India's largest e-commerce marketplace Flipkart clawed back market share from rival Amazon, showing steady growth in the nine months to March 2017 immediately after which it raised a massive $1.4 billion round at a valuation of $11.6 billion.
According to Naspers, which is one of the largest investors in Flipkart, the Indian e-commerce firm's market share among the top three players in India grew to around 57 per cent in March 2017 from 45 per cent in June 2016. Part of the increase in Flipkart's market share was on account of reporting sales of Myntra and Jabong since September 2016.
"Competition has intensified in the past year, with Amazon gaining market share in the early part of the year. Flipkart has maintained its leadership position, with recent market share trends suggesting gains," said Naspers, the South African internet investor in a statement announcing its annual results.