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It was the only company to have gobbled up market share in the preceding year while Flipkart ceded ground. In what was a sizzling ecommerce market with huge headroom to grow, Flipkart's revenue growth had actually declined, while Amazon's was racing along at a 150 percent clip. None of this was helped by Amazon's announcement that Seattle was plonking another $3 billion into its Indian arm. This was all simply more chilli rubbed into recent wounds. For one, Flipkart had received significant valuation "haircuts" of up to 40 percent, which was widely reported and commented upon in the press and

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