Amazon India is currently worth $16 billion and has the same 30% marketshare as local competitor Flipkart, according to a new report from Citi Research. That’s in a country which has a $2.6 trillion GDP growing at 6-7% annually.
Flipkart, of course, just accepted a $16 billion investment from Walmart for a 77% share of the company.
“After disappointing results in China, Amazon – led by its founder/CEO Jeff Bezos – has been determined to win in India,” say report authors Mark May and Hao Yan. “India is poised to be one of the largest and fastest e-commerce growth markets for the next decade.”