Amazon India has surpassed Flipkart with $7.5 billion in gross merchandise value (GMV) as compared to the latter’s $6.2 billion in the financial year (FY) ending on March 31, 2018, says a report from investment bank Barclays.
The report said, “While Amazon and Flipkart (ex-Myntra and Jabong) were neck-to-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.”
Barclays’ estimates do not include fashion units Myntra and Jabong, which are part of Flipkart group.
But considering Myntra and Jabong Flipkart is neck-and-neck with Amazon India.
“Flipkart continues to be bigger than Amazon in terms of revenue ($3.8B vs $3.2B), although Amazon is catching up quickly and continues to grow much faster (82% vs 47%),” the report added.
“We do not offer comment on industry reports,” Amazon India spokesperson said.
Flipkart spokesperson said, “Flipkart remains an unquestioned leader…. cornered a disproportionate 70% market share over the five-day TBBD ( The Big Billion Days) period this year as highlighted by independent researchers.”