/
•
•
The ecommerce platform is reportedly on the hook for $288 million that it will have to pay US authorities to move its domicile back to India ahead of an IPO.

The e-commerce platform appears to have put on a good show in FY26, outpacing itself on most fronts. However, the margins tell a different story, one that investors should pay close attention to.
For one of the world’s largest and shrewdest investors to entirely skip putting money in the country is a sign of how quickly the nature of the Indian startup ecosystem has changed.
The ecommerce platform will be hard-pressed to justify its estimated $7-8 billion valuation—up nearly 2x from just 10 months ago—at a time of ho-hum growth and flagging profitability.