Mumbai/ Bengaluru: India’s two e- commerce major- Flipkart and Snapdeal’s founders- Sachin Bansal and Kunal Bahl, respectively found raising their online rivalry on Social Media in connection with the entry of Alibaba in the E- commerce competition.
It was seen that the Sachin Bansal for Flipkart, on yesterday’s evening initiated the shot at rivals by way of tweets. He found tweeted that “Alibaba deciding to start operations directly” and this indicates that “how badly their Indian investments have done so far”.
It is notable that the Alibaba- a Chinese e- commerce major found announcing last week that the now it is intending to enter the India’s retail market this year. However, again notably, the Chinese e- commerce giant is being a edge player in its B2B (Business- to- Business) only trade, but it is also having its indirect existence in India’s e- commerce market as it is having invested $500 million and more for a forty per cents of stake in One97 Communications (an online major running Paytm, which is also an e- commerce and wallet major in India). Also, in the last year, the Indian e- commerce major- Snapdeal has also raised $500 million from a clutch of investors, where Chinese giant- Alibaba was also including.
However, as per Kunal Bahl- Co-founder at Snapdeal who shot back, sarcastically, that “Didn’t Morgan Stanley (an American Multinational Financial services corporation) just flush 5 billion worth market cap in Flipkart down the toilet. Focus on your business, not commentary”. Later he ended his tweet with smiley.
It was seen, in last month, that the value of Flipkart’s shares was marked down by Twenty- seven per cent by the mutual fund managed by Morgan Stanley, as the Global investors believing the company- Flipkart is overvalued.
Moreover, as per the Brand strategy expert- Harish Bijoor, the India’s two e- commerce majors- Flipkart and Snapdeal are two big names and about the Chinese major- Alibaba it is a big party to talk about. And this in his opinion is giving gratuitous attention to Chinese major which is now set to overtake Walmart.