07 March 2014
India’s leading ecommerce site, Flipkart, has recent surpassed the billion dollar mark in its annual Gross Merchandise Value (GMV). This represents a 100 fold increase from the companies initial GMV of $10 million in 2011.
“With this scale, we are in a much better position this year to explore acquisitions across the areas we have identified,” said founder Binny Bansal, reports TechCrunchBansal co-founded Flipkart with Sachin Bansa after both had worked for Amazzon.
Flipkart’s success has lead to a rush to investment in bringing ecommerce to India’s 200 million potential customers. Currently valued at $3 billion, the Indian ecommerce market is projected to grow to $22 billion valuation over the next five years.
eBay has invested in Flipkart’s main rival Snap Deal. Snap Deal is also set to him the $1 billion GMV within the next few months. Established online powerhouses like Amazon and Wal-Mart have also moved to take a position in India and investors like Tiger and Accel have poured money into the space.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.