Online retail major Amazon has overtaken Flipkart with $7.5 billion in gross merchandise value (GMV) as compared to the latter’s $6.2 billion on a standalone basis in the financial year ending on March 31, 2018, according to a report from Barclays. But when its fashion units Myntra and Jabong are included Flipkart is neck-and neck with Amazon India.
“While Amazon and Flipkart (ex-Myntra and Jabong) were neck-and-neck in terms of GMV in FY17, Amazon has taken the clear lead in FY18 with GMV of $7.5 billion as compared to $6.2 billion for Flipkart on a standalone basis,” says the report released on November 26
But the report also adds that in terms of revenues, Flipkart continues to be ahead of Amazon, even though the company is growing much faster. Amazon’s US rival Walmart acquired 77% in Flipkart earlier this year paying $16 billion, valuing it at $22 billion.
“Flipkart continues to be bigger than Amazon in terms of revenue ($3.8 billion vs $3.2billion), although Amazon is catching up quickly and continues to grow much faster (82% vs 47%),” said the report by Barclays US analysts Ross Sandler, Deepak Mathivanan and Karen Short. Source Link