Flipkart

Flipkart commands 48% of India's e-commerce market by gross merchandise value as of mid-2025, outpacing Amazon India's 31%—proof that ecological succession windows can override first-mover advantage when timing matches ecosystem readiness. Walmart's 2018 acquisition (now holding 85% stake after $3.5 billion follow-on investment) valued the company at $40 billion peak, though it dropped to $38-40 billion by 2025 after PhonePe's demerger.

The company's FY2025 performance reveals succession-stage economics: revenue crossed ₹20,800 crore ($2.5 billion) with marketplace services revenue doubling from ₹3,734 crore to ₹7,751 crore year-over-year, yet losses remained at ₹4,248 crore. This mirrors pioneer species investing energy in ecosystem establishment rather than immediate returns. Walmart International's CEO stated explicitly that Flipkart prioritizes market share expansion over profitability—a strategic choice recognizing that in winner-take-all digital markets, the succession window closes once network effects lock in.

Flipkart's 27% contribution to Walmart's advertising revenue growth demonstrates mutualistic symbiosis: the Indian platform provides high-margin ad revenue and engineering talent (10,000+ engineers) while Walmart provides capital and operational expertise. This resource exchange solved constraints neither could address alone—Walmart's geographic saturation and Flipkart's capital limitations—creating value through complementary capabilities rather than competitive displacement.