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  AIOVA: SoftBank agrees to sell Flipkart stake to Walmart
Posted by: Guest - 46 minutes ago - Forum: News - No Replies

SoftBank agrees to sell Flipkart stake to Walmart

SoftBank has agreed to sell its entire 21% stake in Flipkart to US retail giant Walmart, ending the uncertainty created after the Japanese telecom and Internet giant’s head Masayoshi Son last week said he was still undecided on the sale, said one source familiar with the matter.
SoftBank, which invested close to $2.5 billion in Flipkart through its Vision Fund, is expected to make close to $4 billion on its investment. The company had been in discussions to stay invested in Flipkart and also possibly delay the sale due to tax issues related to short-term capital gains and Vision Fund’s registration in Jersey, which does not have a tax treaty with India. It has now decided to sell the stake and work out the tax issues, said the source quoted above. ET could not ascertain the exact details or terms of the sale at the time of filing this article. Aspokeswoman for SoftBank declined to comment.
The company was undecided on selling its Flipkart shares due to tax implications and also because it saw a further increase in valuation for Flipkart, ET had reported on May 11. Son had confirmed this on May 15 at a Wall Street Journal event saying SoftBank is “considering many options”.
ET also reported on May 14 that SoftBank held early discussions to invest more in Paytm Mall.
The Japanese internet giant could be freed from a clause in its agreement with Flipkart that restricts it from investing more than $500 million in Paytm Mall until 2020, ET had reported.
SoftBank has till now invested $400 million in Paytm Mall and another $1.4 billion in Paytm owner One97 Communications, collectively making it the largest bet for the company in India once it exits Flipkart. SoftBank’s other investments in India include cab aggregator Ola and hotel rooms player Oyo.
SoftBank’s Vision Fund invested about $2.5 billion in Flipkart in August last year after a failed attempt to orchestrate a merger with Snapdeal, which was its first bet in the Indian online retail space in 2014.
The Japanese company had invested about $900 million in Snapdeal in the hope that the etailer would be able to challenge Flipkart’s market leadership but saw the company slip to a distant third behind Amazon India by 2016.
Earlier this month Walmart announced it was buying a 77% stake in Flipkart for about $16 billion. India is a unique market witnessing a threeway battle involving US retail majors Walmart and Amazon, and China’s Alibaba.
If SoftBank exits Flipkart and invests additional capital in Paytm Mall, the alignments would become similar to the Chinese market where SoftBank is a big shareholder in Alibaba, which competes with Tencent and Walmartbacked JD.com.
Tencent will remain one of the largest minority shareholders in Flipkart after the Walmart deal.
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  AIOVA: L Catterton Asia to acquire 10% stake in Future Lifestyle Fashions
Posted by: Guest - Yesterday, 04:56 PM - Forum: News - No Replies

L Catterton Asia to acquire 10% stake in Future Lifestyle Fashions

NEW DELHI: French luxury goods conglomerate LVMH-backed private equity firm L Catterton Asia will acquire 10 per cent stake in Kishore Biyani-led Future Lifestyle Fashions (FLFL) for an undisclosed sum.
L Catterton Asia will acquire an approximately 10 per cent stake in FLFL through a mix of preferential allotment and secondary purchase of shares," FLFL said .
"L Catterton Asia's significant investment in FLFL will enable FLFL's retail formats, Central and Brand Factory, and own brands to leverage the global fashion and retail expertise of L Catterton to further strengthen and expand the business," the company said.
Future Group Founder and CEO Kishore Biyani said this investment reinforces FLFL's position as India's leading lifestyle fashion company while opening up avenues of global collaboration for us.
L Catterton Asia Chairman and Managing Partner Ravi Thakran said, "We have jointly identified areas where we can bring our unparalleled fashion and brand experience to unlock value for all stakeholders."
"The underpenetrated retail sector in India offers significant opportunity and we look forward to working alongside Biyani and the outstanding management team throughout this next phase of the company's growth," he added.
Lazard India acted as the sole financial adviser to FLFL and its shareholders.
Founded in 2012, FLFL owns and markets about 30 fashion brands through exclusive brand outlets, department stores and multi brand outlets, as well as company operated chains such as Central and Brand Factory.
L Catterton Asia invests in select consumer lifestyle businesses that will benefit from growing discretionary consumption in Asian markets.
L Catterton Asia leverages its strategic relationship with LVMH and Groupe Arnault across the entire investment process, from proprietary deal origination and industry specific due diligence to post investment operational value add to its portfolio companies.
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  AIOVA: Retail tech company Mobisy raises $3.5 million in second round of funding
Posted by: Guest - Yesterday, 04:17 PM - Forum: News - No Replies

Retail tech company Mobisy raises $3.5 million in second round of funding

BENGALURU: Mobisy, a leading provider of SaaS-based distribution technology solutions for consumer companies, announced on Monday that it has received a second round of venture capital funding of $3.5 million (Rs 24 crores), led by SIDBI Venture Capital Limited (SVCL). Ojas Partners (Mobisy's investor in an earlier round), Triton Investment Advisors and some individuals also participated in this round. Lastaki Advisors, advised Mobisy on this deal.
Launched in 2007, Mobisy enables orders from over 5 million retail outlets (about a third of India's retail ecosystem) and its goal is to build products that can positively change the lives of various stakeholders of the retail ecosystem. These funds go towards furthering these goals and will be used for the company's research and development and to power expansion plans through an intensified sales and marketing push.
Lalit Bhise, co-founder and CEO of Mobisy, said in a statement, "We look forward to leveraging their industry experience to penetrate deeper into our market and solve sales and distribution problems for consumer goods companies and their partners in India and abroad."
Mobisy was ranked the third fastest growing technology company in India at Deloitte Technology Fast 50, 2017 and 43 in the inaugural FT 1000 High-Growth Companies Asia-Pacific list.
"We believe that Mobisy's real-time insight-driven solutions for our country's consumer goods retail ecosystem have the potential to streamline what is currently a very high-touch, inefficient system. This can mean better results for everyone in the ecosystem, from brands to distributors to retailers. We were particularly impressed by the team's passion to create products that bring the benefits of digitization to people who may otherwise have remained on the margins of Digital India - small kirana store owners, distributors and small & medium consumer goods brands," added Sajit Kumar from SVCL.
Mobisy Technologies offers two products- Bizom, a sales force and supply chain automation solution and Distiman, a mobile app that connects retailers to FMCG brands and ensures just-in-time stocking, enabling retailers to rotate invested capital faster and double their profits.
Garnering wide acceptance the products are today used by over 160 companies, mostly in the FMCG space, including well known names such as Parle Agro, Hersheys, Mars, Jyothy Labs, Cargill, Vadilal and Nivea among others.
Echoing similar sentiments Rajesh Srivastava from Ojas Ventures, which provided seed funds to Mobisy in 2013, said. "Mobisy has thoughtfully built a solution from ground up for the unique needs of the retail ecosystem and has consistently grown more than triple digits each year. We look forward to working with Mobisy as they expand their business and social impact to new markets."
"While the team and client list that Mobisy has is second to none, the determinant for us to partner with the company is their data driven approach to the sales and distribution process across industries which is solving some of the largest problems that brands and consumers in emerging markets face today. The spread in the use of Bizom and Distiman, in our opinion, will significantly change the way brands interact with their marketplace," added Dev Raman from Triton Investment Advisors.
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  AIOVA: Flipkart to ramp up product range, partners for Perfect Homes
Posted by: Guest - Yesterday, 03:54 PM - Forum: News - No Replies

Flipkart to ramp up product range, partners for Perfect Homes

NEW DELHI: Flipkart expects its private label 'Perfect Homes' to account for almost half its revenues in the furniture category by next March as it expands the product range as also the number of partners under the brand.
Flipkart, which is being taken over by Walmart in a $16 billion deal, had introduced the furniture brand on its platform last year.
"We are expanding our range to 250-300 SKUs from about 150 right now and our target is to play across 20 categories in the segment," said Flipkart Head of Private Labels and Electronics Adarsh Menon.
"A significant portion of the furniture market in India is unorganised and our intent is to establish 'Perfect Homes by Flipkart' as a key brand," he said.
The company also intends to double the number of its partners for the brand to 10 in the next few months, he said.
Like its other private labels, the Perfect Homes range of products are sold on Flipkart's platform through sellers. These sellers licence the brand from the company, which charges a fee from the sellers.
E-commerce companies focus on private labels because they offer higher margins and enable better control of inventory.
The 'Perfect Homes by Flipkart' lineup is about 30 per cent cheaper than similar options available elsewhere, Menon said, adding that the focus is on building standards by offering quality assurance and warranty to customers.
"We have seen great traction for the brand and it is already 30 per cent of the sales of our overall furniture category. By the end of the fiscal, we expect it to be closer to 50 per cent," Menon said.
Flipkart, which competes with not only its American rival Amazon in the segment but also with the likes of Urban Ladder and Pepperfry, has launched 'FurniSure' -- a durability certification for furniture.
The certification, it said, will assure customers of the quality and durability of furniture available on Flipkart, and products that get certified will be available at the 'FurniSure' store on Flipkart.
The company explained that the certification is offered after a rigorous test process conducted through National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited testing laboratories including Intratek, MTS, BV and SGS.
By the end of 2018, 60 per cent of furniture products on Flipkart will be durability certified, it added.
Nandita Sinha, Senior Director and Head of Furniture Category at Flipkart, said the company overhauled and fixed a lot of problems like selection, delivery and service when Flipkart re-launched the category on its platform last year.
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  AIOVA: After Flipkart’s big moment, startups dream big
Posted by: Guest - Yesterday, 01:34 PM - Forum: News - No Replies

After Flipkart’s big moment, startups dream big

By Anupama BijurMuch before the formal announcement of Walmart buying a 77 per cent stake in Bengaluru-based Flipkart for $16 billion, whispers were strong among the start-up community. “It wasn’t a question of if, but when,” says Sushant Kashyap, a start-up entrepreneur.
Kashyap says he and his friends had been wagering that the figure would be somewhere between $15 and 20 bn. And when the formal announcement was made, there were many ‘I told you so’s.”
Nearly a week after the costliest buyout of an Indian unicorn by a US firm, the conversations have not died down. Hari Prakash (name changed), a former Flipkart employee, who still holds his ESOPs, says, “All my friends think I have struck gold.” Prakash however does not share how much his worth has gone up by, but he, like most people associated with start-ups, is waiting for an IPO. Asked if he wishes he were still at Flipkart, Prakash says, “I don’t think so. I was with Flipkart in 2012. It was a different place and time then.” Prakash who is a consultant to Flipkart now, does not know if, with the new development, his terms of engagement with Flipkart will change, but he is willing to wait and watch.
But the excitement among employees of start-ups refuses to die down. Says Kashyap, “What this will do is create a new batch of entrepreneurs who will want to build sustainable businesses to provide supporting functions to big start-ups. I don’t think there will be many start-ups who will want to exit soon.”
But for young first generation entrepreneurs like Aditya Anand, product designer at Practo, this deal has created reference point. “This deal has made it easier for the next generation of entrepreneurs to tell their parents what it is that they do. When I started a company, which I later sold to Practo, my parents didn’t have a reference point to start-ups.’’
While there’s excitement in the air a week after the deal, it’s also a good time for a reality check. A start-up entrepreneur sounded less than upbeat when we caught up with her at lunch. “There’s no change in the mood for us. We haven’t been bought out, have we? It’s business as usual for us,” she said.
But the over-arching benefit for the industry can’t be stated enough. If you’ve been a partner with the start-up of the moment, then the excitement rings closer home as it does for Rajiv Srivatsa, Co-Founder and CPTO, Urban Ladder. Says Srivatsa: “Flipkart has been a shining beacon for the ecosystem and an inspiration for many start-ups in India. They were the ones that turned customer confidence by delivering services that were outstanding. They’ve been our partner in our journey and when someone like them gets the backing of a global giant like a Walmart, it’s a huge vote of confidence for the entrepreneurial ecosystem. Now there are more players and more new categories, beyond books and electronics.’’
For Rashmi Daga, founder of food delivery app Freshmenu, the deal is a confirmation of the belief that a lot of start-up entrepreneurs have dreamt of. “For us, as an early stage start-up, this tells us that we have so much more to do,’’ she says. Besides the start-ups, this deal has brought into focus the large number of investors who continue to put their faith and money into new businesses. Says K Ganesh, serial entrepreneur, founder Portea Medical, promoter BigBasket, Bluestone etc: “A lot of unanswered questions and reservations about the Indian start-up ecosystem have been conclusively answered by this deal. This answers a lot of critics and nay-sayers who are quick to criticise and pull down disruptive founders. Start-ups are a risky game with high mortality rates. Deals like this spur the ecosystem like nothing else does.”
Another industry senior, Vivek Mansingh, General Partner, YourNest VC Fund India, says, “It shows that Indian business can create $20+ billion value in a relatively short period of time (about 10 years), that an Indian start-up can take on global giants like Amazon, first generation entrepreneurs can make it happen, Indian start-ups can attract global money (Tiger Global, Softbank, Microsoft), if one can build a business that can scale, there is interest from global players for M&A (mergers and acquisition) and healthy exits can happen, employees who work at start-ups can have amazing success and with such a big infusion of money, businesses, logistics providers will grow and will create a lot of jobs.’’
The Flipkart deal also offers many lessons for young entrepreneurs waiting to start a business. Says K Ganesh: “India offers huge opportunities to build businesses and create value. There are several large problems across sectors waiting to be solved. This is the best time to become an entrepreneur, provided everything is aligned - vibrant ecosystem of mentors and advisors, angel investors, VC funds, number of accelerators and incubators, government policy and stellar role models. But remember this is a marathon and not a sprint.”
Bengaluru is the best place for start-ups in the country, believes K Ganesh. It is home to 4 out of the 10 unicorn start-ups (companies valued more than $ 1 billion – Rs 6700 crores ). It is among the top 20 cities in the world in the Global start-up ecosystem Index ( only Indian city in the list). Also the world’s second fastest growing system in the world after Berlin.
This is because of critical mass of ecosystem players coming together. Irrespective of party or government in the state or centre, the people involved – bureaucrats , secretaries in IT/BT , STPI directors , IIITB director, all of them have come together over the last two decades to ensure entrepreneurs get all the support and thrive .
The bar set by everyone in Bangalore and Karnataka is so high that every successive official try to outdo each other. The results are there to see.
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  AIOVA: Chinese bike-sharing giant Mobike to begin India journey from Pune
Posted by: Guest - Yesterday, 10:25 AM - Forum: News - No Replies

Chinese bike-sharing giant Mobike to begin India journey from Pune

NEW DELHI: Chinese bike-sharing giant Mobike is preparing to make its India debut over the next couple of weeks.
Beijing-headquartered Mobike, often referred to as a pioneer in bike-sharing services, will be initially launching in Pune, but plans to establish its presence in 10 cities across the country over the next 12-16 months, a senior company executive told ET. “The product itself is so great that there is an aspirational value to it… Mobike is transforming the urban landscape-…When people see value in what you are offering as a service, they are ready to change their behaviour,” Vibhor Jain, India head for Mobike, said.
India is the second major market that the company will be launching in, post its $2.7-billion acquisition by Meituan Dianping, China’s largest provider of ondemand services, last month, having announced its entry in Israel earlier.
“We have tied up with the Pune Municipal Corporation, and they will provide us with parking spaces across the city… The idea is to have a parking station every 150-200 metres,” Jain told ET, adding that the company is also talking to private parties, such as multiple resident welfare associations, among others, to garner parking space.
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  AIOVA: Raw Pressery raises Rs 65 cr from Sequoia, Saama, Others
Posted by: Guest - Yesterday, 10:15 AM - Forum: News - No Replies

Raw Pressery raises Rs 65 cr from Sequoia, Saama, Others

MUMBAI: Organic cold-pressed juice and beverage maker Raw Pressery has finalised an investment of Rs 65 crore (about $10 million) from existing investors Sequoia Capital, Saama Capital and DSG Consumer Partners as it looks to expand its footprint across international markets significantly.The four-year-old beverage maker is also in talks with family offices and institutional investors to raise an additional $5 million as part of this funding round, which is likely to close in the next 1-2 months.With this, the total capital raised by the firm stands at about Rs 152 crore, not counting the $5 million (Rs 34 crore) that it is yet to finalise.Raw Pressery had last raised $6 million from the three existing investors in October 2017.Founded in 2013, the Mumbai-based consumer startup is looking to use the capital to expand its international footprint to Southeast Asia as also strengthen its distribution and supply chain as it looks to scale new offerings.“We are looking to start a pilot of our operations in Southeast Asia starting with Singapore and then Kuala Lumpur. We will go live in these markets next year,” CEO Anuj Rakyan told ET. RAW Pressery is also in the process of setting up a production plant in West Asia to expand its recently launched operations in Qatar, Abu Dhabi and Dubai.The firm has also been receiving investor interest from global strategic players and family offices and is likely to close a larger round of investment by FY19-end.Raw Pressery claims to have grown 120% in FY18 and is looking to grow revenues by about 112% in FY19. The ‘clean-label beverage’ brand is also looking to expand its retail touch points in India to 6,000 by FY19 end from the current 2,000 that it is available in.The firm, which is also looking to introduce alkaline water later this year, is targeting a turnover of Rs 100 crore over the next two years, aiming to grow over 6 times since FY17.Juices and smoothies, which form about 90% of the revenues, is the core business for RAW Pressery, which has introduced newer categories including nut milk and soups. For FY19, expanding the distribution reach for its non-dairy product line including almond milk as also its probiotic range under dairy will be the key growth focus for RAW Pressery as it looks to scale these new categories internationally.“We have built a lot of defensive moats including our sourcing back-end, own supply chain, intellectual property (IP) and branding. That has helped us scale significantly and meet about 96% of our revenue projection for FY18,” said Rakyan. RAW Pressery clocked Rs 15.1 crore in operational revenues for FY17 reflecting a strong growth of about 140% from Rs 6.3 crore in FY16, according to financial documents filed with the registrar of companies. Let's block ads! (Why?)


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  AIOVA: Paytm Mall adds heft to its service offerings
Posted by: Guest - Yesterday, 10:15 AM - Forum: News - No Replies

Paytm Mall adds heft to its service offerings

NEW DELHITongueaytm Mall has launched a slew of services, including no-cost every month instalments, extended warranty, device insurance and easy exchanges, for white goods and mobile phones, as the SoftBank Group and Alibaba Group-backed ecommerce operator looks to complement its offline-to-online (O2O) platform.
The Noida-based ecommerce company, which was valued at $1.9 billion after its last funding round in April, has targeted 25% growth in gross revenue for its partner retail stores, and gaining a dominant share in the smartphones, appliances and consumer electronics categories by the end of fiscal 2019, the company said in a statement.
“The difference between us and the others is that we have a strong wide array of products, for which we are known for,” Amit Sinha, chief operating officer at Paytm Mall, told ET. “Secondly, till now, none of these services were available in the offline sector… It is a huge challenge, and one that we are looking to solve for them.”
As part of the offerings, Paytm Mall, which is owned by Paytm E-Commerce, has partnered with some of the largest white goods manufacturers, such as Samsung, LG, Panasonic and Symphony, and has also brought in financial partners, including ICICI Bank and Bajaj FinServe, into the fold.
The company, which is believed to be in talks with SoftBank to raise an additional $3 billion in fresh funding, will offer EMIs of Rs 1,000 crore across two million products from 60 brands. It will also offer easy exchange across 7,000 pin codes and affordable device insurance, extended warranty services across 75,000-plus partner retail stores.
“We expect to reach all 7,000 pin codes over the next three months. EMI and warranty services, being primarily tech-enabled services, are already operational on our platform,” Sinha told ET.
“This is a perfect example of how the O2O strategy should work.”
The announcements come at a time when the company is challenging market leaders Flipkart and Amazon. The latter two companies already offer the services on their respective platforms, however, according to Sinha, it is question of scale. “It took a bit of time for us to implement the nuts and bolts of the O2O model... It took us some time to evolve to a level where we could convince everybody that this was a great opportunity for everybody in the ecosystem,” Sinha said.
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  AIOVA: Myntra reduces losses by 25% to Rs 655 cr in FY17
Posted by: Guest - Yesterday, 09:36 AM - Forum: News - No Replies

Myntra reduces losses by 25% to Rs 655 cr in FY17

MUMBAI: Myntra’s strategic focus on its umbrella of private labels has given a fillip to the fashion and lifestyle business of the Flipkart group, which saw FY17 losses reduce 25% to Rs 655 crore as against Rs 823 crore in the previous year.
The financials, filed with the Registrar of Companies and accessed by data research platform Tofler, reflect consolidated financials for Myntra.
The losses stand at Rs 627 crore, shrinking 23% on a standalone basis, the documents show.
Myntra’s three-year-old private label business has been growing strongly and accounts for about 25% of the firm’s overall revenue, according to experts tracking the space. In September 2017, Myntra CEO Ananth Narayanan announced that Myntra’s private label business, which includes brands Roadster, Dressberry, Anouk and HRX, had turned profitable.
This reduction in losses comes even as Myntra Designs, the main entity that runs Myntra’s marketplace, clocked a whopping 94% increase in FY17 revenues at Rs 2,000 crore from Rs 1,031 crore last year, ET had reported in January.
While the firm has been able to reduce losses by a fourth while doubling revenues, costs remain a frontier yet to be tackled. Advertising expenses alone grew almost 59% to Rs 289 crore, weighing heavily on the total expenses for the firm this year, which was higher by 41% at Rs 2,667 crore.
Myntra did not respond to email queries sent by ET until the time of going to print.
In a bid to rein in rising costs, especially in a year that saw parent Flipkart being scooped up by US retailer Walmart in the world’s biggest ever ecommerce deal, Myntra’s board of directors has approved a ‘slump sale’ of its wholesale B2B business to Myntra Jabong India, reflecting that the business did not yield expected financial results for the fashion and lifestyle ecommerce player.
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  AIOVA: Walmart take note, Amazon India valued at $16 billion
Posted by: Guest - Yesterday, 09:36 AM - Forum: News - No Replies

Walmart take note, Amazon India valued at $16 billion

BENGALURU: US-based technology giant Amazon’s India business could be valued at $16 billion right now and is expected to reach $70 billion in gross merchandise volume (GMV) and $11 billion in net sales by 2027, according to a report by Citi Research released last week.
India has emerged as the most-valuable emerging market retail segment, which is altogether valued at $44 billion in the report seen by ET.
The development comes a week after US-based retail chain Walmart announced that it plans to acquire 77% of India’s largest online retailer Flipkart, valuing the company at $20-22 billion.
“We believe the India ecommerce market will grow at a 21% CAGR over the next 10 years to $202 billion, that Amazon could capture 35% of this market and that the company could generate more than $10 billion in revenue and nearly $1.5 billion in FCF (free cash flow) by 2027,” said the report by Citi’s senior analyst Mark May and Hao Yan released on May 17.
The duo has used a discounted cash flow (DCF) model to arrive at Amazon India’s valuation and the numbers don’t take into account it’s growing cloud business here, which has been valued separately.
While the valuation is not based on a transaction like the Flipkart-Walmart deal, it would probably make Amazon India the second-most valued internet business in the country after it’s rival Flipkart. ET could not ascertain if there are reports pegging separate valuations of India businesses of Facebook, which also owns WhatsApp and Instagram, and Google, available.
The Seattle-headquartered company’s main India unit Amazon Seller Services, which earns through commissions, advertisements and shipping fees, posted a 41% rise in FY17 revenue to Rs 3,128 crore, according to filings before the Registrar of Companies. Amazon Internet Services, the reseller for cloud business under Amazon Web Services (AWS) in India, saw its revenues grow to $406 million (about Rs 2,636 crore) in December 2017 from $307 million (about Rs 1,993 crore) a year earlier, according to the regulatory filing.
Amazon’s founder Jeff Bezos has committed $5 billion for India and, in a recent shareholder letter, he said the subscription service Prime added more members in India in its first year than it had in any other geography previously. Prime Video is investing in original Indian content in a big way, Bezos added in the letter.
But the $16-billion valuation is not needle moving for Amazon, which has a market capitalisation of $764 billion and is world’s most second most-valued company after Apple.
"Most of the value of Amazon right now comes from the dominant retail position in North America and AWS business. Right now, India is very marginal. But these companies are here today because they know in 5-10 years, India will be a big economy where they need market share,” said Rahul Chowdhri, a partner at venture capital firm Stellaris.
Flipkart Group, including online fashion retailers Myntra and Jabong, had a combined market share of 39.1%, and Amazon India 31.1%, according to Forrester Research. Alibaba and SoftBank-backed Paytm Mall had a market share of about 5.6% in 2017, it’s first full year of operations.
Going forward, the battle between the three players will be fought in categories like grocery as they look to build consumer loyalty.
While Amazon India has allocated $500 million for its grocery retail business, Alibaba has backed India’s largest online grocery player BigBasket. Flipkart is still running pilots in the space but may push more aggressively with Walmart’s entry.
“The competition will stay intense and it will be a three-horse race. It won’t be one company winning the market and Walmart brings not just knowledge of retail business from the US but they have also been present in India for several years,” added Chowdhri.
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