Increasing net penetration and children searching on-line
has helped native e-commerce major Flipkart hit associate degree annualised
sales run rate of $1 billion (over Rs vi,100 crore) — a year sooner than its
target.
The company was progressing to reach the billion dollar-mark
(for gross merchandize worth or GMV) by 2015.
“In March 2011, we tend to declared that by 2015, we tend to
needed to hit $1 billion in GMV. At that time in time, our run rate was $10
million. Today, we tend to ar very proud and excited to announce that we've hit
a run rate of $1 billion GMV one year before our target,” Flipkart co-founders
Sachin Bansal and Binny Bansal in a very statement.
Flipkart had started as a web bookstall and currently sells
merchandise across classes like fashion and physical science.
It is additionally commencing to enter areas like white
product and furnishings.
It additionally operates underneath the marketplace model
underneath that it permits retailers to supply their merchandise on their
platform.
The company had additionally raised $360 million from
personal equity funds last year, one in all the biggest deals within the
e-commerce area.
Since its origination, the Bangalore-based firm has raised
$540 million from investors together with Naspers, Tiger international, Accel
Partners, Dragoneer, Morgan Stanley, Sofina and Roman deity Capital.
“We have adult 100X within the last 3 years and it
reinforces our position because the leader within the Indian e—commerce trade,”
the statement aforesaid.
Research firm Forrester estimates India’s e—commerce market
to the touch $8.8 billion in 2016. this may be driven by increasing net
userbase and additional folks searching on-line.
Estimates counsel that India has over two hundred million
net users, of that some twenty million interact on-line.
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