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21 Jan 2024, 17:48

Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE

Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE

Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE

Demand for industrial and logistics spaces hit an all-time high across eight major cities last year with leasing activity rising annually by 8 per cent, according to CBRE. In its latest report, real estate consultant CBRE said that the leasing of industrial and logistics spaces rose to 38.8 million square feet in 2023 from 36 million square feet in the previous year driven mainly by demand from third-party logistics (3PL) companies.

Flipkart may reduce workforce by up to 7%, affecting 1,500 employees
08 Jan 2024, 16:44

Flipkart may reduce workforce by up to 7%, affecting 1,500 employees

E-commerce major Flipkart is reportedly planning to reduce its workforce by 5-7 per cent in early 2024 that may affect nearly 1,500 employees. The Walmart-owned company currently has around 22,000 employees.According to sources, Flipkart has initiated the exercise via performance reviews and the job cuts are likely to be implemented by March-April.The Economic Times was first to report about the upcoming move by Flipkart.

Meesho posts first-ever quarterly profits in FY24, claims to be the first profitable e-commerce unicorn in Q2
29 Dec 2023, 14:51

Meesho posts first-ever quarterly profits in FY24, claims to be the first profitable e-commerce unicorn in Q2

Softbank-backed Meesho on Friday said it became the first e-commerce unicorn to post consolidated profit after tax in the second quarter ended September 2023. The company did not disclose the amount of profit it earned in the July-September period. During the first-half period of the current financial year, the company reported narrowing of losses to Rs 141 crore and an increase in revenue by 37 per cent on a year-over-year basis to Rs 3,521 crore.