Despite its aggression, Amazon is lagging behind rival Flipkart in India and has not made much headway in tier 2 and 3 cities, says a report by wealth management firm Sanford C Bernstein. Smaller cities which is where big growth in ecommerce lies account for less than 5 per cent of Amazon’s value, says the report. The Amercian ecommerce giant’s 2021 gross merchandise value in India was between $18 billion and $20 billion, compared to Flipkart’s $23 billion, said the analysts. Regulations have held back Amazon, even as players like Meesho record growth.