Flipkart registered gross merchandise value (GMV) of nearly $15 billion last calendar year and is currently on a GMV run rate of $23 billion. GMV refers to the total cost of sales on a platform in a given period. It includes the discounts offered but does not include returns.

“This is very higher than previous years where Flipkart has got around 30 per cent growth and current estimates are higher,” said Arpit Mathur, partner at Kearney. A report from wealth management firm Bernstein said Flipkart had achieved a GMV of about $12.5 billion in 2020. The same information told its rival Amazon India got a GMV of $11.5 billion this year. Amazon India and Flipkart have increased competition, particularly in the urban markets, and the gap between them has decreased at a standalone level.