Bengaluru, March 26 (IANS) Founders of Indian E-commerce rivals Flipkart and Snapdeal took to Twitter to trade barbs at at each other’s companies over Chinese player Alibaba’s entry into India.
“Alibaba deciding to start operations directly shows how badly their Indian investments have done so far,” tweeted Flipkart co-founder Sachin Bansal on Friday evening in a reference to Alibaba’s participation in Snapdeal’s $500 million fundraising in 2015.
Retorting to this, Snapdeal’s founder Kunal Bahl tweeted: “Didn’t Morgan Stanley just flush five billion worth market cap in Flipkart down the toilet. Focus on your business, not commentary.”
Morgan Stanley slashed Flipkart’s shares value by 27 percent in February 2015, bringing down the etailer’s claimed valuation from $15.2 billion to $11 billion.
Flipkart’s co-founders Sachin Bansal and Binny Bansal were employees of Amazon founded in 1994 in the US by Jeff Bezos, before they quit to set up Flipkart in 2007.
On March 18, E-commerce giant Alibaba, founded in 1999 by Jack Ma and Peng Lei, announced its interest to explore online marketplace opportunities in India.