E-com biggies Flipkart, Amazon rivalry gets intense in India as the market opens up
29th July 2021, Mumbai:
Competition in the Indian e-commerce space is high and rising. There is plenty of activity in the corporate financing space as market players attempt to gain market share on their rivals, says Fitch Solutions.
Retail firm Flipkart raised $3.6 billion in new funds from a pool of global investors in a fundraising round that gave the Walmart-controlled company a valuation of $37.6 billion. Since its launch in 2014, the firm has raised more than $10 billion in fresh funds. The capital injection will increase competition in the e-commerce arena in India.
Meanwhile Amazon continues to invest and expand its footprint in the country and has adopted its approach to adjust to the regulatory changes.
At the start of 2021, the US firm entered into an agreement with local retailer Future Group — a move that set up Amazon India to become the official online sales channel for Future Retail stores, which includes mass grocery retailer Big Bazaar. China’s Alibaba’s subsidiary UCWeb is planning to launch an e-commerce service in India.
Rising internet use, a growing middle class with greater consumer spending power and the youth demographic representing a greater share of the country’s population are driving the Indian e-commerce market’s ongoing development.
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