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Tanmay Kumar, CFO, Shiprocket

Driving Innovation And Sustainability: Tanmay Kumar, CFO, Shiprocket, On Revolutionising eCommerce And Future Of Finance

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In an Interview with BW CFO World, Tanmay Kumar, CFO, Shiprocket, highlights the company’s vision to develop an “eCommerce Operating System,” focusing on innovation and strategic growth to enhance the online retail experience.

Tell us a bit about Shiprocket. What do you all do? How are you different from your competitors? In your assessment, how do customers perceive you?

Shiprocket is an eCommerce enablement platform supporting retailers, Small and Medium Enterprises (SMEs) and Direct-to-customer (D2C) brands with tools for shipping, order management and customer engagement. We differentiate ourselves by evolving from a shipping provider to a comprehensive platform, offering end-to-end solutions for the entire eCommerce journey. With over 1.5 lakh sellers generating $3.5 billion in annual Gorss Merchandise Value (GMV), our technology-driven approach, like the Courier Recommendation Engine, helps optimise deliveries. Strategic partnerships, including India Post and ONDC, enhance our offerings, making us a key player in domestic and international eCommerce. Customers see us as a partner in growth, simplifying their operations and scaling their businesses. 

How is Shiprocket leveraging technology to enhance its finance function? Can you mention some specific tools that have significantly affected your finance operations?

Leveraging technology in finance is essential for driving efficiency, accuracy and informed strategic decision-making within any organisation. Advanced financial tools allow us to automate routine tasks, provide real-time insights and support data-driven decisions that foster both growth and stability.

At Shiprocket, we’ve adopted a suite of advanced financial management solutions to streamline and optimise our finance function. Our internal CRM suite automates key processes like invoicing, reconciliations and financial reporting, significantly reducing manual effort and minimising the risk of errors. This system is tightly integrated with our Oracle ERP platform, which enables seamless, automated financial reporting and is linked with banks for automated payment processing.

In addition, we utilise visual Business Intelligence (BI) tools and meta-databases to automate reporting and generate insights across various financial tasks. For example, credit limit assessments are generated through system-driven analyses of multiple data points, further enhancing decision-making accuracy. We’ve also integrated AI-powered predictive analytics tools to improve our forecasting and planning capabilities, allowing us to anticipate trends and align our financial strategies with broader business objectives.

This comprehensive integration of technology not only improves our operational efficiency but also empowers the finance team to contribute more strategically to the company’s growth and long-term vision.

At times, the finance department is perceived as the “not so friendly one.” How do you ensure seamless and productive collaboration across other functions in your organisation to ensure the company’s objectives are met?

At Shiprocket, we see the finance team as strategic partners rather than mere gatekeepers of budgets. We actively cultivate a collaborative environment by engaging with other departments through regular cross-functional meetings and interactive workshops. Each of our business verticals has dedicated finance business partners who work closely with the respective business heads, effectively acting as mini-CFOs. These partners are deeply integrated into the business, focusing not just on financial data but also on business metrics, KPIs and performance data to provide actionable insights and drive value.

Our finance team is involved in all the key business reviews, helping leaders make strategic decisions by offering insights on pricing, customer retention, margins and cost structures. This approach ensures that our financial strategies are aligned with the company’s broader objectives, enabling every department to feel supported in achieving their goals.

The foundation of a strong business partnership lies in transparent communication, data visibility and user-friendly financial tools that make insights accessible and relevant to all teams. By simplifying complex financial and operational data into actionable insights, we help other departments understand how their work contributes to the company’s overall success. This open, collaborative approach fosters trust, builds a culture of teamwork and aligns everyone towards our shared objectives, making us more effective in reaching our goals together.

Given the current economic landscape, what strategies are you implementing at Shiprocket to navigate potential financial challenges in the coming fiscal year?

At Shiprocket, we are proactively implementing a series of strategies to navigate potential financial challenges, with a focus on optimising our business model, capital allocation and customer concentration risk, while continuing to invest in growth. Our objective is to strengthen cash flow, drive profitability and sustain long-term growth by adopting agile and resilient strategies.

First, our platform model and rapidly growing new offerings allow us to diversify our revenue streams. By expanding into new markets and developing additional tools and services that complement our core offerings, we are reducing our dependence on any single revenue source. For instance, our emerging tools and technologies offered to merchants have seen a 10x growth over the past two years, providing a strong foundation for future revenue diversification.

As we continue to vertically integrate across multiple offerings, we anticipate improved margins. We are heavily investing in checkout and conversion tools, which help drive down costs for merchants while enhancing service levels. This not only strengthens margins for Shiprocket but also benefits the merchants on our platform by improving their profitability.

On the cost side, we remain focused on cost optimisation through automation and data analytics. These technologies allow us to streamline operations, reduce overhead costs and improve overall efficiency. As a tech-driven business, Shiprocket benefits from significant operating leverage. Our scalable processes, driven by enhanced Generative AI, network intelligence and automated workflows, enable us to grow without significantly increasing operating costs.

Our business model also provides financial stability through negative working capital, as a large portion of our business is pre-paid through a closed wallet system. This ensures that we maintain healthy cash flow while continuing to invest in strategic growth initiatives.

Our customer acquisition strategy is largely digital, with 99 per cent of leads generated through our platform, website and digital marketing channels. A significant portion of this traffic (60-70 per cent) is organic, resulting in highly efficient customer acquisition costs (CAC), with payback periods of under three months. Moreover, our business serves over 1,50,000 merchants, ranging from micro-sellers to mid-sized merchants. This broad merchant base mitigates customer concentration risk and ensures revenue stability.

Lastly, we have strong partnerships with suppliers, logistics providers and other enablers, which enhances our supply chain resilience. These partnerships ensure consistent service delivery and help us navigate any disruptions in the broader economic environment.

How is Shiprocket promoting sustainable practices in its financial strategies?

In today’s evolving business landscape, sustainability has become a cornerstone for long-term success. As stakeholders increasingly prioritise ethical, environmentally friendly practices, companies must integrate sustainability into their core strategies to address not only environmental concerns but also regulatory compliance and evolving consumer expectations. For us a focus on great governance meant that from early on, infact from the last eight years we had a big four auditor, we have Board Committees despite being a private company. We have allocated employee resources to drive CSR initiatives.

We have invested in eco-friendly technologies and practices, such as optimising delivery routes to reduce fuel consumption and emissions. Additionally, we work closely with our vendor partners to encourage sustainable practices throughout the supply chain.

What role does a CFO play in promoting sustainability within their organisation?

As a CFO, promoting sustainability involves aligning financial goals with sustainable practices. This means evaluating the long-term financial impact of environmental initiatives and ensuring that they are both financially viable and aligned with the company’s strategic goals. At Shiprocket, I am part of the  Environmental, Social and Governance (ESG) committee and work closely with other departments to integrate sustainability into our financial planning and decision-making processes. This includes prioritising investments in sustainable technologies and practices that reduce our environmental footprint and contribute to our long-term growth.

How has your role as CFO evolved over the past few years, especially in the context of a rapidly growing company like Shiprocket?

My role as CFO at Shiprocket has evolved significantly in tandem with the company’s rapid growth, while still retaining core elements from the early days. From the outset, strong business partnering has been a cornerstone of my approach, ensuring that finance has always been closely aligned with operational goals. This partnership has only deepened over time, allowing finance to serve as a strategic co-pilot alongside the CEO, ensuring every major business decision is made with a clear understanding of its financial impact.

In the early stages, much of my focus was on governance and establishing solid systems for ERP, audits, system-driven invoicing, reconciliations and collections. As the company scaled, the scope of governance expanded to include the development of Board Committees, where key issues are debated rigorously and we’ve built a robust compliance function to support this. Our contracts are automated and so is compliance tracking.

With growth, one of the key challenges has been integrating systems across the business to support scaling. This involved implementing predictive tools and developing comprehensive dashboards to enable real-time financial insights, ensuring that we can make informed decisions quickly. Additionally, as we pursued multiple acquisitions over the past few years, my role has been crucial in the integration of these acquisitions, particularly from a migration and derivation of synergies standpoint, ensuring seamless alignment with our broader operations.

Through it all, I’ve remained committed to fostering rapid innovation while maintaining strict financial discipline. We prioritise unit economics to ensure sustainable growth and our deeply integrated reporting structures reflect that in our monthly reviews. This level of integration allows us to stay nimble and responsive while keeping a firm handle on our financial trajectory.

SBI General Insurance CFO Jitendra Attra On Growth And Digital Transformation

SBI General Insurance CFO Jitendra Attra On Growth And Digital Transformation

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In an Interview with BW CFO World, Jitendra Attra, CFO, SBI General Insurance, discusses the company’s growth, digital transformation and the integration of advanced tools driving financial reporting and decision-making efficiency.

SBI General Insurance, a fast-growing private general insurance company backed by the State Bank of India. Since its inception in 2009, SBI General Insurance has rapidly expanded its presence, boasting over 143 branches nationwide today. The company has shown remarkable growth, achieving a 17 per cent increase in Gross Written Premium (GWP) for FY 2023-24, amounting to Rs 12,731 crores. Recognised for excellence with multiple industry awards, SBI General Insurance continues to lead with a focus on technological innovation, financial efficiency and customer trust.

In this conversation, Jitendra Atta, CFO, SBI General Insurance sheds light on the company’s journey, the role of data analytics in financial reporting and how digital tools are shaping the future of financial planning and decision-making at SBI General Insurance.

 

How has SBI General Insurance streamlined financial analysis and reporting through enhanced data analytics and automation? What specific improvements have been noted?

At SBI General, we have been consistently growing faster than the market. The company has registered a strong growth with GWP of Rs 12,731 crores in FY 23- 24, in just 14 years of operations. Our financial results reflect our commitment to building long-term value through profitable growth for stakeholders.

Data is a crucial element of our business operations at SBI General Insurance. We have significantly streamlined our financial analysis and reporting by leveraging advanced data warehouse capabilities and high-end reporting tools. This architecture ensures all data is centralised, allowing us to automate many reports and achieve a granular level of detail. 

Specific improvements include enhanced accuracy, as automated reporting minimises human error, ensuring more reliable data. Increased efficiency is another benefit, with automation speeding up the reporting process and allowing for quicker decision-making. Comprehensive insights are gained through granular data analysis, enabling us to uncover trends and patterns that were previously difficult to detect. Additionally, better resource allocation is achieved, as improved data analysis helps us allocate resources more effectively, enhancing overall business performance. These advancements have not only improved our financial reporting accuracy and efficiency but also empowered us with actionable insights for strategic decision-making. 

 

Could you elaborate on the integration of digital tools at SBI General Insurance for agile financial planning and real-time insights? How have these tools impacted decision-making processes? 

 At SBI General Insurance, we’ve seamlessly integrated digital tools to improve agile financial planning and offer real-time insights. Our partners use applications for data input, which is automatically integrated into our database without manual intervention.

We have various systems at the backend to process the data. We utilise advanced reporting and analytical tools to analyse and process this information. This integration significantly boosts our financial planning capabilities and enables more informed and efficient decision-making.

 

What digital platforms has SBI General Insurance adopted to ensure accurate financial reporting, compliance and transparency? Can you share any successes or challenges in implementing these platforms?

We utilise several digital platforms to ensure accurate financial reporting, compliance and transparency. These include BI tools, finance tools, SaaS based products and procurement tools. 

The primary challenge we face in implementing these platforms is maintaining agility in a dynamic and constantly evolving environment to avoid delays in delivery. However, our architecture is designed to support these challenges, enabling us to overcome obstacles efficiently.

As for successes, these platforms have significantly enhanced our ability to generate accurate financial reports, ensure compliance with regulatory requirements and improve transparency across operations. They have also streamlined processes and decision-making, leading to more effective business outcomes.

 

How are digital systems optimising controls, audits and financial process management within the organisation? What benefits have these optimisations yielded?

Digital systems play a crucial role in optimising controls, audits and financial process management within our organisation. They offer multiple benefits such as ensuring high quality and robust controls, cost-effectiveness, reduced manpower requirements and improved productivity. Additionally, these systems make processes seamless, leading to enhanced operational efficiency. 

We have experienced significant benefits from these optimisations, including improved accuracy in audits, streamlined financial processes and better management of controls. This has resulted in increased efficiency, reduced operational costs and a more agile and responsive organisational structure. We are continually enhancing these digital systems to further maximise these benefits and drive ongoing improvements in our operations.

 

Could you discuss areas of investment that SBI General Insurance believes will drive innovation, efficiency and sustainability in the coming years?

Our major investments will be in technology and distribution, aimed at accelerating growth and enhancing operational efficiency. We are scaling our business to new heights to capitalise on the positive economic outlook. Simultaneously, we are investing in technology capabilities to enhance our core operations and digital functionalities. Additionally, leveraging AI and ML technologies will drive innovation, improve efficiency and contribute to sustainability efforts within our organisation. These strategic investments align with our vision for continuous improvement and staying ahead in a rapidly evolving market landscape.

PwC india

PwC India Launches New GenAI-Powered Tools For CFOs

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This cutting-edge features are likely to transform how CFOs manage data, providing quicker processes and improved decision-making skills

PwC India, a leading professional services business, has launched a range of innovative products designed for chief financial officers (CFOs) that incorporate GenAI technology.

The GenAI-powered suite offers various advantages for CFOs:

Simplifying complicated financial procedures through effective data processing.

Responding to stakeholders more quickly ensures better communication.

Reduced process risks by accurately identifying and validating transactions.

This suite, which has already been used by 700 clients in 16 countries, addresses a wide range of financial demands, including operational finance, tax management, compliance, control effectiveness, and contract management.

Here’s a look at some significant offerings:

Integrated Accounts Payable Engine

A comprehensive solution for touchless and paperless invoice processing, including built-in tax compliance features. It incorporates AI-based invoice reading and processing capabilities, as well as a feature-rich supplier site.

Compliance Insights

This product is designed to centralise enterprise-wide compliances by keeping an updated compliance register and using GenAI to provide responses to complex compliance papers.

Anomaly Detection Platform: An award-winning technology that helps CFOs automate reconciliations and cash applications using unsupervised machine learning. It includes GenAI-powered algorithms for effective anomaly detection and translation into plain English.

Contract insights

This solution, which includes a digital contract lifecycle management platform, speeds transaction closure by integrating with CRM and ERP systems. GenAI assists with risk analysis.

Business Risk Analytics and information Platform

With over 800 algorithms, this platform offers complete ERP transaction monitoring, providing controllers and auditors with actionable information.

Navigate Tax Suite 

This suite addresses the issues provided by tax compliances and regulations, providing solutions for GST, income tax, and transfer pricing. GenAI integration helps with rate identification, code validation, tax research, and litigation preparation.

oil extraction

Reliance To Use Oil Indexation For KG Gas; Looks For Buyers For 4 MMSCMD

In a tender, Reliance and BP are looking for proposals from purchasers for 4 million standard cubic meters of gas per day, starting on 1 December 2023, from the KG-D6 block in the Bay of Bengal

To capitalise on the rising oil market, Reliance Industries and its UK partner, BP Plc, have gone back to oil indexation for pricing the gas they extract from the KG basin, which is India’s largest field owned by the private sector.

In a tender, Reliance and BP are looking for proposals from purchasers for 4 million standard cubic meters of gas per day, starting on 1 December 2023, from the KG-D6 block in the Bay of Bengal.

It also stated that the consortium invited offers on 27 October 2023, from interested companies to offtake gas from the gas fields on the terms outlined in the request for proposal (RFP), starting on 1 December 2023, at the delivery point in Gadimoga, Andhra Pradesh.

It requested quotes from bidders indicating the premium (‘v’) they are willing to pay above the price of 12.67 per cent for Brent crude oil. A starting bid price of USD 1.08 per million British thermal units has been set for ‘v’.

The starting price of petrol is equivalent to USD 11.8 per mmBtu (12.67 per cent of USD 85 plus USD 1.08) at the current price of Brent crude oil. According to the tender, the highest bid amount against ‘v’ will be USD 4.5 per mmBtu.

However, the sale price will be lower of the amount determined by the bidding process and the maximum rate set by the government for gas from challenging fields like deep sea.

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Evolving Role of CFOs in Shaping Business Strategies, Ensuring Sustainability

The CFOs are responsible for managing risks across the organisation. They also provide advice to maximize profits while minimizing financial risks with compliance

The CFOs are responsible for managing risks across the organisation. They also provide advice to maximize profits while minimizing financial risks with compliance
Article
The role of a Chief Financial Officer (CFO) has evolved over the years. From the days when their primary responsibility was to manage the company’s finances, today, CFOs are strategic partners to the CEO, playing a critical role in shaping business strategies and ensuring long-term sustainability. They are responsible for managing financial risks, navigating market volatility, prioritizing compliance, budgeting, looking for investment prospects, addressing security concerns, and contributing to the success of the organisation.
Rajeev Mantri, CFO, Citi India & Cluster Finance Head, Citi South Asia, underscored the importance of the CFO’s role in managing risks across the organization. He stated that any decision made has an impact on the company’s financial performance, and the CFO must ensure that regulatory compliances are met without neglecting any aspect of the business.

While discussing compliance and its requirements, Suranjit Mishra, Chief Financial Officer and Corporate Governance, Tata Power Delhi Distribution, highlighted the significance of adapting to changing compliance requirements. He emphasized three mantras: internal checks and balances, effective oversight, and connecting with stakeholders as key strategies for compliance to drive organizational success.
On the other hand, Sumit Khadria, Group CFO, EbixCash, stressed the importance of understanding the business to make informed financial decisions. He explained that financial decisions are the culmination of all aspects of the business, and every decision is based on returns on paper while complying with both global and local regulations. Prashant P. Thakar, Chief Financial Officer and Director, Suvidhaa Infoserve, pointed out that maintaining master data as per regulations has become easier over time, but the cost of compliance has increased by 2.5X compared to a decade ago. He highlighted the importance of leveraging technology to streamline processes and reduce costs.

The role of a CFO has expanded beyond financial management to encompass a range of responsibilities that contribute to the organization’s long-term sustainability. They must navigate a complex landscape of financial risks, market volatility, and compliance requirements while ensuring that the organization remains competitive and successful. Technology plays a critical role in this endeavour, enabling CFOs to automate processes, improve efficiency, and reduce costs.
The panel discussion at the BW CFO 4OUnder40 Awards & Summit 2023 in New Delhi provided insights into the evolving role of CFOs and the challenges they face in today’s dynamic business environment. It emphasized the need for CFOs to be strategic partners to the CEO, to adapt to changing compliance requirements, and to leverage technology to drive growth and success.

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Navigating Risk In The Digital Era: Strategies For Mitigation From Industry Leaders

Top Executives Discuss the Imperative Role of AI and Constant Vigilance in the Modern Risk Landscape

In today’s digital age, where connectivity and data are paramount, the importance of effective risk management cannot be overstated. As businesses grapple with the ever-evolving landscape of digital threats, a panel of industry experts convened to shed light on strategies for risk mitigation in the digital era.

Tejas Mehta, VP of Finance India at Mondelez International initiated the discussion by defining risk as “something that could go wrong.” He emphasised a dynamic approach to risk management, advising organisations never to remain stagnant in their perception of potential risks. In the face of a digital landscape filled with challenges, a constant risk management approach is vital.

Mehta also highlighted the significance of AI in monitoring security risks continually. In his view, AI plays a pivotal role in safeguarding organisations against a variety of digital threats. He stressed the importance of effectively communicating the consequences of not managing risks, underscoring the need to show what happens when risks are left unaddressed.

Kabir Ahmed Shakir, CFO of Tata Communications, began by highlighting the immense responsibility that comes with handling a significant portion of the world’s internet network. He stressed that as the world becomes more connected, the security parameters of organisations are continually expanding. In the era of 24/7 connectivity, businesses must prioritise keeping information safe.

Shakir emphasised the role of artificial intelligence (AI) in risk management, stating that those who understand and utilise AI will replace those who do not. He urged businesses to proactively embrace AI in risk management, given the overwhelming volume of quantitative and qualitative data. When asked about managing data breaches and risks, Shakir mentioned minimising risk through high computation and using AI at the forefront.

Milind Joshi, CFO and Strategy Officer of Maximus International, stressed the importance of documenting how businesses face and manage risks. He discussed the potential of AI in risk management, stating that AI can detect potential future risks based on past data. However, he cautioned that AI has limitations as it relies on historical information to predict the future. The ultimate decision-making responsibility, he noted, still lies with the CFO, or Chief Risk Officer.

Joshi’s approach to risk management involves documenting past risks and communicating those experiences to every employee. This training, he believes, is crucial to building a resilient risk management strategy.

The discussion brought the critical role of AI and constant vigilance in managing risks in the digital era to the forefront. As the digital landscape continues to evolve, businesses must adapt, learn from past experiences and leverage AI to navigate the complex world of risk management effectively.

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Impact Of Widening OIDAR Scope On Digital Services

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With new norms in place, the government will witness increase in tax collection. On the other hand, it will give rise to changes in consumer behaviour of digital services, including a possible shift from paid services to free alternatives or a reduction in consumption due to the increased cost

Foreign companies that provide internet services, including advertising, cloud services, music, and information, to non-GST-registered individuals in the country are now required to pay 18 per cent Integrated Goods and Services Tax (IGST), according to the finance ministry’s order. This order took effect on 1 October, 2023.

These new regulations are going to be liable for all digital firms, including giants like Netflix, Google, Facebook, and Spotify, who are now subject to an 18 per cent integrated GST (IGST), irrespective of whether the services are offered for personal or commercial purposes.

With new norms in place, the government will witness increase in tax collection. On the other hand, it will give rise to changes in consumer behaviour of digital services, including a possible shift from paid services to free alternatives or a reduction in consumption due to the increased cost. These amendments to the regulations are also expect to increase the compliance burden for these service providers since they will be required to register for GST, remit taxes, and file returns.

While explaining the impact of new regulations on pricing and cost structure, Pratap Daruka, chief financial officer of Tredence said, “In the digital realm, the recent introduction of an 18 per cent IGST casts a profound ripple across pricing and cost structures. With the escalation in costs, we may witness a drift towards free alternatives or even a reduction in consumption as consumers weigh value against expense. As businesses grapple with these augmented costs, the true challenge lies in striking an equilibrium: sustaining profitability while ensuring services remain affordable and enticing”.

To ensure compliance with the new regulations and avoid potential legal or financial consequences for non-compliance, the digital industry must proactively invest in understanding and adhering to these norms, mitigating the risks of legal or financial repercussions, he added further. 

Formerly, only business-to-business services were liable for IGST. Individuals and government entities were exempt from paying tax on non-business services obtained from overseas Online Information Database Access and Retrieval (OIDAR) service providers based outside of Indian jurisdiction.

Furthermore, Ranjeet Mahatani, partner at Dhruva Advisors said, “The primary concern for the industry is to determine whether the supply is covered by the amended definition of OIDAR services. Next, the issue is to determine who is liable to pay the applicable GST—if it is the service provider, what sort of information and documents he or she is obliged to gather from the recipient of the services,” while talking about the challenges of the removal of exemption from IGST for IT services.

It should be noted that, OIDAR services were first liable for indirect taxation under the service tax framework in 2001 In India. With the expansion of the online space in 2016, the scope of these services was also expanded. Furthermore, Section 16 of the IGST Act widened the definition of ‘non-taxable online recipient’ to include unregistered recipients, shifting the burden of tax collection to service providers.

threat

About 89% Business Leaders Identifies Resilience As Priority: Report

The report also stated that about 70 per cent of participants are optimistic about their organisation’s ability to respond to various disruptions, noting that many businesses lack the fundamental aspects of resilience required to efficiently tackle disruptions

About 89 per cent of business leaders observed that resilience is one of their top strategic organisational priorities, according to the Global Crisis and Resilience Survey 2023 by PwC. Business leaders identified true resilience as a key competitive advantage.

The report also stated that about 70 per cent of participants are optimistic about their organisation’s ability to respond to various disruptions, noting that many businesses lack the fundamental aspects of resilience required to efficiently tackle disruptions.

It highlighted that almost two thirds of organisations have move toward an integrated resilience programme but only one in five is fully integrated. Enterprises are actively moving towards an integrated approach to resilience, centrally controlling and aligning multiple resilience capabilities around what is most important to the business and integrating the programme into operations and corporate culture, it added.

It revealed that 31 per cent of our respondents said that building a team with the proper abilities is a big obstacle in implementing a resilience programme. Upskilling future leaders is recognised as one of the three most critical parts of future-proofing resilience by 57 per cent of companies.

Many businesses are adopting the key concepts of an operational resilience (OpRes) strategy as they integrate their resilience initiatives, concentrating on preserving what matters most and prioritising investment based on what is vital to their organisation and stakeholders. This enables companies to control risks with high dependability while also increasing productivity, it added.

lay off

KPMG Likely To Eliminate 6% Of Its Deal Advising Staff In UK: Reports

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Accounting giant KPMG intends to eliminate roughly 100 jobs from its deal advising division in the UK, as per reports

Accounting giant KPMG intends to eliminate roughly 100 jobs from its deal advising division in the UK, as reported by Reuters. It is estimated that the layoffs will affect closer to 6 per cent of the 1,700-person KPMG deal advising team in the UK and stated the decision was made because of a decline in client demand.

In September, the news reports claimed that KPMG intended to fire 125 of its UK consultants, or 2.3%, of its workforce.

In June, the accounting firm also disclosed layoffs impacting 5 per cent of its U.S. workers. Reuters reported last month that Deloitte planned to eliminate more than 800 jobs in the UK. Deloitte, KPMG, EY and PwC are the big four accounting firms.

KPMG firms operate in 143 countries and territories and, in FY22, employed more than 265,000 partners and staff to serve the needs of business, governments, non-profit organisations, public sector organisations and the capital markets through their audit and assurance practises.

flipkart

‘Big Billion Days’ Sale Attracted 1.4 Bn Customers: Flipkart

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The Walmart-owned company’s Kirana partners delivered over four million packages during the first four days of the The Big Billion Days sale

Ecommerce giant Flipkart on Sunday said that its 10th edition of “The Big Billion Days” sale garnered 1.4 billion customer visits during the early access and the first seven days of the festive sales.

The company said it extended its services to remote regions of the country this year, ensuring that customers in Andaman, Hayuliang (Arunachal Pradesh), Choglamsar (Ladakh), Kutch (Gujarat) and Longewala (Rajasthan) could also partake in the festive shopping experience.

The Walmart-owned company said that its Kirana partners delivered over four million packages during the first four days of the The Big Billion Days sale.

Meanwhile, Amazon experienced a remarkable influx of 95 million customers within the initial 48 hours of its own festive season sale. This surge was accompanied by a substantial increase in Prime memberships, resulting in the highest number of Prime members shopping within the first 24 hours of the sale.

Flipkart also revealed that it created one lakh new job opportunities across its supply chain, including fulfillment centres, sortation centers and delivery hubs.

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