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.
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