Amazon and Flipkart are emerging as formidable contenders in India's digital advertising landscape, with FY24 revenues reaching ₹6,649 crore and ₹4,972 crore, respectively. Together, they generated ₹11,621 crore (approximately $1.4 billion), a 33% year-on-year increase. Experts like Rahul Sankratayan note this reflects a structural shift as brands see greater ROI through closed loop attribution. With both platforms offering rich first-party data, the advertising dynamics are rapidly changing, posing significant challenges to Google and Meta.