印度互联网商务领域的资本市场掠夺

The study was sponsored with financial support of NITI Aayog, Government of India andconductedby Professors Errol D’Souza and Pritha Dev of the Indian Institute ofManagement Ahmedabad, Gujarat. We would like to thank Mayank Aggarwal for his research help in the project Acknowledgements We would like to thank Gautam Sharma (Steadview Capital), Nikhil Agarwal (SteadviewCapital), Anuradha Das Mathur (9dot9), Sabarathinam Selvaraj(9dot9), Adnan Ahmad Ansari(9dot9),Sachin Bansal(Flipkart Co-Founder),Amit Aggarwal(Amazon India’s Head),Raghavendra Rao (Amazon India’s CFO), Avinash Ramachandra(Amazon India’s Director ofPublic Policy), Pranay Jivrajka (Ola Co-Founder & Foodpanda CEO), and Joy Bandekar (Ola) forvery insightful discussions. We would also like to thank participants in the Roundtable onLong-term Health and Governance of E-commerce sector in India held on May 22, 2018, IIMAhmedabad – Avantika Gode (Uber), Avinash Ramachandran (Amazon), Kush Aggarwal(AIOVA), Deepak Sharma (Shopclues), Ruchica Tomar (MakeMyTrip), Shivli Katyayan (PolicyBazaar), Nikhil Shanker (Urban Clap), Rajnish Wahi (SnapDeal), Kartik Maheshwari (NishithDesai Associates), Arjun Sinha (Cantor Associates), Sindhushree Khullar (Retd. Niti Ayog CEO)andS.B. Dangayach. We also thank Sirsha Mukherjee for her assistance. Disclaimer Indian Institute of Management Ahmedabad, Gujarathas received the grant under theResearch Scheme of NITI Aayog, 2015 to produce the document. However, NITI Aayog shallnot be held responsible for findings or opinions expressed in the document prepared. Thisresponsibility rests with the Authors of the Report who are faculty of the Indian Institute ofManagement, Ahmedabad, Gujarat. Contents Acknowledgements................................................................................................................................. 1Disclaimer................................................................................................................................................ 1Executive Summary................................................................................................................................. 3Introduction............................................................................................................................................ 8India’s E-Retail Market Overview..........................................................................................................11Investors Role in E-Commerce Markets: Evidence from Network Analysis of Cab-Aggregators .........15Predation in the Indian E-Commerce Sector ........................................................................................19Economics of Price Predation ...........................................................................................................21Legitimate Business Justifications.....................................................................................................25Economics of Two-Sided Markets.....................................................................................................29Optimal Pricing in Two-Sided Markets .........................................................................................31Predation in Two-Sided Markets ..................................................................................................34Predation in E-Commerce Markets: EU and USA..................................................................................39CCI Position on Predation in E-Commerce Market ...............................................................................41E-Commerce in China and USA, Lessons for India: Uber in China, Alibaba in China, Amazon in USA,Flipkart in India, Infibeam in India ........................................................................................................45Case Study 1: Uber’s China Experience.............................................................................................49Case Study 2: - Alibaba Success Story ...............................................................................................54Case Study 3: - Amazon USA Story....................................................................................................58Case study 4:- Flipkart in India ..........................................................................................................60Case study 5: - Infibeam: Capital Market as source of funding ........................................................63Concluding Observations ......................................................................................................................65Policy Recommendations......................................................................................................................77References ............................................................................................................................................88 Executive Summary This study seeks to investig