BENGALURU: Flipkart and Amazon India both said their ecommerce businesses grew sharply in the three months ended September, registering a significant recovery from the months before the government introduced the goods and services tax.
Flipkart said its ecommerce business grew at about 85% year-on-year in terms of gross merchandise volume (GMV) in the April-September quarter that included its flagship festive sales events, up from 65-70% growth in the preceding three months.
Amazon India said it registered 72% year-on-year growth in terms of gross merchandise sold (GMS) for the September quarter, compared with 59% growth in April-June.
Flipkart investor Naspers, however, in a recent report has said the company grew at 43% year-on-year in the six months from April to September, giving ammunition to Amazon India to claim faster growth than its larger domestic rival at 66% for the six-month period.
"(Naspers') report actually refers to the January-June period and... has a lag of three months, so the comparison isn't like-for-like or relevant," said Flipkart chief financial officer Sriram Venkataraman. "Flipkart continues to outpace the industry and our growth accelerated significantly during the July-September quarter on the back of a very strong festive season. We saw growth in mid-80% for (the September quarter) across all categories, with GST having a positive impact," Venkataraman said
An Amazon India executive, however, insisted that the global ecommerce giant's India unit was "growing much faster than the market and grew 1.5 times more than Flipkart" between April and September.