India’s local poster boy of online retail, Flipkart, has a big problem. A $ 5 billion big problem to be precise.
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Amazon India may have surpassed Flipkart to become the biggest online retailer in the country last month. This comes weeks after Seattle-based company’s boss announced that he will be investing an additional $ 3 billion in India, making the total investment in the country to $ 5 billion dollars in three years.
Amazon India had better gross sales in the month of July, reports Livemint citing five people with knowledge of financial numbers. The American company’s Indian subsidiary had gross sales (value of goods sold) of over Rs 2,000 crores, a figure that Flipkart missed. However, when gross sales from Flipkart-owned Myntra, and recently are taken into consideration, the Indian company is still at the top, the report added.
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Amazon outstripped Flipkart as India"s biggest online retailer: Report
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