Flipkart is still a market leader by a considerable margin. Its main stay has been electronics and fashion retailing. It is excelling at both, and shows no signs of slowing down. It has managed to attract top-tier engineering talent in the Country (India), by offering generous wages and generally because it has some very tough problems to solve.<p>Amazon has been making in-roads, capturing a size-able market share, but dare I say they&#x27;re imitating Flipkart to an extent, and that&#x27;s a testament to innovativeness with which Flipkart has worked all along.<p>Despite the picture the article is trying to portray, Flipkart is well and truly an established business at this point. Sure they&#x27;re making losses, but retailing is a tough-nut. In order to capture a rapidly growing internet-base, Flipkart and others need to take those hits-- they need to trade growth with profit, unless their end-game is to get acquired.<p>It is pretty natural trajectory an e-commerce company to take, IMO. These firms doing a re-valuation of their investments does look scary, and probably they did so having looked at the financials and the potential-- but the correction in the valuation is just a blip. Retailing is hard-- customers want discounts, VCs want growth, Markets want profit... you have to choose two and ignore the rest, I guess.