Fortune India Magazine - May 2016

In this issue

The battle between Flipkart and Amazon for domination over India’s e-commerce market has become one of the most iconic business rivalries of our time—and possibly, ever. Remember, there was no Flipkart till 2007, and no Amazon in India till 2013. But in this short period of time, it is already a story for the ages. The outcome of this battle will define the fate of an industry—ecommerce— which is itself in its infancy in India.

Both Flipkart and Amazon are technology companies. Both are built around big, bold bets based on technology. Last year, Flipkart made one such bet: shutting down its mobile website and making subsidiary company Myntra apponly. This move backfired. Angry customers panned Flipkart and Myntra on social media; Flipkart’s technology leaders grew unsure; and ultimately, the company had to roll back the strategy. A more damaging fallout: the unrest in Flipkart’s top management. Senior managers quit, feeding the rumour mill. But besides all this drama, Flipkart stands tall for its audacity and for the deep investments it made in technology at a time when no other Indian company was thinking this big. Read the story on page 104.

We also bring you the second edition of our Global Indian package, with two fascinating profiles: Mukesh Aghi, who went from the CEO’s office at L&T Infotech to become president of the U.S.-India Business Council, the U.S.’s most powerful bilateral agency (page 58); and Naren Gupta, who has made Nexus Venture Partners into a top venture fund with a focus on Indian-origin, outbound companies (page 68).

There’s also a story on the child labour scourge of the chocolate industry. Read that on page 120.