 4G services in India in2016, mobile internet usage is expected to increase further.While, 3G share of data services revenue is expected tocontinue at similar levels in the immediate future, 4G dataservices are expected to replace 2G’s share.As smartphone penetration in the country increases, vendors will be able to connect with more and more consumersinstantly. This instant connect will create enormous opportunities to explore the potential of m-commerce. Thiswould also mean huge business opportunities for technology providers and app developers. Physical stores will alsobenefit from the m-commerce platform as retailers leverage technology to entice consumers. Aided by technology,the consumer will have the best of both the physical in-store and the digital experience.Dhanraj BhagatPartner Grant Thornton India LLPM-commerce – the next generation commerce 7

Evolving m-commerce offeringsOthersRetailBusinesses engaged in mobile apps, digitalentertainment, real estate, health tech etc.Businesses engaged in retail, groceries, jewellery, etc.Key companies include Flipkart, Amazon, Snapdeal,Shopclues, Myntra, Jabong, BigBasket, Urban Ladderand PepperfryKey firms include Bookmyshow, Hike, 1mgTechnologies and Housing.comTravel, Transport and LogisticsBusinesses such as car rentalaggregators, travel ventures, logistics,portal for hotels, etc.Key companies include OLA Cabs, Uber,Delhivery, Oyo rooms, Ibibo, Cleartrip,makemytrip, etc.On-demand ServicesBusinesses engaged in on demandhome services, repairs, etc.Key players include Urbanclap, HouseJoy, MyGlamm and TaskBobM-commerceOfferings bysegmentsDiscovery PlatformBusinesses engaged in classifieds,comparison sites, real estatemarketplace, etc.Key companies include Quikr, Olx,CarTrade, Just Dial and VoonikTechnologiesFoodTechBusinesses engaged in Food orderingand delivery.Key companies include Zomato, Swiggy,Holachef, Tiny Owl and Food Vista IndiaFinTechBusinesses engaged in digital and mobile payment services,mobile wallets, online finance provider, etc.Key companies include Paytm, Mobikwik, Freecharge.in,PayUMoney, Mswipe, Citrus Payments, etc.The transition from traditional model of commerce to e-commerce and now to m-commerce was led by the retailsegment. Industry sources indicate that digital commerce accounts for a fraction of the total sales of retail industry.This indicates there is a huge potential for m-commerce, which is yet to fully explore the segments, especiallyfintech, healthtech, entertainment and on-demand services.Shanthi VijethaDirector Grant Thornton India LLPThe segments and the deal data presented in this section are based on Dealtracker publications 2014, 2015 and 2016 by Grant Thornton in India8 M-commerce – the next generation commerce

M-payments, a key enabler form-commerceThe major challenge for m-commerce in India has been thatthe users need to link one of their banking instruments suchas the credit card, debit card, bank account to their onlinecommerce accounts. The users have not been willing toshare such information on the phone as there is a fear thatthe sensitive information may be comprised.Furthermore, government initiatives such as Digital Indiaand Jan Dhan Yojna schemes have added significant numberof debit cards (over 110 mn) thereby providing thesecustomers access to electronic payments. These initiativesby the government are expected to act as key enablers of thism-commerce transformation.While online banking and even mobile banking has beenaround for a long time, mobile wallets have made it easierto shop. From grocery to cab rides to movie tickets to fooddeliveries to utility bills, almost anything can be bought andpaid via simple mobile apps.On 19 August 2015, the Reserve Bank of India (RBI) gave“in-principle” licences to eleven entities to launch paymentbanks which include Aditya Birla Nuvo, Airtel m-commerceServices, Department of Posts, Reliance Industries, Paytmetc.Mobile wallet companies operating in India are also offeringattractive deals and incentives to attract new users. Inrecent years, mobile wallet companies have increasinglyformed collaborations with service providers and financialinstitutions to offer a robust and seamless mobile walletplatform to the users.Over the past four years, mobile wallet transactions havejumped from INR 10 bn (60 mn transactions) in 2012-13to more than INR 490 bn (600 mn transactions) in the year2015-16.Number of transactions (in 02013-14*Credit cards* ApproximateSource: http://scroll.in2014-15*Debit cards2015-16*M-walletsRecent updateOn 23 November 2016, Airtel Payments Bank became the firstpayments bank in the country which has gone live and has rolled outa pilot project in Rajasthan offering 7.25 percent interest on savingsbank accounts. By virtue of the payments bank, Airtel retail outletswill double as banking points by making Airtel mobile number as anaccount number and allowing cash withdrawals.Payments banks are a new model of banks conceptualisedby the RBI. The goal behind creating these payment banksis to bring about financial inclusion, by making it easier foranyone to get a bank account. The new payment banks willalso make people less dependent on cash, even for smallsums, and since a mobile wallet could be a bank accountsoon, this move could, over time, have a big impact onm-commerce.With ever-increasing internet and mobile penetration,increasing government support and the recentdemonetisation event, India is all set to witness a massivesurge in the adoption of digital payments in the recentfuture.With mobile wallets having specific vendor linkages, the consumers would have to plan their shopping platformpreferences in advance. In order to attract a much larger and faster consumer acceptance, mobile wallets needto be independent of these linkages so as to be as flexible as physical cash. Further, continuous innovations intechnology and offerings would be key to address the competition posed by other emerging payment systems.Kuresh KhambatiAssociate Director Grant Thornton India LLPM-commerce – the next generation commerce 9

M-payments, a key enabler tom-commerceAs per media reports, Mobile wallet companies have witnessed significant growth post demonetisation.180158150160User base(M)1401201008060403540200PaytmPrior to demonetisationMobikwikPost demonetisationSource: www.bloombergquint.comPer day limitThe RBI temporarily relaxed the limits of Mobile Wallets fromRs 10,000 to Rs 20,000, and allowed merchants to transfer Rs50,000 per month from wallets to their banks.Increase in number of transactionsThe number of transactions done on Mobikwik’s platform topay for ride-hailing app Uber alone has increased from 20,000to 1 lakh on a daily basis. Paytm’s daily transactions havetouched 5 millionSubscriber base of Paytm and MobiKwik increasedby 15 mn post demonetisation.“Time has come for everyone, particularly myyoung friends, to embrace e-banking, mobilebanking and more such technology,” PM Modi saidin a tweet before his ‘Mann Ki Baat’ radio addressto the nation.“Cashless” around the globe:Countries that lead in cashless transactionsand where India standsIndia2%China10%Japan14%Brazil15%SpainThe Prime Minister suggested that mobile shouldbe used for the banking purposes. “My mobile.My bank. My wallet,” PM Modi said.South Korea“M-Pesa showed how, combined with technology,a home grown idea can quickly and effectivelytransform the lives of excluded sections”. PMModi in Kenya in %20%Source: Mastercard Advisors10 M-commerce – the next generation commerce30%40%50%60%70%

Summary of key government initiativesDigital IndiaOn 1 July 2015, the Government of India launched theDigital India programme with an objective of makingall the government services electronically available tocitizens by enhancing the internet connectivity and theonline infrastructure. Industry players in India and abroadwelcomed and supported the Digital India initiative bycommitting to invest a whopping US 68 bn towards thecause.Through the Digital India package the Government of Indiaaims to bring about the following different revolutions inthe country:1. to provide nationwide information infrastructure byMarch 2017 by laying national optical fibre network inall 2.5 lakh gram panchayats.2. to enhance the processes and delivery of differentgovernment services through e-Governance withpayment gateway, UIDAI, EDI and mobile platforms.3. to provide internet services to almost 2.5 lakh villages byMarch 2017 and 1.5 lakh post offices in the coming twoyears.4. to provide electronic services to people related witheducation, health, farmers, security, justice and financialinclusion through e-Kranti services.5. to increase network penetration and mobile connectivityin all villages by 2018.6. to focus on zero imports of electronics by setting upsmart energy meters, mobile, micro ATMs, consumerand medical electronics7. to establish Wi-Fi facilities in all universities across thenation and an aim to make e-mail the main mode ofcommunication8. to make all information easily available to the citizensthrough online hosting of data.9. to establish BPO sectors in North-Eastern States. By2020 the programme intends to train around 1 crorestudents from villages and small towns for the IT sector10. the Government of India has set aside US 1.24 bn forcreation of 100 smart citiesPayment and settlementsThe Vision-2018 for Payment and Settlement Systems inIndia reiterates the commitment of the Reserve Bank ofIndia to encourage greater use of electronic payments byall sections of society so as to achieve a “less-cash” society.The objective is to facilitate provision of a payment systemfor the future that combines the much-valued attributesof safety, security and universal reach with technologicalsolutions which enable faster processing, enhancedconvenience, and the extraction and use of valuableinformation that accompanies payments.The broad contours of Vision-2018 revolve around the 5 Cs:1. Coverage – by enabling wider access to a variety ofelectronic payment services2. Convenience – by enhancing user experience through easeof use and of products and processes3. Confidence – by promoting integrity of systems, securityof operations and customer protection4. Convergence – by ensuring interoperability across serviceproviders5. Cost – by making services cost effective for users as wellas service providersVision-2018 focuses on four strategic initiatives viz.,responsive regulation, robust infrastructure, effectivesupervision and customer centricity.Unified Payments Interface (UPI)Unified Payments Interface (UPI) is a system that powersmultiple bank accounts into a single mobile application (ofany participating bank), merging several banking features,seamless fund routing & merchant payments into one hood.It also caters to the “Peer to Peer” collect request which canbe scheduled and paid as per requirement and convenience.Understanding of UPI1. UPI is a payment system that allows money transferbetween any two bank accounts by using a smartphone.2. UPI allows a customer to pay directly from a bankaccount to different merchants, both online and offline,without the hassle of typing credit card details, IFSC code,or net banking/wallet passwords.3. UPI is safe as customers only share a virtual address andprovide no other sensitive information.4. Merchant payments, remittances and bill paymentsamongst others can be paid using UPI.5. The limit per transaction is INR 100,0006. Currently, there are 27 live members having UPI enabledmobile apps.M-commerce – the next generation commerce 11

PE/VC funded digital commerce innovationOnline/digital businesses have raised significantinvestments over the years which accounted for34 percent, 39 percent and 27 percent of total PEfunding in 2014, 2015 and 2016 respectively.Summary of PE/VC dealsSegmentsPE/VCs have shown steady interest in onlinebusinesses due to the underlying key economicindicators – rising disposable income, growingmiddle class households, change in lifestylepreferences, opportunity to tap rural market.The last two years have seen high level of fundingactivity in the Startups focussing on digitalcommerce (US 1,852mn in 2014, US 4,258 mnin 2015 and US 1,793 mn in 2016). The relativelyolder companies such as Flipkart, Snapdeal andOLA cabs have now matured to the PE stageand have attracted investors such as Alibaba andSoftbank.While m-commerce companies have been able toraise subsequent round of investments within thesame year, certain deals are now taking monthsto close as investors have started to step back andquestion how consumer technology start-upsplan to turn profitable before investing significantamounts in them.However according to investors, all start-ups,both big and new, will have to work harder toget funds and achieve higher valuations. This isvisible in the value of investments till date in 2016as large investments that took place in 2014 and2015 did not repeat in 2016. Further some of thePE/VCs have written down the value of theirinvestments in 2016.The segments and the deal data presented in this section are basedon Dealtracker publications of 2014, 2015 and 2016 by GrantThornton* January 2016 to October 2016No. of dealsDeal value 859Travel, transportand logistics2085543951,664497Discovery platforms289176280583380Fin tech15474199379206Food tech64625151373123On-demand 46,1592,765OthersTotalTop deals (over US 200 mn) in 2014, 2015 and 2016*Year20142015Description M MMultiple PE/VCs investment in FlipkartRetail1,962Softbank Corp's investment in SnapdealRetail627Softbank Corp’s investment in OLA CabsTravel, Transport andLogistics.210Multiple PE/VCs investment in FlipkartRetail700Softbank Corp's investment in SnapdealRetail500Multiple PE/VCs in OLA CabsTravel, Transport &Logistics900Number of deals and cumulative deal values in 2014, 2015 and 2016Big BasketOLA CabsSnapdealFlipkart03050506US 2,712 mn

M-commerce is the next revolutionary way of doing business after e-commerce, which is set to change the landscape of businesses. The term m-commerce came into existence in 1997 when it was first used by Kevin Duffey at the launch of the Global Mobile Commerce Forum organised in the UK, to mean "the delivery of electronic

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