Online retail major Amazon has overtaken Flipkart with USD 7.5 billion in gross merchandise value (GMV) as compared to the latter’s USD 6.2 billion on a standalone basis in the financial year ending on March 31, 2018, according to a report from Barclays.
“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 USD 7.5 billion as compared to USD 6.2 billion for Flipkart on a standalone basis,” says the report released on November 26.
“Flipkart continues to be bigger than Amazon in terms of revenue (USD 3.8 billion vs USD 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: Economic Times
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