India e-commerce: Arms race
Chinese online retailer JD.com's US IPO was preceded by a three-year period in which it raised $1.7 billion from private equity and venture capital investors. This faith has, so far, paid off, with $1.8 billion raised through the IPO – allowing partial exits for some backers – and the company now trading at a market capitalization of $27.5 billion. Expect a spate of strategic acquisitions to follow as JD.com uses its war chest to diversify its business with a view towards long-term sustainability.
India's e-commerce giants have yet to reach the IPO phase but the arms race is already well underway. Consolidation was already a prevalent theme, with the strong typically preying upon the weak. But it...
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