There were no equity investments done in March 2017 in the e-commerce sector barring a $4 million debt that was raised by BigBasket, says the report released by Ernst & Young (EY).
"E-commerce sector is undergoing a lot of churn and most businesses are in the recalibration mode, leading to low deal activity," said media reports quoting Mayank Rastogi, EY partner and leader for PE.
A number of e-commerce startups struggled during the last one year and ended up getting shut. A few companies also laid off employees to cut costs in a bid to turn profitable. (KD)
ALCHEMPro News Desk – India
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