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Flipkart’s lead shrinks ahead of an IPO as growth slows amid stiff competition


Illustration by Sadhana Saxena


Flipkart’s pole position in India’s e-commerce market seems to be under threat from multiple quarters. While slowing growth and the entry into new businesses that require substantial investments could be a cause of concern for investors, the company’s broad-ranging tie-up with the Adani Group can be a confidence-booster, especially under intense regulatory heat.

The last two years have been quite eventful for Flipkart. From a furious diversification drive amid slowing growth and intense competition to substantial capital infusion, distress buyouts, equity investments, and a foray into new segments, the home-grown e-commerce giant has tried it all.In the meantime, Flipkart’s marketplace operating revenue — a key indicator of how much it actually netted from the commerce on its platform — has grown at a

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