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Shiprocket partners with Fynd to improve last-mile delivery for D2C brands
IPO-bound Shiprocket, an e-commerce enablement platform, on Thursday announced a strategic partnership with AI-native commerce platform Fynd to enhance last-mile delivery for over 300 direct-to-consumer brands.
With this partnership, Fynd will also integrate Shiprocket's logistics provider aggregation services, including courier selection, price comparisons, and order tracking, enabling brands on Fynd to fulfil orders using Shiprocket's logistics partners, the company said in a statement.
The service is already live for over 300 active direct-to-consumer brands on Fynd's order management system. With Shiprocket's network, the partnership is expected to improve delivery timelines, especially in Tier II and Tier III markets, it added.
"This partnership brings logistics automation and delivery optimisation to the fingertips of Fynd's brand ecosystem. Partnering with Fynd brings that vision to life for hundreds of growing D2C businesses," said Shiprocket's Chief Executive Officer (Domestic Shipping) Atul Mehta.
Ragini Varma, Chief Business Officer - India, Fynd, said, "This partnership means fewer trade-offs, broader reach, and a faster path to scale. It's the infrastructure that thinks -- so brands can focus on building what's next".
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India Today
43 minutes ago
- India Today
Air India crash: Who will bear cost of one of the deadliest aviation disasters?
A London-bound Air India flight crashed in Ahmedabad on Thursday, shortly after take-off. The flight crash, one of the deadliest accidents in India's history, not only left behind devastation for the families of at least 256 crash victims, but also dealt a huge financial blow to the aviation industry, one that could linger for years to Boeing 787-8 Dreamliner crash could possibly become the costliest aviation insurance claim in the country's history. advertisementBut who will bear the financial burden of the insurance and compensation payments? India Today attempts to break it PAYOUTS An important set of rules that will determine the compensation for the passengers of a crash is the Montreal Convention, 1999. The Montreal Convention is an international treaty that governs airline responsibility for death or injury to passengers, as well as for damage, loss, or delay of baggage and cargo. According to this treaty, Air India is liable to pay a fixed amount of 1,51,880 Special Drawing Rights (SDRs) per victim. SDRs are a unit of account created by the International Monetary Fund (IMF), based on a basket of five currencies, ensuring consistent valuation worldwide. At the current rate of approximately Rs 120 per SDR, this translates to about Rs 1.8 crore per 256 lives lost, including 231 passengers and 10 crew members, the minimum compensation liability for Air India under the Montreal Convention exceeds Rs 435 crore. However, crew members are typically compensated under employment contracts or workers' compensation laws, not directly under the Montreal Convention, which may slightly adjust the total payout Montreal Convention mandates airlines to make an advance payment of at least 16,000 SDRs (about Rs18 lakh) to victims' families promptly, even before any investigations conclude. This payment is usually made to cover the immediate needs of the family, such as funeral and related expenses. While the fixed SDR compensation sets a baseline, families of the victims can seek higher payouts if any negligence or fault by the airline is the legal obligation under the Montreal Convention, the Tata Group, which owns Air India, has pledged an additional Rs1 crore compensation each for the victims' families. This decision, independent of the Montreal Convention, could bring the total compensation per victim to approximately Rs 2.8 crore, combining both statutory and voluntary PAYOUTS TO AIR INDIAHull InsuranceHull insurance is a specialized form of aviation insurance that provides coverage for physical damage or loss to an aircraft itself, rather than covering third-party liability or passenger injuries. advertisementThis insurance, essential for aircraft owners, operators, and lessors, protects the financial value of the aircraft against a range of risks, including accidents, collisions, fire, natural disasters, and sometimes even disappearance of a Boeing 787-8 Dreamliner involved in the Ahmedabad crash was insured under a hull insurance policy valued between 80 million US Dollars and 115 million US Dollas (Rs 665 to Rs 960 crore). Given the aircraft was a total loss, insurers would possibly be liable to pay out the full insured value of the InsuranceThe Montreal Convention requires airlines to carry liability insurance to ensure they can meet their compensation obligations to passengers and cargo owners in the event of accidents, injury, or loss. This requirement is designed to protect passengers by guaranteeing that airlines have the financial resources to pay compensation as mandated under the Convention's strict liability regime. The Convention says that all air carriers engaged in international carriage must maintain adequate insurance covering their liability for death, injury, baggage, and cargo Air India, this liability insurance is expected to cover the Rs 435 crore in passenger compensation and additional claims related to the damaged hostel and other possible third-party FINANCIAL COSTOverall, the insurance claims and the compensation payouts together can be forecasted to range between 120 million US Dollars and 150 million US Dollars (Rs 1,000–1,250 crore), which includes the hull insurance payout, passenger liability claims and other third party and ground damages of around 10–20 million US will also include damages to the medical college, on whose residents' doctors hostel the flight crashed. The Tata Group has committed to rebuilding the BEARS THIS COST?The lead primary insurer for the Air India Boeing 787-8 Dreamliner that crashed is Tata AIG General Insurance, holding over 40 per cent of the share in the insurance policy. Other Indian insurers include New India Assurance, ICICI Lombard General Insurance, and several public sector insurers such as United India Insurance, Oriental Insurance Company, and National Insurance insurance policy covers both - the hull insurance and the liability there also exists a crucial reinsurance structure in the event of such tragedies. Reinsurance in the aviation sector refers to the practice where primary insurers (those who directly insure airlines, aircraft manufacturers, airports, and other aviation-related entities) transfer a portion of their risk to other insurance companies, known as reinsurers. Simply put, it works as insurance for the insurance insurers typically retain less than 10% of the total risk in such large aviation policies. The vast majority - about 90–95 per cent - of the risk is ceded to global reinsurers through international reinsurance the present case, in accordance with the mandatory domestic reinsurance requirements, GIC Re - India's government-owned reinsurer holds only around 4-5 per cent of the reinsurance risk. Over 90 per cent of the liability is ceded to international reinsurers, primarily based in London, including AIG London. This means that of the total Rs 1,000- Rs 1,250 crore cost, GIC Re will bear a cost of about Rs 50 crore, while the remainder will have to be borne by the international THERE A FIXED TIMELINE FOR THE PAYMENTS?Under the Montreal Convention, airlines are required to settle all claims within two years. For this, the families of the victims must submit documentation such as death certificates, proof of kin etc to initiate the compensation claims. This, however, pertains only to the fixed liability of the airlines under the convention. In case there are any additional claims arising out of proven negligence or fault of the airline, the matter may have to be decided by a court of least 265 people died in the deadly Ahmedabad-London AI 171 flight crash. The number of victims includes 241 people on board, with only one survivor. Must Watch
Hindustan Times
an hour ago
- Hindustan Times
DGCA orders enhanced safety inspection of Air India's Boeing 787 fleet
NEW DELHI: India's aviation regulator, the Directorate General of Civil Aviation (DGCA), on Friday ordered Air India to conduct enhanced safety inspections on its Boeing 787-8/9 fleet after its London-bound flight crashed in Ahmedabad on June 12, the world's worst aviation disaster in a decade. The enhanced inspection will include checks of various systems and a review of take-off parameters of the Boeing 787 Dreamliner aircraft, according to an order by DGCA on Friday. The inspection would have to be conducted in coordination with the regional DGCA office concerned, and a report detailing all the checks submitted for the regulator's review. DGCA also told the airline to address 'repetitive snags' that occurred during the last 15 days, underlining that it would also review incidents on the Dreamliner over the past fortnight. Over 260 people were killed on Thursday when Air India's Boeing 787-8 Dreamliner entered a slow descent moments after takeoff at Ahmedabad -- its landing gear still extended -- and exploded into a huge fireball upon impact. Apart from 241 passengers and crew on board, more than 20 people on the ground were also killed in the accident. Thursday's accident was the first crash of the widely popular long-haul aircraft that entered service in 2011. Air India has 26 Boeing 787-8s and 7 Boeing 787-9s in its fleet. As a preventive measure, DGCA said it has ordered the Tata-owned airline to conduct 'additional maintenance actions' on B787-8/9 aircraft equipped with GEnx engines with immediate effect. The jet involved in Thursday's crash was equipped with GE Aerospace's GEnx-18 engines. From Sunday, June 15, DGCA said the airline should conduct a series of one-time checks before departure of flights from India. These checks include: inspection of fuel parameter monitoring and associated system checks, inspection of cabin air compressor and associated systems, electronic engine control-system test, engine fuel-driven actuator-operational test and oil system check, serviceability check of hydraulic system and review of take-off parameters. The regulator also ordered 'Flight Control Inspection' to be introduced in transit inspection till further notice apart from having power assurance checks within two weeks. 'Power assurance checks to be carried out within two weeks,' the order read. Video evidence from a surveillance camera at the airport showing the aircraft's final moments showed the plane following a normal take-off trajectory before suddenly losing its ability to climb and crashing. The pilots issued a Mayday call shortly after take-off. Experts told HT on Thursday that the plane's nose-up attitude while descending was consistent with sudden, severe power loss.
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Business Standard
an hour ago
- Business Standard
Air France-KLM CEO backs Boeing 787 after Air India crash in Ahmedabad
The head of Air France-KLM voiced confidence in the Boeing 787 Dreamliner as he expressed condolences to Air India and those affected by the deadly crash of a London-bound passenger jet in Ahmedabad on Thursday. "We still have confidence in the airplane; we have 34 787s in the KLM fleet," Ben Smith, CEO of the Franco-Dutch airline group, told the Paris Air Forum conference on Friday, noting that the tragic accident is under investigation. Speaking at the same event, Airbus CEO Guillaume Faury also expressed condolences to families of victims of the crash, the worst aviation disaster in a decade. India's air accident agency is investigating the cause of the crash which killed more than 240 people and safety experts have cautioned it is too early to speculate on the causes. India's aviation regulator on Friday directed Air India to carry out safety inspections on its Boeing 787-8/9 fleet, an order showed on Friday.
