Drastic reduction in mobile data tariffs , rapid penetration of smartphones, and increasing government support in the form of foreign direct investment ( FDI) are driving the growth of the Indian e-commerce market . During the epidemic, the trend of online shopping in India continued as consumers gradually relied on online shopping. It is understood that Flipkart was founded in 2007 by two former Amazon executives. It has expanded through several acquisitions in the past decade . Flipkart owns businesses such as fashion , logistics and payment . In 2018, US retail giant Walmart completed its acquisition of 77% of Flipkart's shares. Since then, Flipkart has almost become the leader in India's e-commerce market, but it has been facing fierce competition from Amazon. Currently, the Indian e-commerce market is currently dominated by Amazon and Flipkart , who are running neck and neck in the Indian e-commerce race. However, the entry of other Indian e-commerce startups into online platforms for food delivery , medicine delivery , grocery delivery , travel bookings , hotel bookings, and health and beauty services has also increased competitive pressure on Flipkart. The 2020 coronavirus pandemic has boosted the growth of major e-commerce companies around the world, and Flipkart is no exception, as it has grown rapidly during the pandemic. Recently, foreign media reported that Flipkart is now seeking a valuation of at least US$35 billion in the United States through a merger with a special purpose acquisition company (SPAC) , which will help it raise funds and expand its market size. SPACs are companies that aim to take a company public without going through the traditional IPO process. The advantages of this approach include a shorter IPO process and fewer disclosure requirements . In 2020, at least 25 technology , media and telecommunications ( TMT) companies merged with SPACs to go public. Some experts predict that this trend will continue in 2021. If Flipkart's IPO plan is approved, it will be the largest listing of an Indian company on a foreign stock exchange. The listing will help Flipkart raise new funds so that it can continue to invest in technology and business expansion to increase its competitive advantage in the market. In fact, it can be seen from the previous business expansion that Flipkart is frantically acquiring to diversify its business. In 2020, Flipkart also acquired Scapic (augmented reality company) and Mech Mocha (real-time multiplayer game platform). Additionally, it is reportedly looking to buy a controlling stake in online travel aggregator Cleartrip, investments that would further strengthen its position in the Indian e-commerce market. E-commerce platform India |
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