Is Amazon ahead of Flipkart in gross sales? The jury’s out

ANIRBAN SEN | November 29, 2018

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Some analysts have questioned the methodology used by investment bank Barclays to conclude that Amazon India generated significantly higher sales than Flipkart in the last financial year, sparking a fresh debate about who dominates India’s $18 billion online retail market. If the Barclays report is accurate, then Walmart Inc., which agreed to buy a 77% stake in Flipkart for $16 billion in May, may have overpaid for the online retailer, other analysts said. In a report this week, Barclays said that Amazon recorded gross sales of $7.5 billion in the year ended 31 March 2018, compared with Flipkart’s gross sales of $6.2 billion in the same year. While Barclays has relied partly on Walmart’s public disclosures about Flipkart’s sales, the financial services firm has based its Amazon estimates on “thousands of pages of local tax filings, (and) commentary from management”.

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