Delhi-based e-retailer Snapdeal is confident of becoming the market leader in India’s rapidly-growing e-commerce market by the end of this fiscal year through March, co-founder and CEO Kunal Bahl told CNBC early Wednesday.
\According to data by Morgan Stanley, Snapdeal is currently the second-biggest player in India, with a market share of 32 percent. Rival Flipkart, the poster boy of Indian e-commerce, is holding on to the lion share of 44 percent, while US behemoth Amazon accounts for 15 percent of market share.
"[Flipkart] had a [headstart] of USD500 million and 10,000-person, but it doesn’t seem like that any longer. We are quickly covering ground there. Also, a lot of the investments we made in infrastructure and other platforms like consumer-to-consumer (C2C) and payments are paying huge dividends," said Bahl, who was speaking to CNBC at the Morgan Stanley Asia Pacific Summit in Singapore. "Our market share is only climbing year-on-year. Three years ago, our market share was zero," he added.
(Source: CNBC)