What a mess! India’s biggest ebook publisher to close down, says CEO
New Delhi: In a rare move, Flipkart’s India unit has decided to close its doors on December 1.
The unit was established in 2016 and has been expanding in the last few years.
It was the only e-book publisher to successfully launch an e-books platform and was also the first to create a dedicated portal for digital purchases.
In fact, Flipks chief executive Arvind Subramanian told The Times that it was one of the first e-commerce companies to do so.
In a statement, the company said that the decision was due to a “dramatic deterioration” in the digital landscape.
Flipks’ sales in India were down 16.3% year-on-year in the third quarter of 2017, as the company had struggled to sustain the business in the face of the rising competition in the market.
While the company says that it will continue to provide e-readers to its customers, the move comes at a time when the Indian market is increasingly dominated by Amazon.
It also comes at the end of an epic period for e-reading in India, when Flipkarts business model has been battered by Amazon and the likes.
The company has been working on a new product to make its books more affordable.
The platform will have an “eBook Buyer”, which will allow customers to buy e- books directly from the company.
The company has also launched an online portal for ebooks in India.
In 2018, FlipKart acquired the publishing rights to popular Indian literary titles from Penguin Random House, with the aim of making its books available to the general public.