Flipkart is engaged in a fierce competition with other e-commerce giants Snapdeal and Amazon India to tap into the country's growing number of online shoppers. Often this is done through extensive discounts.
The companies are betting on India's e-commerce market continuing its frenetic run as millions of customers switch to smartphones and increasingly embrace online shopping.
"There's still a lot of buyers to be added in the next two to three years," Satish Meena, an analyst at Forrester, told CNBC. According to Meena, around 1 percent of India's retail sales is online now and expected to reach 4-5 percent in the near future. When it comes to buyers India had around 50 million buyers as of 2015 and this may cross 100 million in next 2-3 years, Meena added.
Anand said Flipkart and its competitors have set themselves up for a rapid growth that needs more short-term capital in an environment where investors are stepping back to let their portfolios cool down.
The lack of easy access to capital will force the likes of Flipkart and Snapdeal to think of more efficient ways to maintain their market share, instead of relying on the discount model.
Meena reckoned they need to focus on developing infrastructure and moving out of India's Tier 1 cities such as Mumbai and Delhi.
"You cannot grow ecommerce without focusing on payments, delivery, increasing your buyer base," he said.
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