Amazon launched in India in 2013 with its Selling on Amazon and Fulfillment by Amazon programs.
According to RBC, India alone could represent at $18 billion revenue opportunity for Amazon. The firm's analysis projects that by 2023 India could for 13% of Amazon's international sales, and 4% of the company's total revenue.
RBC, citing data from Euromonitor, said Amazon claimed about a third of India's e-commerce market in 2018, trailing behind only Walmart, which took 44% market share.
"We believe that Amazon's ongoing investments in India will allow the company to take 35% (up from 30% in 2018, per Euromonitor) of India's Online Retail Sales," Mahaney said in a note to clients.