Flipkart co-founder and chairman Sachin Bansal on Friday took a dig at Chinese e-commerce firm Alibaba for its decision to enter India’s crowded e-commerce market directly, suggesting its existing investments in smaller rivals Paytm and Snapdeal might have come a cropper.
“Alibaba deciding to start operations directly shows how badly their Indian investments have done so far,” Bansal tweeted on Friday. He did not, however, name the investments by Alibaba.
In no time, Kunal Bahl, co-founder and chief executive officer of Snapdeal, tweeted back: “Didn’t Morgan Stanley just flush ($)5 bn worth market cap in Flipkart down the (drain)? Focus on (yo)ur business, not commentary.”
Bansal’s comment also comes at a time when Flipkart is facing increased competition from Amazon, whose founder Jeff Bezos has an open cheque to conquer the Indian e-commerce market.
-More at BussinessStandard