Amazon is lagging its chief rival Flipkart in India on several key metrics and struggling to make inroads in smaller Indian cities and towns, according to a scathing report by investment firm Sanford C. Bernstein.
The American e-commerce giant’s 2021 gross merchandise value in the country, where it has deployed over $6.5 billion, stood between $18 billion to $20 billion, lagging Flipkart’s $23 billion, the analysts said in a report to clients Tuesday that was obtained by TechCrunch.
India is a key overseas market for Amazon, where it competes with Mukesh Ambani’s Reliance Retail, which l
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