The business media platform quoted the annual financial report filed by Naspers.
“The additional interest was acquired from existing shareholders of Flipkart. Following the investment, the group holds a 16% interest in Flipkart on a fully-diluted basis,” according to the financial report.
Naspers puts the Indian online retail market size at $50 billion by 2020 and believes that Flipkart is currently the market leader in India with a monthly gross merchandise value (GMV) at roughly 57% in March, up from 45% in June last year.
According to another business paper Mint, Amazon had disputed Flipkart’s claims of market leadership.
Read More: What’s ailing Flipkart and Snapdeal the flag-bearers of e-commerce in India
An Amazon India spokesperson said in an email to Mint:
“Based on standardized monthly reports, we know for sure that we are leaders on things that matter to customers and sellers. As there are no credible third-party sources for segment share, we do not comment on speculations. In the last four years since starting our India operations, we have transformed the e-commerce landscape in India through our global and local customer and seller focused innovations to make e-commerce a part of customers’ daily lives and beyond metro phenomenon. With an industry-leading selection of over 100 million products offered by over 2 lakh (200,000) sellers, loyalty programs like Prime, order delivery to 97% serviceable pin codes in India till date, 75% of new customers coming from non-metro geographies and a significantly faster than industry growth rate of over 85% YoY in Q1 2017, Amazon is shaping the future of e-commerce in India.”
